Ihsan Ismaael, head of the Basra Oil Company, has been tapped to lead Oil Ministry pending vote in Parliament.
Letter from Iraqi finance minister to KRG prime minister offers a one-time, $338 million payment – and continuing negotiations for a new budget deal.
In an era of depressed oil prices and budget disputes, the KRG has lost most of the revenue that underwrites its economy, and has no clear plan for bridging its deficits.
A top Basra oil leader reveals which fields are being cut under the new OPEC-plus deal and discusses how Iraq's financial squeeze is affecting BOC projects and planning.
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.
