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Iraq Business News

Iraq is officially ready to participate in a significant OPEC meet. In the meeting, it may decide to halt its fast growing oil output, if all non-OPEC and OPEC members agree.
Oil minister of Iraq, Adel Abdul Mahdi was able to fuel an equities rebound overnight after hinting that Saudi Arabia and Russia could come to an agreement on oil production and perhaps begin the process of bringing about a managed end to the deeply damaging supply war of the last 14 months.
According to the oil minister of Iraq, OPEC’s top oil producer Saudi Arabia and top non-OPEC producer Russia are now keen on showing flexibility about agreeing to tackle an oil glut that has pushed prices to 12-year lows.
It is anticipated that in forthcoming days Kurdistan region of Iraq would serve as the launch pad for U.S.-supported efforts to liberate Raqqa and Mosul, the capitals of the so-called Islamic State. In longer terms, it is expected that Kurdistan may emerge as a separate state, liberated from Iraq both financially and politically.
Three meter high security wall is to be built by Iraq to protect the city of Baghdad from Islamic State attacks.
Finance minister of Iraq stated that the OPEC cartel of oil-producing nations is "trying, really" to cut output and raise prices as his country suffers the effects of the weakness.
Italian Defense Minister Roberta Pinotti said that his country will send a team specialized in treating war wounded to Iraq as it prepares to send troops to guard Mosul dam maintenance workers.
To halt internet services, Iraq is planning to persuade satellite firms in those areas, which are under control of Islamic State. The country is attempting to give a blow to IS potent propaganda machine which relies heavily on social media to inspire its followers to wage jihad.
Kurdish region of Iraq has declared that the regional government will disburse the salaries of government employees except the security personnel. The region also noted that it is currently going through economic crisis due to low oil prices.
According to a company executive, Iraq's Etihad Food Industries Co. will start production at a new $100 million edible oils refinery by year end, after its neighboring sugar plant shifted much of the country's imports to raw rather than white sugar.
Bijan Nadar Zangeneh, Iranian Petroleum Minister, has revealed plans for a daily increase of 200,000 barrels of crude oil from the country’s western joint fields with Iraq.
Bahrain and Oman have reduced state subsidies on gasoline as the global oil price dips to its lowest since 2003.
In the month of December, OPEC has pumped lesser oil. However, it does not mean that price of crude is going to rise soon.
Iraqi Oil Minister, Adil Abdul Mahdi, discussed with the Iranian Ambassador to Iraq, Hassan Dana'e Fer means of cooperation between Iraq and Iran in the field of energy.
The Canadian Defense Minister Harjet Sajan arrived in Erbil in the north of Iraq on Sunday evening, to meet the officials and the leaders of Kurdistan Region, coming from Baghdad.
Presently, the world is experiencing heavy oil production, and it seems that price would continue falling until glut shrinks. The oil glut - the unsold crude that is piling up around the world - is a quandary and a source of investor anxiety that once again rattled global markets Friday.
Largest ever steel export deal of India, struck with Iraq in 2014 to allow it to buy the metal without violating Western sanctions that are now set to end, has become mired in a dispute that has seen no payments made or shipments delivered since last fall.
Following the falling oil prices, International companies have decided to postpone $380 billion in projects so far. A Scotland based energy research and consultancy company, Wood Mackenzie stated that in the second half of 2015, oil companies delayed decisions on 22 projects, equal to 7 billion barrels of crude oil.
Following the falling oil prices, International companies have decided to postpone $380 billion in projects so far. A Scotland based energy research and consultancy company, Wood Mackenzie stated that in the second half of 2015, oil companies delayed decisions on 22 projects, equal to 7 billion barrels of crude oil.
An armed army division, along with police strike force, has been sent by Iraq on its southern oil city Basra in order to disarm the residents amid intensified feuding between rival Shi'ite Muslim tribes.
India has welcomed "liberation" of the city of Ramadi by Iraqi forces from the control of ISIS militants and said it strongly supports Iraq's fight against terrorism and the efforts by Iraqi government to preserve country’s territorial integrity.
After being closed for 22 days due to curfew, Turkey’s Habur border crossing gate with Iraq has been reopened. However, only 1250 vehicles are allowed to cross the gate. Transport and export representatives have voiced a strong need for the opening of more border gates with neighboring countries and increasing security as they face serious losses in transporting their goods abroad.
According to a member of parliament, government of Iraq has increased the US dollar price sold to currency exchange companies and banks through the Iraq Central Bank.
It has been reported by Pentagon that the US State Department has approved the sale of 5,000 Hellfire missiles to Iraq worth $800 million. Lawmakers have 30 days to block the sale, although such action is rare. The prime contractor on the deal would be Lockheed Martin Corp.
Iraq’s Finance Minister Hoshyar Zebari warned that a tough year is ahead for the war-scarred country, as oil revenues continue to shrink. But he said he is also optimistic that global oil prices will rise again in September or October this year, when supplies are expected to stabilize.
Iraq said it exported 1.097 billion barrels of oil in 2015, generating $49.079 billion from sales, according to the oil ministry.
China's aviation regulator published on Friday draft operating guidelines for the fledgling drone industry after several security breaches involving the unmanned aircraft.
Oil exports from southern Iraq have held near a record high in December, cementing its role as the world's fastest source of supply growth in 2015 despite battles against Islamic State and concern that plunging oil prices would undermine output growth.
Ramazan Badur, an Iraqi taxi driver, said, “We are three friends. Altogether we had 800 liras [$274], but we are now down to our last 10 liras." He added, "When that runs out, we will cross the stream secretly and sneak into Turkey.”
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