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May 25
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Iraq has asked all international oil companies to cut their budgets by 30% due to a sharp drop in oil prices. 

However, reductions should not affect oil production, Reuters reported referring to a senior Iraqi official.

“We have received the letter on 30% budget cuts, no decision yet,” the source said.

ExxonMobil in Iraq, which is the main developer of West Qurna 1 in southern Iraq, also asked all of its suppliers to cut costs.

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