Iraq’s new Oil Minister Jabbar al-Luaibi faced a daunting in-tray upon being sworn in on 15 August (MEES, 19 August). Production growth had largely stalled. With oil prices hovering around $40/B for the country’s crude exports, annual revenues are on course for a 10-year low.
An agreement with the Kurdistan Regional Government (KRG) that will raise overall exports by around 4% is a welcome boost, but significant output gains in the south look more distant. (CONTINUED - 1584 WORDS)