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Iraq Business News

The Iraqi authorities and an International Monetary Fund (IMF) team reached a staff-level agreement on the second review of the Stand-By Arrangement (SBA) that was approved by the IMF Executive Board on July 7, 2016.
In 2017, Genel Energy’s Taq Taq oilfield has seen falling output. However, the rate of decline has slowed down of late.
As diplomatic clash emerges between OPEC member, specifically between Saudi Arabia and Qatar, earlier gains of oil has erased out. Futures slipped 0.6% in New York, erasing an earlier gain of 1.6%. Saudi Arabia, Bahrain, the United Arab Emirates and Egypt said they will suspend air and sea travel to and from Qatar, escalating a crisis that started over its relationship with Iran.
Kurdistan Workers’ Party (PKK) in Rojava (Syrian Kurdistan) is planning to open a trade route with Iraq.
Dr Fouad Kadhim Shati Al Musawi, Deputy Minister for Ministry of Higher Education and Science and Technology, Iraq, and Mr Dazhu Yang, IAEA Deputy Director General and Head of the Department of Technical Cooperation, have signed agreement for Iraq’s Country Program Framework (CPF) for the period of 2018–2023. Mr. Oudai Al Khairallah, Ambassador of the Republic of Iraq was present in that ceremony.
Despite of growth in oil production since 2009, water constraints, midstream infrastructure woes, contract terms and other aboveground factors have hindered Iraq’s ability to hit production targets.
Islamic state’s defeat in Iraq is a good thing for Iraq without any doubt. The country can now focus on other issues that have made it a financially crippling nation. For Iraq, the long term test will be how it sustains relations with its surrounding Arab countries through trade and freedom of movement. For economic reasons, Iraq has to rely on Anbar province and the Hashemite Kingdom of Jordan to ensure Iraq’s primary gateway to the world remains open
For new project in Iraqi Kurdistan, Gazprom Neft has started discussions. Chief Executive Officer of the Russian oil major, Alexander Dyukov, has revealed this information.
Permission for building an oil refinery has been given by the Iraqi government in Kirkuk. The project value shall be around $5 billion.
By 10th of June 2017, Iraqi forces hope to eliminate Islamic state militants from Mosul of Iraq. After three years’ reign of IS in this second largest city of Iraq, the group is finally going to accept its defeat soon.
The head of the OPEC member's oil marketer SOMO said that Iraq may look at hedging part of its crude oil production as a way to protect government revenue against the risk of oil price volatility.
The central bank of Iraq has decided to open two branches in Erbil and Sulaimani next month after a year of talks with the Kurdish government.
All flights from London’s Heathrow and Gatwick airports have been canceled by British Airways. It said that the organization was having massive IT failure around the world. However, it has not disclosed the real reasons or problems.
Last week a horrific suicide attack on a pop concert in Britain had shocked the world. This incident received a lot of media attention, though increase in violence in other regions of the world like Philippines and Indonesia.
Basra Oil Company has signed a contract with Eni, which is the main operator in the Al Zubair oil field, On last Sunday
In a new report on the last Thursday, the Government Accountability Office (GAO) said that the Pentagon could not prove $2 billion of Iraq Train-and-Equip Fund (ITEF) materials were delivered.
Iraq’s Oil Minister Jabbar al-Luaibi stated that oil exports from Kurdistan region of Iraq will not be included under OPEC’s production cut extension plan.
Alexander Novak, the Russian oil minister, along with Saudi counterpart Khalid-al-Falih, has signaled an agreement last week between the two biggest oil producers in the world to extend the current the supply deal, which is aimed at removing 1.8 million barrels worth of supplies, Iraq has joined the initiative before the much anticipated OPEC ministers’ meeting in Vienna headquarter on 25th of May.
Inflation indices of Iraq have raised by 0.6% during the month of April compared to the preceding month, as revealed by Iraqi government.
The head of the U.S. Defense Intelligence Agency said that an Iraqi Kurdish push for independence from Baghdad appears likely to be a question of "not if but when," in a significant challenge to Iraq's stability. In the month of April, Iraq's main Kurdish parties announced a plan to hold a referendum on independence this year, after the defeat of Islamic State militants.
Oil ministry of Iraq has announced that export of crude has reached 97.6 million barrels till April 2017, fetching revenue around 4.607 billion dollars for the country.
Minister of Energy and Mineral Resources Ibrahim Saif discussed with Iraqi Oil Minister Jabbar Al Luaibi on a project for constructing an oil pipeline between Iraq and Jordan to export Iraqi crude oil via Jordan and provide the Kingdom with its oil needs.
To lock in prices for future crude sales, Iraq is mulling an oil hedging program. The country is though at very early to stage to explore a hedge, as noted by Falah Al-Amri, the head of Iraq’s state oil-marketing company, known as SOMO.
Saudi Arabia and Iraq, two OPEC giants, have agreed on Monday on the need for extending global cut in oil supply so that oil price can rise.
Exchange rate for US Dollar to Iraqi Dinar (IQD) was down on 23rd May 2017 on the currency market of Kurdistan region.
Economic security and prosperity of Iraq as a nation greatly depends on investment in the education sector of Iraq. The price of investment in education sector is high though lack of investment can destroy future of the nation.
Bombing intensified at northwest of Mosul by Iraqi forces. The forces are trying to capture Old City of Mosul from Islamic State militants.
The Kurdistan Region’s Independent Commission for Human Rights said that Zakho, a district of the region, has turned into gateway of drug trafficking through Iran, Syria and Turkey.
On Sunday, USD to Iraqi Dinar (IQD) exchange rate was stable in Kurdistan region’s currency market.
Special Force of Iraq declares completion of mission in Mosul, after it retook the last western district from Islamic State militant group.
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