Heavy Coalition Air Strikes in Ramadi
By Simon Kent. Combined Joint Task Force Operation Inherent Resolve have released their latest press statement on the most recent air strikes in Iraq and Syria against ISIS, whom they refer to here as ISIL, or the Islamic State of Iraq and the Levant. The recent reports of strikes suggest that the so called "Islamic […]
Central Bank Increases Dollar Price at Auctions
By Simon Kent. Iraq's Central Bank have increased the price of dollars sold to currency exchange companies and banks in a bid to boost government revenues. The price of a dollar is now up 16 Dinars, or 1.37%, meaning the sale price is now 1,182 Dinars per dollar, where it was previously 1,166 dinars for a […]
Turkish Forces Withdrawing From Iraq
By Simon Kent. Turkish President Reccip Tayyip Erdogan has announced that further withdrawals of Turkish troops are being made from Iraqi Kurdish territory following pressure from Baghdad and Washington. Baghdad had previously called the deployment of Turkish soldiers to a KDP Peshmerga base "an illegal incursion" and Barack Obama called Erdogan asking him to de-escalate tensions. […]
Abdul Mahdi: Iraq to Watch non-OPEC Production
By Simon Kent. Iraq's oil minister Adel Abdul Mahdi (pictured) has spoken to Reuters regarding Iraq's position on OPEC's failure to agree on a production ceiling as the battle to drive out shale production continues. Abdul Mahdi said that Iraq was now looking at the "real world" and that they would have to monitor production in countries […]
Basra Crude Exports to Rise in January
By John Lee. Iraq plans to export about 3.4 million bpd of crude oil from its southern oil terminals in January, according to a report from Reuters. This represents an increase of 17.2 percent on December's estimate, and is driven by the Basra Light grade, which is planned to increase 23 percent to 2.61 million […]
Basra to get $5/barrel in 2016 Budget
By John Lee. Basra is to receive an allocation of five dollars per barrel of oil exported from the province in the 2016 budget. Local MP Hassan al-Khalati said that this will be a significant benefit to the people of Basra. (Source: Shafaaq)
Iraq to Receive $1.2bn World Bank Loan
A US$1.2 billion loan will support Iraq in strengthening fiscal stabilization and improving efficiency in the energy sector to help counter the effects of the drop in oil prices and rising security costs. The World Bank Group’s Board of Directors acknowledged the Government of Iraq’s engagement in a rigorous reform program and approved the Emergency […]
Bombardier Welcomes Arab Wings and Iraq Gate
Bombardier Welcomes Arab Wings and Iraq Gate to the Family of CRJ Series Aircraft Customers and Operators Bombardier Commercial Aircraft has welcomed Jordan-based Arab Wings, and its joint venture partner Iraq Gate, to the family of CRJ Series aircraft owners and operators. Iraq Gate commenced service in March 2015 with its first CRJ200 aircraft, adding […]
Saudi Re-Opens Iraq Embassy after 25 Years
By John Lee. Saudi Arabia has re-opened its embassy in Baghdad, 25 years after relations were broken over Iraq’s invasion of Kuwait. The embassy will have an initial staff of 35 people, and a consulate is expected to open later in Erbil. Diplomatic relations were restored in 2004 after the toppling of the Saddam Hussein […]
KRG, US Business Delegation Discuss Opportunities
Minister Falah Mustafa today received representatives of over 25 U.S companies, led by the U.S-Kurdistan Business Council (USKBC), to discuss areas of potential investment for U.S companies in the Kurdistan Region. In a meeting attended by Bayan Rahman, KRG Representative to the U.S, Minister Mustafa thanked the USKBC for bringing such a high level business […]
Carter, Iraqi Leaders Discuss Ways to Increase Pressure on ISIL
Defense Secretary Ash Carter yesterday discussed with Iraqi leaders ways to increase pressure on the Islamic State of Iraq and thhttps://www.iraq-businessnews.com/wp-admin/post.php?post=106388&action=edite Levant and to accelerate coalition progress against the terror group. In Baghdad, Carter met with Iraqi Prime Minister Haider al-Abadi, as well as U.S. and coalition leaders during the visit. The secretary received a […]
Basra Heavy Crude has 'Limited Appeal' for US Buyers
By John Lee. Reuters reports that sellers of a new 'Basra Heavy' crude oil grade are competing fiercely to win market share on the U.S. Gulf Coast, as the high sulfur content has limited appeal for refiners. The State Oil Marketing Organization (SOMO) began selling the new grade -- which has an API gravity of […]