Iraq’s oil-rig count has tumbled by almost two-thirds this year after international oil companies were ordered to cut spending because of the oil crash and OPEC’s second-largest producer agreed to stringent new OPEC+ cuts. The total now averages 32 rigs operated by IOCs this month, down from 88 rigs in December 2019, Iraqi sources told S&P Global Platts. Federal Iraq is averaging 31 rigs this month, compared with 76 in December, while the semiautonomous Kurdish region in the northern part of the country is averaging only one rig in May compared with 12 in December. Iraq’s state-run Basrah Oil Co. in March asked IOCs to cut budgets […]