“Despite the record level of production and exports, the Iraqi government has asked international oil companies (IOCs) to reduce spending plans at southern oil fields in 2016 because Iraq has been struggling to keep up its share of payments to IOCs. In 2015, Iraq (excluding KRG) earned slightly more than $49 billion dollars in crude oil export revenue, $35 billion dollars less than the previous year, despite a substantial increase in export volumes. The shortfall in revenue has posed a significant economic challenge, as crude oil export revenue accounted for 93% of Iraq’s total government revenue in 2014, according to the International Monetary Fund. EIA expects Iraq’s production growth to slow in 2016 because of constraints arising from reduced export revenue.”
http://www.eia.gov/todayinenergy/detail.cfm?id=25152
I can’t imagine what would happen in the US if the budget needed to be cut by 50%! (or 1%!)….
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