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.
Confronting low oil prices and a pandemic, Iraq will likely be forced to draw heavily from its foreign currency reserves while slashing oil and investment spending.
A newly built cross-border pipeline is expected to begin pumping imminently, allowing Iraqi Kurdistan to continue Iranian fuel imports while reducing truck traffic and coronavirus risks.
Iraq's latest Iran sanctions waiver is the shortest yet – 30 days – reflecting an ongoing strain in relations between Baghdad and Washington.
