Iraq confirms Luaibi as oil minister

Iraq's parliament on Tuesday appointed deputy oil minister Abdul Kareem Luaibi as oil minister after confirming previous Oil Minister Hussain al-Shahristani as the new deputy prime minister for energy.

The appointment of Luaibi could be seen as a sign of continuity for companies that signed deals with Iraq to develop its oilfields, which are among the largest in the world but suffer from lack of investment during decades of war and international economic sanctions. Crude exports account for 95 percent of Iraq's federal budget.