New finance minister takes on oil portfolio after political pressure derailed original proposed by new Prime Minister Mustafa al-Kadhimi.
A comprehensive survey of Iraqi fields suggests the Oil Ministry is targeting about 600,000 bpd of production cuts in May, mostly from fields contracted to international oil companies.
Kadhimi and 15 members of his Cabinet were approved by Parliament early Thursday but political disputes blocked an oil minister from being nominated and others from passing.
High April export levels were no match for a spiraling oil price down nearly 80 percent since January.
New oil and revenue-sharing agreements hinge on negotiations, but maximalist demands and financial constraints hamper compromise.
Renewal enables Iraq to continue Iranian energy imports, but short window reflects ongoing strain in relations with Washington.
Technical, financial, and political obstacles will make it nearly impossible for Iraq to meet an OPEC pledge to cut 1 million bpd by May 1.
As Iraq descends further into financial crisis, the federal Cabinet and Parliament signal rising opposition to the KRG's monthly budget payments.
Red tape and rivalries have prevented the startup of a short pipeline designed to improve the efficiency of the KRG's fuel imports from Iran while mitigating coronavirus risk.
With 30 days to form a cabinet, Iraq's latest prime minister-designate, Mustafa al-Kadhimi, faces the same political crosscurrents that stymied his predecessors.
