Jabbar al-Luaibi was former head of state-run South Oil Co. Al-Luaibi replaces Adel Abdul Mahdi who resigned in March Jabbar al-Luaibi, former head of Iraq’s biggest oil producer, was appointed oil minister as a costly war against Islamic State militants has capped investments in the OPEC country’s crude production. The appointment was approved by parliament on Monday as part of a government reshuffle, according to statement by deputy parliament speaker Humam Hamoudi. Al-Luaibi is former head of the state-owned South Oil Co. which produces most of the country’s crude. He replaces Adel Abdul Mahdi who had suspended his participation in the cabinet in March, citing disarray in government ministries. Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, holds the world’s fifth-largest oil reserves. The drop in crude prices over the past two years has squeezed state revenue as the government waged a costly campaign against Islamic […]