Iraq’s Cabinet approves a three-month deal that prices crude as if it were shipped from Basra, extending wartime Gulf shipping discounts to trucked oil in a bid to diversify export routes.
Oil production nears pre-war levels, but lost capacity slows full recovery
Iraq's nationwide output reached 4.22 million bpd in September, but some fields are struggling to rebound from damage caused by long shut-ins.
Workers from the state-run Iraqi Drilling Company operate a drilling rig at the Zubair oil field in Basra in October 2026. (Photo credit: IDC)