Energy

Oil Ministry slashes upstream spending for 2026

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.

Oil Minister Hayyan Abdulghani (center left) and Deputy Oil Minister for Upstream Bassim Mohammed Khdair (center right) meet with Zaid Elyaseri (far left), the president of BP Iraq, in Baghdad on Jan. 26, 2026, to discuss the company's upstream plans and project expenses. (Photo credit: Oil Ministry)

May 27, 2023

New budget law changes threaten Baghdad-Erbil oil deal

Last-minute additions to the budget bill could undermine a new framework for oil and financial cooperation needed to restart northern exports and support Kurdistan’s oil sector.

May 25, 2023

Budget loans give KRG financial lifeline

Baghdad has sent nearly $1 billion to Kurdistan since March, highlighting political cooperation that could grow into reliable financial flows with the passage of a new budget law.

May 23, 2023

Q&A: Bassim Abdul Karim, director general of Basra Oil Company

Southern Iraq's top oil leader discusses efforts to activate a deal with TotalEnergies, expand production capacity, and overcome export infrastructure bottlenecks.

May 19, 2023

Iraq announces new oil and gas licensing round

Oil Ministry launches new effort to attract investment in 13 oil and gas fields and exploration blocks.

May 17, 2023

Iraqi production drops sharply as pipeline outage shuts KRG fields

Iraq is developing new production capacity, but output is currently falling because of infrastructure bottlenecks in the south and the prolonged Turkey pipeline shutdown.

May 16, 2023

Northern exports still off as Turkey cites “technical issues”

Iraq is ready to restart pipeline exports and relieve financial pressure on the KRG, but Turkey’s delays are prompting speculation of political complications.

May 13, 2023

Ali Qayas Abdul-Jabber, director general of the Iraqi Oil Tankers Company, at his office in May 2023. (ALI AL-AQILY/Iraq Oil Report)

Q&A: Ali Qayas Abdul-Jabber, director general of the Iraqi Oil Tankers Company

Iraq’s state-run tanker company is expanding its fleet and preparing to start handling some of the country’s crude exports.

May 11, 2023

Iraq instructs Turkey to restart northern exports

Formal orders from SOMO highlight progress in Baghdad-Erbil negotiations to implement a new framework for Kurdistan’s oil and revenue. All eyes are now on Turkey.

May 9, 2023

Iraq restarts Qayarah oil field

China’s UNIPEC has bought the first 1 million barrels of heavy crude to be exported from Basra's Khor al-Zubair port.

May 5, 2023

April exports decline as pipeline shutdown continues

Federal Iraqi exports increased slightly, but nationwide exports dropped steeply due to the total shutdown of the northern pipeline system and KRG oil sales.