Iraq to Launch Offensive Against IS
By Patrick Schmidt. General George Allen, coordinator of the international coalition fighting against the Islamic State (IS), announced that the Iraqi Security Forces would begin a ground offensive against the group in the coming weeks. The offensive will be supported by the international coalition’s airpower. The coalition has launched over 2,000 airstrikes against the Islamic […]
Kurdistan Needs $1.4bn to Stabilize Economy
The Kurdistan Region of Iraq Needs an Estimated US$1.4 billion this Year to Stabilize the Economy The Kurdistan Regional Government (KRG) is facing an economic and humanitarian crisis as a result of the influx of Syrian refugees (starting in early 2012) and more recently the Internally Displaced Persons (IDP) in 2014. According to a newly […]
Iraq Oil Exports for January Decline
By Patrick Schmidt. The Ministry of Oil announced that oil exports averaged 2.516 million barrels per day in January. This number represents a decrease of almost fifteen percent from December 2014. Based on international oil prices, this would create revenue of $3.258 billion. December 2014 boasted revenue of $5.161 billion for Iraq. Oil revenue makes […]
Security Council Targets ISIL Financing
Security Council approves resolution targeting sources of financing for ISIL Urging global cooperation “to impair, isolate and incapacitate” terrorist threats, the United Nations Security Council today approved measures targeting sources of funding for the Islamic State of Iraq and the Levant (ISIL) and Al-Nusrah Front (ANF), condemning those buying oil from the groups, banning all […]
Iraqi Tribes Become 'State within a State'
By Adnan Abu Zeed for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Equipped with various firearms, convoys of tribal members can be seen across Iraq, in defiance of the laws prohibiting the firing of guns into the air. This causes major economic losses, while the country […]
ISIS Targets ExxonMobil Site
By John Lee. Islamic State (IS, ISIS, ISIL) militants have attacked Peshmerga forces on the Khazir frontline, north of Mosul, with the aim of seizing equipment and machinery belonging to US oil company ExxonMobil. A Peshmerga commander told BasNews that the extremist group was forced back from the area, including the key villages of Wardik […]
Agreement to Support Displaced Iraqis in Kerbala
The International Organization for Migration (IOM) yesterday signed a Memorandum of Understanding (MoU) with Kerbala Governorate in Central Iraq to enhance cooperation on migration management and emergency response activities. IOM Iraq Chief of Mission Thomas Lothar Weiss, and the Governor of Kerbala, Aqeel Omran Al-Turahi, signed the MoU in a ceremony at the governorate administrative […]
Anbar Residents take Refuge in Ramadi
From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Dozens of Iraqi refugees from the Bo-Nimir tribe, from the IS-controlled Anbar province, take shelter in makeshift homes in Ramadi, in northern Baghdad, as they wait for an opportunity to go back home:
Iraq Trebles Size of Gold Reserves
By John Lee. A report released this morning by the World Gold Council says that Iraq's Central Bank bought 48 tonnes of gold during 2014, trebling the size of its gold reserves over the year. Fortification and diversification of reserves, namely away from the US dollar, continues to be the driving force behind this activity, […]
Currency Auction Results, 12th Feb
By John Lee. The Central Bank of Iraq (CBI) has reported that 20 banks took part in its currency auction on Thursday. A total of $80,258,000 was sold at a price of 1166 Iraqi Dinars (IQD) per dollar. (Source: Central Bank of Iraq)
Blessings in Disguise for Iraqi Stock Market
By John Lee. The continuing war against the Islamic State (IS, ISIS, ISIL), coupled with the decline in oil prices, have reportedly made Iraqi regulators and government more receptive to reforms that would strengthen the economy and the stock market, according to an article in UAE-based The National. Shwan Taha, head of Rabee Securities, has […]
Oryx Updates on Hawler Oilfield
By John Lee. Oryx Petroleum Corporation has announced an update regarding production, sales and development activities for the Hawler license area in the Kurdistan Region of Iraq (“KRI”). Highlights: Gross (100%) oil production: - December 2014 average of 3,900 bbl/d with a daily peak of approximately 8,500 bbl - January 2015 average of 3,100 bbl/d […]