Iraq Wants Foreign Oil Firms to Cut Development Spending, Oil Minister Says

Reuters

BAGHDAD, Jan 19 (Reuters) – Iraq wants foreign oil companies to cut spending as the nation seeks to narrow a budget gap caused by lower crude prices, oil minister Adel Abdul Mahdi said in a statement on Tuesday.

"The ministry is discussing reducing financial spending by foreign companies," he told a meeting of the oil fields' joint management committees in Baghdad.

Iraq, OPEC's second-largest producer, has service agreements with companies including BP, Shell, Eni, Exxon Mobil and Lukoil to boost output at its ageing fields.

(Reporting by Ahmed Rasheed; Writing by Maher Chmaytelli; Editing by Mark Potter)

 

Copyright 2016 Thomson Reuters. Click for Restrictions.

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