Members of the oil police force walk at Nahr Bin Umar oil field, north of Basra, southeast of Baghdad August 19, 2015. REUTERS/Essam Al-Sudani
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Iraq asked oil companies to reduce their 2016 spending plans in the country by Sept. 30, citing lower oil prices and government revenue.Iraq is now producing more than 3 million barrels a day, he said.Iraq, with the world's fifth-biggest oil reserves, needs to keep increasing crude output because lower oil prices have curbed government revenue.Iraq's oil revenue was $3.87 billion in August, down 20 percent from July, due to lower oil prices and reduced shipments overseas, the International Energy Agency said this month.
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