Iraq has asked international oil companies (IOCs) to shut down prestige offices among the glittering towers of Dubai, through‎ which they used to run their oil operations in Iraq, as a way to rein in their budgets, three industry sources said. The move, which has been taken by some oil majors developing Iraq’s vast southern oilfields, would mean that the companies will have to move hundreds of contractors in and out of the country every few weeks and leading to downsizing of companies’ regional hubs based nearby in the United Arab Emirates. With its finances stretched, Iraq, OPEC’s second biggest producer, asked foreign oil companies last year to spend less than they had proposed, and all but cut off investment entirely for the first half of this year to the major projects. Oil companies helping Iraq develop its massive fields have to clear their spending with Baghdad each year, […]