Iraq is mulling revisions to contracts with IOCs, raising its stake back to 20-25% not long after lowering it to 5%. But, amid a halving of oil export revenue, Baghdad would struggle to raise the cash for an increased share of development costs. It owes IOCs $9bn for 2014 and will need to find $18bn more for 2015.

Iraq’s official crude exports rose to 2.60mn b/d in February, the second highest figure in two years after December’s post-1979 record of 2.94mn b/d. (CONTINUED - 3358 WORDS)