Iraq asks foreign oil companies to cut budgets 30%

US, WASHINGTON (ORDO NEWS) — A senior Iraqi official in the oil sector told Reuters that his country asked all international oil companies to reduce their budgets by 30 percent due to the significant decline in crude prices, but he said that the cuts should not affect production.

A source in one of the foreign oil companies said, “We received the letter about reducing the budget by 30 percent, we have not taken a decision yet.”

A letter seen by Reuters reported that ExxonMobil in Iraq, the main developer of West Qurna-1 oil fields in southern Iraq, also asked all of its suppliers to cut costs.

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