Chevron commits $200 million toward West Qurna 2 contract

An advance on a prospective signing bonus secures exclusive negotiating rights as the U.S. supermajor also pursues other upstream and pipeline deals.

Iraqi Oil Minister Bassim Mohammed Khudair oversees the signing of confidentiality agreements with Chevron on July 1, 2026. (Photo credit: Oil Ministry)

Energy

Iraqi oil revenues rebound to pre-war levels

September sales topped $7 billion as high global prices offset steep war-risk discounts, while crude trucked north from Basra is pushing Ceyhan exports higher.

Politics

Iraq devalues currency as 2027 budget highlights fiscal squeeze

By changing the official rate from 1,300 to 1,500 dinars per dollar, Baghdad effectively trims its payroll costs but risks political backlash.

Security

Insurgency persists as U.S.-led coalition leaves Iraq

IS militants no longer hold territory but still probe for security gaps, while Iraqi officials give contrasting assessments of how the U.S. withdrawal will affect future capacity and stability.

Interviews

Q&A: Ali Shaddad al-Faris, member of the Parliament Oil and Gas Committee

The longtime Basra MP discusses the prospects for a national oil law, a revision to the refinery investment law, and a wave of oil sector corruption arrests.