Urgent austerity plan aims to cut $1.4 billion from oil field budgets nationwide in 2026 without affecting production — a warning sign of fiscal trouble for Iraq.

Nationwide output increased year-on-year as Iraq's domestic refineries continued providing an elastic and expanding source of demand.

As a sanctions deadline looms, Basra Oil Company is poised to manage the 480,000 bpd field while Lukoil continues negotiating to sell its stake.

Once a crown jewel of Kurdistan's oil sector, the Taq Taq field had been entirely offline for more than two years.

Nationwide crude export volumes increased slightly in 2025, but annual revenues fell by $14 billion due to weaker global prices.

Increasing pipeline flows to Turkey were offset in November by ongoing reductions in Basra Gulf exports following a deadly oil depot fire.