Jabbar al-Luaibi, former head of Iraq’s biggest oil producer, has been appointed oil minister as a costly war against the self-styled Islamic State terrorist group has capped investments in the OPEC country’s crude production. The appointment was approved by parliament on Monday as part of a government reshuffle, according to a statement by deputy parliament speaker, Humam Hamoudi, Bloomberg reported. Al-Luaibi is former head of the state-owned South Oil Company, which produces most of the country’s crude. He replaces Adel Abdul Mahdi, who had suspended his participation in the Cabinet in March. Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, holds the world’s fifth-largest oil reserves. The drop in crude prices over the past two years has squeezed state revenues. Iraq produced 4.36 million barrels a day in July compared with 4.44 million at the end of last year.
