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.

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.

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.