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Energy

Oil Ministry slashes upstream spending for 2026

Urgent austerity plan aims to cut $1.4 billion from oil field budgets nationwide in 2026 without affecting production — a warning sign of fiscal trouble for Iraq.
Oil Minister Hayyan Abdulghani (center left) and Deputy Oil Minister for Upstream Bassim Mohammed Khdair (center right) meet with Zaid Elyaseri (far left), the president of BP Iraq, in Baghdad on Jan. 26, 2026, to discuss the company's upstream plans and project expenses. (Photo credit: Oil Ministry)

Kurdistan oil revenue collapses

Traders slash oil payments by more than half as the KRG's sole export pipeline remains hostage to security problems in southeastern Turkey.

Q&A: Kirkuk Gov. Najmaldin Karim

The province where Iraq's oil industry was born is starting to get paid for oil by the Kurdistan region. Kirkuk's governor explains the new "petrodollar" deal.