Iraq Asks Oil Companies to Cut Spending After Drop in Prices
- Lower spending for 2016 must not affect production in 2015
- Letter sent to oil companies asking for 2016 budgets
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Iraq asked oil companies to reduce their 2016 spending plans in the country by Sept. 30, citing lower oil prices and government revenue.
The reduced budgets shouldn’t affect 2015 production, Abdul Mahdy Al-Ameedi, director of licensing at Iraq’s oil ministry, said by phone Tuesday, citing a letter that the ministry sent to companies. Iraq is now producing more than 3 million barrels a day, he said.