Iraqi oil earned more than $40 per barrel for the first time since September, a helpful boost as exports have dropped nearly 200 thousand bpd in two months.

IOCs are investing enough to boost Iraq's overall output despite tight budgets, but short-term fixes are masking fundamental issues that could undermine medium-term growth.

To unlock $15 billion in loans, Iraq needs to pay off debts to IOCs – part of a program designed to improve fiscal discipline and raise the confidence of international investors and lenders.

Poor weather and power outages cut into exports but an upward trend in the global oil price puts more money in Iraqi coffers.

DNO, Genel and Gulf Keystone confirm partial April payment, but delays threaten to undermine a new policy that had sparked some investor optimism.