Iraq's oil sector faces a dual crisis: stalled negotiations with the KRG over exports, and warnings from parliament of a "structural collapse" that could trigger US sanctions.

By bnm Gulf bureau The foreign-calculated sums are stark. Iraq's budget deficit will more than double from 4.2% of GDP this year to 9.2% by 2026, according to the International Monetary Fund. Oil revenues,

A multibillion-dollar agreement signed with France's TotalEnergies could help resolve Iraq's longstanding electricity crisis, attract international investors and reduce its reliance on gas imports ...

Council of Ministers is set to meet on Wednesday to address the ongoing financial dispute with Baghdad, the prolonged delay in public sector salary payments, and efforts to resume Kurdish oil exports.

The hearing follows a growing scandal over reports that Iranian crude is being covertly blended into Iraq’s oil exports under the SOMO label, potentially violating international sanctions and jeopardizing Iraq’s critical oil revenues.

But that’s only if the parties implementing the agreement can overcome the corruption and political instability that has undermined Iraq’s oil sector for more than two decades.

Iraqi Kurdistan is now experiencing a wider economic downturn, as the region’s limited private sector is also being affected by the salary crisis.

ERBIL, Kurdistan Region - Talks between Erbil and Baghdad on resuming Kurdish oil exports are progressing, though a key dispute over export volumes remains unresolved. While the federal government insists on 400,

Iraq is facing a growing electricity crisis as soaring summer temperatures coincide with the expiration of US sanctions waivers, cutting off critical gas imports from Iran, Iraq’s Shafaq news agency said on Thursday. “Iraq has lots of gas reserves, but most of it is associated with oil production, and their gas transport and processing infrastructure is underdeveloped,” it said, quoting ...

The negotiations are seen as key to resolving a long-running political and budgetary dispute that has strained ties between Baghdad and Erbil.