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Iraq Business News

With higher oil prices, instability in Middle East had always remained a concern. Now, oil prices have fallen, but no sign is there for any stability in the region. Civil war in Syria and Iraq continues, while Saudi Arabian forces are fighting in Yemen. In spite all these things, oil price remains depressed.
To attract more buyers for its combat drones, recently, China has unveiled its largest military unmanned aircraft at an industry expo that closed in Shenzhen, Guangdong province.
On Friday night, Turkish warplanes struck Kurdistan Workers Party (PKK) militant targets in northern Iraq and southeast Turkey.
According to government source, it is informed that Russia will add discounts on its Urals crude blend for defending its market share on traditional European market.
Kurdistan’s semi-autonomous government in Iraq (KRG) has been smuggling oil through Israel in order to bypass sales being monitored by the central government in Baghdad, Al-Jazeera reported on Thursday.
Bloom Properties says it has slowed down plans to build 40,000 homes in Iraq because of conflict in the country.
Slowing output in the the two fastest-growing producers signals the global glut, which has depressed oil prices to near $40 a barrel, may begin to dissipate next year, according to Barclays Plc. While that would start to fulfill Saudi Arabia's plan to re-balance world crude markets, Iraq's struggles show that producers in OPEC are also suffering as that strategy takes effect.
The deadly terrorist attack on Paris, led by IS militants, has a little to do with global oil market. However, experts have noted that West’s military response to IS militants can put a quarter of Iraq’s supply in the line of fire.
According to Moody's Analytics, Iraqi economy is at the verge of facing danger due to low oil price and conflict in the country. Counter terrorism efforts are also creating cash shortage for the country.
According to Platts analysis of U.S. Energy Information Administration statistics, import of oil from Iraq has been raised by US significantly between August and September.
Canadian Prime Minister Justin Trudeau said that the country will send more military trainers to Iraq to drill local troops combating the Islamic State group.
Iraqi Prime Minister Haider al-Abadi discussed with Salah-il-Din Governor Raed al-Jubouri means of rebuilding the liberated areas and providing services to facilitate return of displaced families, statement by Abadi's office received by AIN cited.
Nov 13 A market share battle between Russia and OPEC oil producers in Europe is intensifying as Iraq has overtaken Saudi Arabia as the second largest seller there and Iran has already lined up buyers for its crude for when sanctions are lifted.
At least eight militants, all of whom were wearing suicide vests, killed diners and concert-goers, and launched suicide attacks outside the national stadium, also wounding 180 people.
On last Wednesday, prices of oil have fallen by 3 percent, as Iraq is bringing up more supplies that would intensify the battle in OPEC for market share.
According to media reports, Iran and Iraq have signed a deal on exporting Iranian gas.
Abu Dhabi Investment Authority (ADIA), one of the richest sovereign wealth funds in the world, has revealed its plan to shut down its London office. However, it will still remain committed to invest in Britain.
On last Monday, Iraq’s parliament has voted unanimously to restrict government from passing important reforms with approval of parliament.
Around 72 Member of Parliament of Iraq have demanded the oil rich province of Iraq, Basra, should be given financial freedom. They have also called for end of discrimination between north and south Iraq. If demands are not met, the parliamentarians also threatened exporting oil independently.
Iraqi Industry Minister Mohammad al-Daraji stated that Iraq shall open doors for foreign private sector to invest in 30 Iraqi firms owned by the state. The country has also invited Lebanon to take benefits from this.
In a classroom, it has been found that Kurdish, Arab and Turkmen children are sitting beside each other. In the classrooms, Islamic and Christian education textbooks are stacked on the same tables. Mariamana School in the Iraqi city of Kirkuk is a rare show in the country, whose unique cultural, religious and ethnic mosaic is threatened by conflict and sectarianism.
On last Friday, Iraq's top Shi'ite cleric warned parliament not to use concerns over the legality of Prime Minister Haider al-Abadi's reforms as a tactic to block them.
It is reported that on Thursday, Iraqi security forces killed an ISIL militant, and further detonated three car bombs in Anbar province.
Minister of Industry, Trade and Supply of Jordan, Maha Ali said to members of the Iraqi Business Council that Amman will help investors through removal of all obstacles. She promoted economic packages and she assured that Jordan will overcome ongoing economic conflicts.
Former environment minister of Iraq has been ordered to be punished by two years’ imprisonment due to corruption charges against him. The judiciary has also fined him USD 280,000.
According to Baghdad Operations Command statement, a senior official of Iraqi oil ministry has been kidnapped in Baghdad. However, he was quickly rescued by the security forces.
Iraq, the second-largest OPEC producer, is planning for raising oil output further next year and sell record volumes of oil to customers from its southern terminal. This has been revealed by a senior Iraqi official.
Profac has won a multi-million dollar technical training contract with Shell Iraq, achieving their fourth win with a major operator in the country. According to a statement, from this month, Petrofac Training Services (PTS) has joined Shell in the management and operation of Shell’s Majnoon training centre in the Majnoon oil field development in Southern Iraq for two years, with an optional one year extension.
In Iraq, 12,703 vaccination teams have united for a nationwide campaign to vaccinate children against polio and to fight against the spread of cholera.
Emails were sent back in 1999, when AWB first agreed to pay Iraq a so-called trucking fee for Australian grain show its executives discussing how to do so under UN sanctions.
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