Gas sector a priority to meet US waiver requirements, says Iraq minister

Gas sector a priority to meet US waiver requirements, says Iraq minister

BAGHDAD — Iraq's oil sector is rebounding after a catastrophic year triggered by the coronavirus pandemic, with key investment projects on the horizon, Iraq's oil minister said Friday. But he also warned that an enduring bureaucratic culture of fear threatens to stand in the way.

Iraq is currently trading oil at $68 per barrel, not all that far off the approximately $76 needed for the state to operate without reliance on the central bank to meet government expenditures.

Oil Minister Ihsan Abdul-Jabbar Ismail took over the unenviable job of supervising Iraq's most vital industry at the height of an oil price crash that slashed oil revenues by more than half last year.