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By Alex Kimani, for OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Can Iraq Really Replace Saudi Arabia As The Middle East's Top Oil Producer?

The global power of most Middle Eastern countries remains dependent on their oil and/or gas output, so it is little wonder they try to maximise this, either by pushing production higher or by pretending it is higher, or by forecasting that it will be higher at some point soon.

Iraq had historically fallen into the last of these categories -- having periodically promised large increases in oil production that never materialised.

Click here to read the full article.

By Simon Watkins, for OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Why The U.S. Is Racing To Lock Down Iraq's Most Explosive Geopolitical Gas Prize

Sharing its eastern border with Iran, its northern border with Turkey, its western border with Syria and Jordan, and its southern border with Saudi Arabia, Iraq is arguably the single most geopolitically important country to the U.S., China, and Russia in the entire Middle East.

In turn, the lawless western desert province of Anbar is perhaps the most geopolitically vital area in Iraq, and the most strategically important asset in Anbar is the huge Akkas gas field.

With the new Iraqi Prime Minister, Ali al-Zaidi, having taken office on 16 May and showing every sign of being open to new Western energy initiatives across the country, U.S. firms have positioned themselves centre-stage to take control of the Akkas field's development.

So, what are their key objectives here and how do they aim to achieve them?

Click here to read the full article.

By John Lee.

Iraq's Foreign Minister Fuad Hussein held a series of bilateral and trilateral meetings in Amman on Wednesday on the sidelines of the Arab Ministerial Meeting on Jerusalem, covering energy cooperation, joint projects, and regional security issues.

According to the Ministry of Foreign Affairs, the talks included separate meetings with the foreign ministers of Egypt, Jordan, and Saudi Arabia, as well as a trilateral session with the Jordanian and Egyptian counterparts.

In his meeting with Egypt's Foreign Minister Dr. Badr Abdelatty, Hussein discussed bilateral cooperation, joint projects being implemented in Iraq by Egyptian companies, energy cooperation in the electricity sector, and the Basra-Aqaba Oil Pipeline (BAOP) and its extension to the Red Sea.

In talks with Jordan's Deputy Prime Minister and Foreign Minister Ayman Safadi, the two sides discussed arrangements for an upcoming visit to Baghdad by Safadi and the Jordanian Minister of Energy and Mineral Resources. They also addressed the Basra-Aqaba Oil Pipeline and electricity interconnection with the Jordanian power grid, as well as Prime Minister Ali al-Zaidi's recent visit to Washington.

The trilateral meeting between Iraq, Jordan, and Egypt agreed to activate the Trilateral Cooperation Mechanism through relevant technical committees, with regular follow-up meetings on joint projects in the fields of economy, investment, industry, and energy, including oil and electricity interconnection.

In a separate meeting with Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al Saud, Hussein discussed bilateral relations, preparations for an upcoming Arab Summit, a forthcoming visit by an Iraqi security delegation to Saudi Arabia, and the security of oil export routes and energy supplies in the region. The Saudi minister reaffirmed the Kingdom's support for the Iraqi government.

All meetings also addressed the situation regarding the Strait of Hormuz and the importance of ensuring freedom of navigation.

(Source: Iraqi Ministry of Foreign Affairs)

By John Lee.

Seven OPEC+ member countries have agreed to implement a production adjustment of 188,000 barrels per day (bpd) from their additional voluntary cuts, effective September 2026. The decision was taken at a virtual meeting on Saturday, which was attended by Iraq's Ministry of Oil.

The seven countries involved are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

They also confirmed their intention to fully compensate for any overproduced volumes since January 2024, with the Joint Ministerial Monitoring Committee (JMMC) tasked with monitoring conformity.

The group will continue to hold monthly meetings, with the next scheduled for 6 September 2026.

Full statement from OPEC:

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability

The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 2 August 2026, to review global market conditions and outlook.

In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in September 2026 as detailed in the table below.

The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024.

The seven OPEC+ countries will continue to hold monthly meetings to review market conditions. The next meeting will be held on 6 September 2026.

(Sources: OPEC / Ministry of Oil)

By John Lee.

An emergency meeting of Iraq's Coordination Framework was held at the Government Palace on Wednesday to discuss what it described as US-Saudi attacks on Iraqi sovereignty.

According to Prime Minister's Office, the meeting, hosted by Prime Minister Ali al-Zaidi, condemned what it called an attack on Iraqi territory that resulted in the deaths of several members of the Popular Mobilisation Forces (PMF) and injuries to others. The statement said the incident constituted a violation of Iraq's sovereignty, territorial integrity, international law and the United Nations Charter.

The Coordination Framework said it was surprised by the attack while the Iraqi government was pursuing a balanced foreign policy based on cooperation and partnership with regional and international partners.

It expressed condolences to the families of those killed, wished the injured a speedy recovery, and said Iraq's security and sovereignty must not be violated under any circumstances. It also rejected turning Iraq into an arena for regional and international conflicts.

The statement added that attacks violating Iraq's sovereignty undermine regional and international efforts to contain the current crisis and reduce tensions, while increasing risks to security and stability across the region.

(Source: PMO)

By John Lee.

Iraq has signed an agreement with GE to implement a comprehensive plan for securing the country's energy supply. The deal was signed in Washington by Minister of Electricity Ali Saad Wahib, under the auspices of Prime Minister Ali al-Zaidi.

According to the Ministry of Electricity, the agreement covers an integrated national programme with the following components:

• Construction and expansion of power generation stations using GE's combined-cycle technology
• A central generation project at Al Faw
• Expansion of generation stations in multiple governorates
• Development and modernisation of the national transmission network
• Construction and upgrading of transmission substations
• An electricity interconnection project with Saudi Arabia using high-voltage direct current (HVDC) technology
• Advanced distribution control centres and automation of secondary substations
• Mobilisation and structuring of project financing

The ministry said the agreement links capacity additions, fuel supply, transmission network development, and financing into a single integrated framework aimed at improving electricity supply stability and efficiency.

(Source: Ministry of Electricity)

By John Lee.

Iraq's prime minister has pledged to pursue corruption cases without exception, seek a fairer OPEC production quota, and announce a political and economic partnership with the United States, in a wide-ranging interview broadcast on Al Arabiya.

Ali al-Zaidi told Al Arabiya that anti-corruption efforts would be pursued without regard to sectarian, ethnic, or political affiliation, and that those implicated have no option but to return misappropriated funds. He said the government's cooperation with the judiciary is at a high level, with both sharing the goal of recovering public money.

On the question of armed factions, al-Zaidi said dialogue is under way and that their activities will subsequently shift to the political and social sphere. Once a stated deadline passes, he said, weapons will be monopolised entirely by official state institutions and security forces.

Al-Zaidi said delays in dollar shipments had been caused by disruptions to air navigation linked to regional conditions, but that cash transfers have since resumed on schedule. He added that Iraq will announce a political partnership and economic cooperation agreement with the United States, and that Iraq seeks to facilitate rapprochement between Washington and Tehran.

On regional economic ties, al-Zaidi said Iraq is pursuing an economic partnership with Saudi Arabia, describing the two countries as strategic depth for each other. He also said Iraq, as a founding member of OPEC, will not leave the organisation but will seek a fair and equitable production share.

On the Kurdistan Region, al-Zaidi said the government intends to resolve outstanding issues with the Kurdistan Regional Government rather than defer them.

(Source: PMO)

By John Lee.

Seven OPEC+ countries, including Iraq, have agreed to a production adjustment of 188,000 barrels per day (bpd) from the additional voluntary adjustments announced in April 2023, to be implemented in August 2026.

The countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on 5 July 2026 to review global market conditions and outlook, according to OPEC.

The additional voluntary adjustments announced in April 2023 may be returned in part or in full, subject to evolving market conditions, and in a gradual manner. The move also gives participating countries an opportunity to accelerate their compensation for previous overproduction.

The seven countries reaffirmed the importance of a cautious approach, and said they would retain full flexibility to increase, pause, or reverse the phase-out of the voluntary production adjustments, including reversing those announced in November 2023.

They reiterated their collective commitment to full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments, which will be monitored by the Joint Ministerial Monitoring Committee (JMMC). The countries confirmed their intention to fully compensate for any overproduced volume since January 2024.

The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation, with the next meeting scheduled for 2 August 2026.

Full statement from OPEC:

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability

The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 July 2026, to review global market conditions and outlook.

In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in August 2026 as detailed in the table below. The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023.

The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024.

The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The seven countries will meet on 2 August 2026.

(Source: OPEC)

By John Lee.

According to the Iraqi Civil Aviation Authority (ICAA), the opening of Mosul International Airport has been delayed due to several outstanding technical and operational requirements.

The authority said it continues to monitor the project through regular field visits by technical teams and coordination with the Nineveh provincial administration and other relevant parties to complete the requirements needed for the airport to begin operations in line with national and international standards.

The outstanding requirements include:

• No contract has been signed with a structural audit consultant, which is required to complete technical review and approval procedures.
• The operating entity for the airport has not been finalised, with the need to ensure qualified and licensed personnel are available to operate the facility.
• Designs and procedures for aircraft approach and departure routes have not been completed. The Nineveh provincial administration has contracted RISK for this purpose.

The authority said it has made efforts through official communications with relevant parties inside and outside Iraq, including Saudi Arabian authorities, to obtain approvals and exemptions to support airport operations, but the required approvals have not yet been obtained.

The ICAA said its procedures are based on applicable laws and the requirements of the International Civil Aviation Organization (ICAO), adding that aviation safety requirements cannot be bypassed.

(Source: Iraqi Civil Aviation Authority)

By John Lee.

The Ministry of Transport announced on Tuesday that international air traffic will resume transit operations through Iraqi airspace within 24 hours following high-level coordination meetings with regional and international aviation bodies.

The ministry said the arrangements were coordinated with Saudi Arabia, Kuwait, Bahrain, the European Union and the International Air Transport Association (IATA) to redirect international air traffic routes over Iraqi airspace.

The ministry has instructed the specialist departments at the General Company for Air Navigation Services to increase readiness in line with requirements from the International Civil Aviation Organization (ICAO), including:

• Ensuring aviation communications systems, radar systems and voice communications are fully operational
• Coordinating with neighbouring countries to confirm the safety and readiness of interconnection lines
• Providing sufficient staffing levels across operational sectors to handle expected traffic volumes
• Ensuring air traffic controllers provide navigation services in line with safety standards and aircraft separation requirements

According to the Ministry of Transport, the return of international transit traffic through Iraqi airspace reflects the restoration of its role as a key aviation corridor and confidence in national aviation capabilities.

Eco-Iraq Observatory reported that Iraq lost about $15,000 per hour in over-flight fees as a result of the temporary suspension of flights through its airspace.

(Sources: Ministry of Transport / Eco-Iraq Observatory)