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By John Lee.

Iraq participated via video link in a meeting of OPEC+ countries to review global oil market conditions and the production outlook, as the group confirmed it will maintain its current production policy during early 2026.

Full statement from OPEC:

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on steady global economic outlook and current healthy oil market fundamentals as reflected in low inventories

The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 4 January 2026, to review global market conditions and outlook.

The eight participating countries reaffirmed their decision on 2 November 2025 to pause production increments in February and March 2026 due to seasonality as detailed in the table below.

The eight participating countries reiterated that the 1.65 million barrels per day 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 continue pausing or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.

The eight 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 eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 1 February 2026.

(Sources: OPEC / Ministry of Oil)

By John Lee.

Saudi carrier Flynas has announced the launch of a new direct service connecting Madinah (MED) and Baghdad (BGW), with flights commencing on 6 December.

The route will operate twice weekly, providing improved travel options for pilgrims and other passengers moving between the two cities.

The new service forms part of Flynas' regional network expansion and supports growing travel demand between Saudi Arabia and Iraq.

(Source: PMO)

By John Lee.

The State Company for Petrochemical Industries in Basra, part of the Ministry of Industry and Minerals, has announced a series of projects aimed at restarting production across its plants and strengthening Iraq's national industry.

Director General Mazen Abdul-Razzaq said the company is continuing implementation of a partnership contract to establish a chlorine and caustic soda production plant at its petrochemical complex. In addition, a nitrogen and oxygen production project has been awarded and is awaiting final approvals to sign the participation contract. Negotiations are also under way to finalise a draft partnership agreement for a hydrochloric acid production plant.

He added that major projects are also planned, including the development of a new petrochemical complex and the Al-Nibras [Nebras] Petrochemical Project. A preliminary agreement has been signed with Ajial Company of Saudi Arabia to prepare feasibility studies for both projects within three months as a step towards full implementation.

Abdul-Razzaq also highlighted ongoing initiatives at the Basra Paper Factory, such as a new chlorine and caustic soda project and other announced ventures to produce notebooks, paper, and egg trays. Similarly, Maysan Paper Factory has launched projects for the production of chlorine, paper, cardboard, and egg trays.

At the Baghdad School Supplies Plant, plans include rehabilitating the notebook production line and adding a new production line with supporting facilities. The Director General emphasised that these projects will provide essential goods for the domestic market and enhance the company's production capabilities.

(Source: Ministry of Industry and Minerals)

By John Lee.

The Italian consultancy BTP Infrastrutture has reportedly completed between 70 and 75 percent of the final designs and studies for Iraq's Development Road Project, which will link Basra to the Turkish border via a railway and international highway.

Project Director Guido Bonini told the state-owned Iraqi News Agency (INA) that BTP has submitted comprehensive designs and studies to the Ministry of Transport and is collaborating with partners such as Oliver Wyman to ensure high technical standards. He added that countries including Turkey, Qatar, the UAE, and Oman have expressed interest in participating, with Saudi Arabia expected to join once studies are complete.

The plan includes a high-speed passenger rail line, with trains expected to run at up to 300 km/h, cutting travel time between Basra and Baghdad to about 90 minutes. The project will also feature a connected highway from Umm Qasr to northern Iraq for cargo transport.

The Development Road is expected to create between 100,000 and 150,000 jobs and stimulate national economic growth. The long-term plan, extending to 2050, envisions the establishment of industrial and economic cities along the route, including oil and petrochemical facilities in Basra and agricultural processing plants in Karbala and Najaf.

Bonini said the remaining 25 percent of design work will be completed within the next three months, after which the Ministry of Transport will launch a global tender platform for international companies to bid on the project's execution phase.

BTP Infrastrutture was de-merged from Progetti Europa & Global S.p.A. (PEG), changing its name from PEG Infrastrutture S.p.A. to BTP Infrastrutture in March 2022.

(Source: INA)

By John Lee.

Iraqi Prime Minister Mohammed Shia Al-Sudani has opened the new Al-Fadhiliya General Hospital in Baghdad on Thursday, a 246-bed medical facility that had been stalled since 2014.

According to a press release from the Prime Minister's Media Office, the project, now completed eight months ahead of schedule, marks a major milestone in Iraq's healthcare infrastructure renewal under the government's plan to deliver services across all districts and sub-districts.

The new hospital, built on 27 dunams of land, serves the areas of Al-Fadhiliya, Kamilia, Baladiyat, Al-Mashtal, Al-Amin, and other eastern Baghdad neighbourhoods. It features ten state-of-the-art operating theatres, three modern maternity suites, departments for surgery, paediatrics, endoscopy, physiotherapy, laboratory testing, radiology, and dialysis, as well as 36 clinics, a lecture hall, a central pharmacy, and on-site accommodation with 48 apartments for staff.

The project was completed in cooperation with Saudi Arabia's PVR Group.

Al-Sudani confirmed that eight major hospitals have already been completed in Baghdad, with sixteen more 100-bed hospitals scheduled for opening soon across Iraq's districts and sub-districts. He also highlighted progress in implementing the national health insurance system, which now covers more than 2.3 million citizens.

(Source: Prime Minister's Media Office)

By John Lee.

Prime Minister Mohammed Shia Al-Sudani on Monday received Mr. Hisham Talaat Moustafa, Chairman of Egypt's Talaat Moustafa Group (TMG) along with his accompanying delegation. The meeting was attended by the Chairman of the National Investment Commission (NIC) and the Saudi Ambassador to Iraq.

The discussions focused on the Al-Rafeel [Rafael] Economic City project, west of Baghdad, for which a memorandum of understanding (MoU) was signed between the NIC and the company in May, as well as the challenges facing its implementation and possible solutions.

Prime Minister Al-Sudani emphasised the importance of fostering productive economic partnerships with Arab countries to promote sustainable development and ensure shared prosperity through stronger investment cooperation.

Mr. Moustafa reviewed the progress made so far and affirmed the company's commitment to advancing the project in line with the agreed implementation framework.

(Source: PMO)

By John Lee.

The Iraqi Ministry of Transport has received bids from several international companies to develop Baghdad International Airport (BIAP).

According to Bassem Waheed, Acting Director General of the Contracts and Licensing Department, the Ministry's evaluation committee will select the best offer to ensure high-quality development services for the airport.

Three consortia submitted proposals:

• Asyad Holding [Saudi Arabia], in partnership with YDA Construction [Turkey]; Lamar Holding [Bahrain]; Top Engineering Corporation Arabia (TEIC) [Saudi Arabia], which is a branch of China's Shaanxi Construction Engineering Group; and Dublin Airport Authority (DAA) [Ireland].
• ERG International [UK], leading a consortium including Terminal Yapi [Turkey], and ERG Construction.
• Corporación América Airports [Luxembourg, Argentina] in partnership with Amwaj International [Iraq].

Waheed noted that the offers were received within the designated timeframe and documented transparently, describing the process as a key step in Iraq's broader effort to attract private investment in infrastructure.

The selected investor will be responsible for rehabilitating airport infrastructure, constructing a modern passenger terminal, and managing airport operations for 25 years in line with international safety and service standards.

The evaluation phase will now proceed to a technical review, followed by a public verification session. Financial bids will be opened only for qualified technical bidders on 16 October 2025.

(Source: Ministry of Transport)

By John Lee.

The Minister of Industry and Minerals, Prof. Eng. Khaled Battal Al-Najm, oversaw the signing of partnership agreements between Iraqi private sector companies and their Saudi counterparts in the field of transformer and electrical equipment production.

The signing took place during the Iraq Investment Forum, attended by the Saudi Ambassador to Iraq.

According to a statement from the Ministry, the initiative reflects its strategy to support Iraq's private sector, foster technology transfer, and promote industrial cooperation in line with Iraq's national development plans.

(Source: Ministry of Industry and Minerals)

By John Lee.

OPEC has said it has received updated compensation plans from several countries, including Iraq, to compensate for excess oil production.

Full statement from OPEC:

OPEC Secretariat receives updated compensation plans from Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, and Oman

As agreed during the virtual meeting held by the eight countries with additional voluntary adjustments, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, on 7 September 2025, the OPEC Secretariat received updated compensation plans as per the table above.

(Source: OPEC)

By John Lee.

National Investment Commission (NIC) Chairman Dr. Haider Mohammed Makiyya met on Wednesday with Saudi investor Mohammed Al-Khraif and his accompanying delegation to discuss ways of enhancing investment cooperation between Iraq and Saudi Arabia across multiple economic and industrial sectors.

Dr. Makiya reaffirmed the government's commitment to providing a safe and attractive environment for Arab and foreign investors, noting that the NIC is working to remove obstacles and provide the necessary support to projects that contribute to sustainable development. He highlighted that over the past two and a half years, investment in Iraq had reached approximately $102 billion, reflecting investor confidence in the opportunities and potential of the Iraqi market.

The NIC Chairman also invited Saudi companies and investors to participate in the Iraq Investment Forum, scheduled for 27-28 September in Baghdad, where more than 168 investment opportunities across different sectors will be presented.

For his part, Mr. Al-Khraif expressed appreciation for the warm welcome and reiterated his interest in Iraq's promising opportunities, particularly in industry, energy, and housing, stressing his intention to expand future investments to strengthen economic cooperation between the two countries.

(Source: NIC)