Iraq has cut the annual budget of its second-most-prolific oil project by nearly 50 percent, as part of a broader effort to reduce oil field development costs in response to a financial crisis.The joint management committee (JMC) of the West Qurna 1 oil field in Basra has decided to cut its 2015 budget from $1.6 billion to $1.1 billion.”This year’s budget… had been reduced to $1.3 billion, but what was approved by the joint management committee was $1.1 billion,” said Mahdi Malik, the… This content is for registered users. Please login to continue. If you are not a registered user, you may purchase a subscription or sign up for a free trial .