A string of downgrades to Iraqi Kurdistan’s oil reserves is a fresh blow to the autonomous region’s fledgling oil industry already crippled by conflict, political strife and low crude prices. The revisions – resulting from a closer inspection of oilfields after drillers hit more water than expected – take the shine off one of the world’s largest oil and gas reserves, which had drawn investors such as Exxon Mobil. A further loss of faith in the region’s oil bonanza also pressures the debt-ridden Kurdistan Regional Government (KRG), which has struggled to ramp up production and exports due to pipeline outages and conflict with Islamic State militants. “The recent reserve downgrades are another blow to optimism about Kurdish oil production,” said Richard Mallinson, geopolitical analyst at consultancy Energy Aspects. “While […]