A worker checks the valves at Al-Sheiba oil refinery in the southern Iraq city of Basra, January 26, 2016. Iraq wants to review contracts with oil companies to cut the fees that the firms receive when crude prices are low, the OPEC nation’s new oil minister said, standing by a demand made by his predecessor. Oil Minister Jabar Ali Al-Luaibi conveyed his position at a meeting on Monday in Baghdad with BP’s head in Iraq, Michael Townshend, the ministry said in a statement. The minister also discussed increasing oil and gas output from BP’s giant Rumaila field in southern Iraq. Iraq was in talks with foreign oil companies to link the fees they charge for developing their fields to oil prices and have them share the burden when markets go down, former oil minister Adel Abdul Mahdi told Reuters in January. Iraq generates 95 percent of its public budget […]