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Oil Minister Adel Abdul Mahdi orders a cut in development spending for oil firms in Iraq.

Iraq wants foreign oil companies to cut spending as the nation seeks to narrow a budget gap caused by lower crude prices.

Iraq wants foreign oil companies to cut spending as the nation seeks to narrow a budget gap caused by lower crude prices, oil minister Adel Abdul Mahdi said in a statement on Tuesday.

Iraq Oil Minister Adel Abdul Mahdi has called for foreign oil companies to cut spending as Iraq aims to narrow the gap caused by lower crude oil prices

"The ministry is discussing reducing financial spending by foreign companies," he stated at a meeting which included oil fields’ joint management committees in Baghdad.  

BP, Shell, Eni, Exxon Mobil and Lukoil have service agreements with Iraq, OPEC’s second largest producer to increase output in ageging fields.

Iraq, OPEC's second-largest producer, has service agreements with companies including BP, Shell, Eni, Exxon Mobil and Lukoil to boost output at its ageing fields.

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