Iraq’s Cabinet approved preliminary energy agreements with a Chevron-led consortium for strategic oil pipeline projects. The deal aims to modernize the country’s export infrastructure through a partnership with the state-owned Basra Oil Company. These agreements include a crude oil supply agreement and a letter of guarantee to facilitate future production growth.
Separately, Chevron maintains a consensus Moderate Buy rating from analysts. Wolfe Research recently upgraded the stock to Outperform, citing a strengthened free cash flow outlook. The company also established a long-term power partnership with Microsoft to support AI data centers.