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.
