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Iraq Business News

A second oil price rout of 2015 has forced Arab OPEC members to cut their price expectations for this year, showing they are prepared to tolerate cheaper crude for longer to defend market share and curb rivals' output.
On last Friday, the Pentagon said that initial tests indicated that the militant group Islamic State (IS) may have used a chemical weapon against Kurdish forces in Iraq earlier this month.
Armed conflicts, economic instability, corruption and crisis are the common factors in some of the Middle East countries. The mostly affected nations are Syria and Iraq. According to a report, these two countries have observed dramatic decline in air pollution in recent years. This is probably the most positive thing about these countries nowadays.
In business since the 1960s, Karim al-Aboudi's family has seen Iraq's economy boom with oil wealth and bust through wars and the 2003 U.S.-led invasion, but today marks the worst downturn he's seen in decades. Forced to fire 65 percent of his staff and close two of his six aluminum and glass factories, al-Aboudi's troubles mirror those facing business owners across Iraq. As the country battles the Islamic State group on the ground, it faces massive budget deficits brought on by the lowest global oil prices
Iraqi Prime Minister Haider al-Abadi on Friday ordered military commanders to make it easier for civilians to get into Baghdad's fortified Green Zone while improving access to streets across the country closed off by political and security factions.
In a region in perpetual turmoil, capital markets have been hit hard. But there are some bright spots
Meanwhile, the Kurdish government has been struggling to limit the damage and theft from the Ceyhan pipeline in Southeast Turkey as bombardments targeting the Kurdish militant group known as the Kurdistan Worker’s Party continue in northern Iraq. The Kirkuk-Ceyhan pipeline stopped production in March because of the uptick in ISIS attacks on it, with the halt costing Iraq about $1.5 billion a month. An explosion in July also cost the pipeline $250 million. In total, the Kurdish government has suffered $501 m
Global stock market continues falling and oil price has slumped to six year low. The concern is looking a grave one, as slow down of Chinese economy is a major factor. Brent and US crude futures fell below $45 and $40 a barrel respectively as global investors assessed the contagion risks of China's volatile stock market.
Israel may be importing some NIS 3.84 billion-worth of oil from the semi-autonomous northern Iraqi region of Kurdistan, a move that could have geopolitical and economic ramifications for both parties.
The northern city of Arbil, gateway of Iraq to Europe, is the first bottleneck on a long and uncertain journey for a growing number of Iraqis choosing exile.
Top Shiite cleric of Iraq, urged that government should initiate reforms to fight corruption. However, he also cautioned against doing so at the expense of the fight against the Islamic State group, which is tenaciously holding on to large swaths of Iraqi territory.
The General Authority for Meteorological and Seismology has indicated that heat wave is escalating in Iraq and temperature exceeds 51 degrees in Baghdad and some provinces.
Southern oil export of Iraq rose in July to a record average of 3.064 million barrels per day (bpd) from 3.02 million in June, officials from the state-run South Oil CO. said on Saturday. Shipments have jumped after Iraq's decision to split crude stream into two grades, Basra Heavy and Basra Light, to resolve quality issues.
A 39% fall has been reported by Qatari telecom operator Ooredoo in second-quarter profit on Wednesday, its sixth decline in eight quarters as foreign exchange losses and plunging earnings from war-torn Iraq outweighed a strong domestic performance.
On Thursday, parliament voted in its session on the report of the Parliamentary Committee of Defense and Security about Diyala’s explosion.
Defense minister of Iraq, Khaled Ubaidi said that the hotly contested oil city of Baiji was “almost fully” controlled by government troops after months of fierce clashes between security forces and militants of the Islamic State, or ISIS, who captured large parts of the town earlier in May.
On Thursday, Iraqi security forces foiled an ISIL attack on Husaiba Al-Sharqiah area, east of Ramadi city. This has been stated by the Cell of the Military Media through a statement.
On Thursday, Iraqi government has declared 4-day holiday, due to a searing heat wave forecast. The government also ordered regular power cuts at state institutions.
In the month of July, OPEC crude output declined, as production slipped in Iraq. Output by the Organization of Petroleum Exporting Countries decreased 362,000 barrels to 32.107 million a day this month, according to a Bloomberg survey of oil companies, producers and analysts. Last month’s total was revised 335,000 barrels higher, to 32.469 million a day, because of changes to the Saudi, Kuwaiti, Angolan and Nigerian estimates.
Private banking sector of Iraq is having trouble meeting customers’ demands because of liquidity issues, leading to unrest and worry.
On Thursday, U.S. Defense Secretary Ash Carter arrived unannounced in Baghdad to assess the government's progress in healing the country's sectarian divisions and hear the latest on support for the Iraqi army's coming attempt to recapture the key city of Ramadi from Islamic State in Iraq and the Levant (ISIL).
On Wednesday, the US-led coalition and the Iraqi air force have launched 32 airstrikes in Iraq, the Cell of the Military Media announced in a statement.
Putting U.S. air controllers with Iraqi forces closer to combat areas so they can identify and direct bombing would improve air strikes on Islamic State rebel targets and should be "seriously considered," a top U.S. general told lawmakers on Tuesday.
The Ministry of Planning announced in Wednesday, rising inflation for March index with percentage (0.4%), an annually rise by (2.2%) while confirming that three Iraqi provinces were not included because of the security situation witnessed in those provinces.
The Chinese Ministry of Foreign Affairs condemned the ISIL attack on Khan Bani Saad district, southwest of Baqubah city when the car bomb targeted the market on Friday
Workers from Iraq near a pipeline, as it ejects oil at Al Tuba oil field in Basra, southeast of Baghdad. There's a bigger threat to oil prices than Iran.
Anton Oilfield Services Group, a leading independent oilfield services provider in China, is pleased to announce that the Group has received a notification from an international oil company customer operating oilfield projects in south Iraq that the Ministry of Oil of Iraq has lately cleared the general contract awarded to Antonoil for the provision of oilfield workover and completion services.
The toll for a massive suicide vehicle bomb attack carried out by the Islamic State group north of Baghdad rose to 90 dead and 17 missing today. It also blames them for the November shooting and killing of eight worshippers in the eastern Saudi Arabian village of al-Ahsa.
US army MQ-1C Gray Eagle, known as a drone seemed to lose power and fall in desert of Al-Samawa province, southwest of Baghdad about 280 kilometer, a security source said on Tuesday.
Oil prices steadied on Tuesday, helped by a dip in the dollar, but were on track for their biggest monthly drop since March in the face of a global supply glut.
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