Iraq races to finalize oil deals ahead of elections

The Iraqi government is racing to clinch major oil deals ahead of national elections next month, as the Oil Ministry activated a multi-billion-dollar contract with BP and signed preliminary deals with ExxonMobil and Chevron.

Iraqi Prime Minister Mohammed Shia al-Sudani is running for re-election on a campaign emphasizing his track record of overseeing reconstruction and economic development, as well as his ability to balance conflicting geopolitical forces, especially the U.S. and Iran. Major oil deals appear to dovetail with those political imperatives, as they highlight Iraq’s improved investment climate and suggest that Sudani, whose political base includes a variety of Iran-aligned parties, can also take a pragmatic stance toward the West.