Iraq’s Flaring Policy Is Broken
With budgets already stretched thin, Iraq’s budget is being taxed even more by its policy of flaring natural gas while paying high prices to import natural gas from Iran. The Continue Reading
Iraq Devalues Its Currency by a Record as Economy Unravels
Iraq devalued its currency by almost 20% against the dollar, the most on record, as the cash-strapped government faces an economic crisis brought about by low crude prices and oil-production Continue Reading
Even with devalued currency, new Iraqi budget proposes record deficits
Iraq is moving forward with plans to devalue its currency by nearly 23 percent in response to a dire financial crisis — an extreme policy measure that will not come Continue Reading
Politically fractured Iraq’s fiscal struggles strain its OPEC commitmentRE:
Iraq may be the birthplace of OPEC and its second largest oil producer, but the bonds of its membership to the exporters group are likely to be tested again in Continue Reading
Egypt And Iraq Sign Landmark Oil Deal
Egypt and Iraq have signed an oil-for-reconstruction plan this December, expected to come into effect once constitutional procedures have been completed. This deal marks the start of several joint projects Continue Reading
Iraq puts out fire at northern Khabbaz oil field set ablaze Dec 9 : ministry
Iraq has extinguished a fire at two wells in the northern Khabbaz oil field, oil minister Ihsan Ismaael said Dec. 16, after they were set ablaze on Dec. 9 in Continue Reading
IRAQ DATA: Nov oil output falls 4%, below OPEC+ quota, SOMO says
Iraq’s oil production, including output from the semi-autonomous Kurdistan region, fell 4% month on month in November, the State Oil Marketing Organization said Dec.14, falling below its OPEC+ quota as Continue Reading
Dinar value falls as Iraq contemplates currency devaluation
The street value of Iraq’s currency is dropping, as markets anticipate the likelihood the dinar will soon be revalued in response to a dire economic crisis. Money exchangers in Iraq Continue Reading
Iraq puts out fire at one of two wells in Khabbaz field set ablaze Dec 9: Deputy oil minister
Iraq’s oil ministry has managed to put out fire at one of two oil wells in the northern Khabbaz oil field that were set ablaze on Dec. 9 by explosive Continue Reading
Chinese Oil Deal Could Bail Out Cash-Strapped Iraq
Iraq has picked a Chinese state-owned oil producer and trader to pay it upfront for oil, providing much-needed cash to the Iraqi government which has been struggling to make ends Continue Reading