(MENAFN) Iraq asked oil companies to reduce their 2016 expenditure plans in the country by September 30, citing the consequences of lower oil prices and government revenue.
The reduced budgets shouldn't affect 2015 production, director of licensing at Iraq's oil ministry said, citing that the ministry sent to companies. Iraq is now producing more than three million barrels a day.
"We've asked them in a letter we sent them to take into consideration the drop in oil prices and the low revenues of the government that may not cover their investments," he added.
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