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)

Dec 1, 2020

Iraqi oil exports fall as OPEC scrutiny rises

Countrywide exports of 3.143 million bpd suggest Iraq has reduced output, with OPEC-plus members insisting on full quota compliance as they consider extending cuts.

Nov 23, 2020

UPDATE: Iraq seeks pre-payment for oil exports

A new proposal from SOMO asks crude buyers to pay up front for a year's worth of exports to secure a 5-year supply — part of Iraq's response to a cash-flow crisis.

Nov 17, 2020

Iraq sets new specifications for Basra crude marketing

SOMO is using the launch of its new Basra Medium crude grade as an occasion to revamp the specifications for its flagship Basra Light and Basra Heavy, too.

Nov 12, 2020

October production rises 4% despite OPEC-plus quota

Iraqi crude output increased by 150,000 bpd as the Oil Ministry struggles to balance between meeting OPEC obligations and addressing a severe cash shortage.

Nov 6, 2020

Q&A: Marfaa Kadhim al-Assadi, deputy director of Basra Gas Company

Now that Shell personnel have returned, BGC is focused on resuming delayed projects to turn more flared gas into electricity and revenue for Iraq.

Nov 4, 2020

KDP-PKK conflict intensifies near Kurdistan oil fields

An attack near the Swara Tika and Atrush oil fields comes a week after a pipeline explosion blamed on the PKK, and as Turkey pressures leaders in Erbil and Baghdad to confront the guerrilla group.

Nov 2, 2020

Export increase gives Iraq more oil revenues despite price drop

Federal Iraq exports increase by more than 250k bpd and KRG posts slight decline.

Oct 30, 2020

Q&A: Hossam Hussein Wali, director general of the South Refineries Company

Iraq is expanding existing refineries, but greenfield projects in the south are not moving forward.

Oct 28, 2020

KRG plans to privatize power distribution, bill collection

Plan could earn KRG revenue and save electricity, but requires elusive public buy-in.

Oct 22, 2020

Oil Ministry orders 250,000 bpd October production hike

Surge in production comes as Iraq attempts to navigate the opposing pressures of a financial crisis and quota commitments to OPEC-plus.