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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)
Dec 9, 2015

Oil Ministry restructures SOC leadership

Four new deputy DGs will manage Iraq's southern oil sector – part of an apparent effort to quicken decision-making and address political pressures in Basra.

Dec 4, 2015

Q&A: SOMO’s Falah Alamri

The head of Iraq's oil marketing authority touts the market's embrace of the new Basra Heavy crude blend, which will account for most of the country's upcoming export growth.

Dec 2, 2015

Iraq shatters export records

In combination, Iraq's federal government and Kurdistan region exported about 4 million bpd last month, but both governments still face crippling cash shortages.

Nov 26, 2015

Iraq budget moves toward passage

Despite some spending cuts, MPs across the political spectrum criticize the budget for its unrealistic expectations, but also expect it to pass.

Nov 10, 2015

Occidental plans Iraq exit

American oil company Occidental Petroleum has formally notified the Oil Ministry it plans to withdraw from the Zubair project.