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)

Feb 11, 2025

Q&A: Firas Habib Haider, director of Majnoon oil field

Southern Iraq's largest state-run field is developing new production capacity and working to capture more associated gas.

Feb 7, 2025

Khor Mor development continues after latest drone attack

Production and expansion work continue at key gas field after yet another attack highlights unresolved Iraqi government security failures.

Feb 5, 2025

Rumaila still reeling after large fire

Production at Iraq's largest field is still down by at least 120,000 bpd as repair crews contend with extensive damage from a Jan. 24 fire.

Feb 3, 2025

Budget amendment takes Iraq one step toward northern export restart

Parliament passed an amendment to the national budget law designed to pay oil companies in Kurdistan and unlock pipeline exports to Turkey.

Jan 30, 2025

As Genel exits Taq Taq field, new hopes for restart

Change in operator could spur new activity at the oil field, which has been offline since 2023 after a steady production decline.

Jan 25, 2025

Large fire causes partial shutdown of Rumaila production

Iraq's most prolific oil field temporarily lost about 120,000 bpd of production after 60 wells were taken offline in response to a storage tank fire.

Jan 24, 2025

Rising budget controversy endangers northern export restart

A compromise measure to pay Kurdistan's oil contractors and unlock Iraq's northern oil export route has met major political opposition.

Jan 22, 2025

Rumaila production falls on fuel shortages

A temporary but dramatic drop in output at Iraq's most prolific oil field underscores the challenges of fighting natural reservoir decline and maintaining production.

Jan 15, 2025

Iraq ends 2024 with deep production cuts

Steep reduction at Rumaila brought Iraq's December production average to its lowest level in 18 months as Iraq continues to restrain output in an effort to meet OPEC-plus expectations.

Jan 9, 2025

Iraq, BP advance in Kirkuk contract talks

A long-sought deal is getting high-level political attention, and some officials expect to clinch an initial contract in January.