A general view shows a lake of oil at Al-Sheiba oil refinery in the southern Iraq city of Basra, in this January 26, 2016 file photo. International oil firms have warned Iraq that projects to increase its crude output will be delayed if the government insists on drastic spending cuts this year, a senior Iraqi oil official said on Friday. Oil companies helping Iraq develop its massive oil fields effectively perform a role similar to oil service firms in that they have to clear spending with the government each year. They are then repaid with crude oil produced from existing fields. The arrangement worked smoothly when oil prices were above $100 a barrel but since crude has collapsed to $40 a barrel, Iraq has been struggling to find enough oil to repay the companies for their investment. Iraq relies on oil for nearly all its revenues and is spending […]