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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)

Export pipeline to Turkey restarts

Iraq’s oil export pipeline to Ceyhan restarted early on Aug. 5 after more than a week offline due to technical problems and sabotage.

Head of North Oil Company removed

Director General Sameer al-Taie's dismissal comes amidst a corruption investigation, and following the assassination of a candidate to replace him.

KRG to tender three new refineries

The new projects could bring 150,000 bpd of new refining capacity and help push the KRG from subsidies to market-based fuel pricing.

New chief for state drilling firm

Basim Mohammed Khudair, a senior South Oil Company (SOC) official, has been named acting director general of the Iraqi Drilling Company (IDC).