As Iraq feels the brunt of decrease oil costs, PM Mohammed al-Sudani has instructed the oil ministry to evaluate “working and capital expenditure budgets” together with these allotted this yr to IOCs working the nation’s southern oilfields. The PM needs the ministry to “cancel or postpone pointless [spending] objects with out impacting deliberate manufacturing ranges.”
The directive reported by native media this week comes after “the big fall in oil costs and its affect on the Federal price range” as per a ten April memo which set an end-April deadline to obtain a tally of the cuts. The PM met with IOC executives in Baghdad on 20 April. (CONTINUED – 151 WORDS)
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