Farmer Organization Models and Cooperatives in Iraq
Stakeholders from across the spectrum shed light on farmer organization models and cooperatives in Iraq and their role in supporting the development of the agricultural sector An event was held by partners implementing the European Union Agri-food Business Development Programme (AfBDP) in Baghdad on Monday (May 29) to discuss the development of farmers' organizations and […]
IMF Forecasts Growth in Iraq's Real Non-Oil GDP of 3.7%
By John Lee. The International Monetary Fund (IMF) has forecast growth in Iraq's real non-oil GDP 3.7 percent in 2023. Following a recent visit to Iraq, the IMF team also predicts inflation of 5.6 percent in for the year. Full statement from IMF: A staff team of the International Monetary Fund (IMF) led by Tokhir […]
Iraq Reaffirms OPEC+ Cuts to Oil Production
By John Lee. Iraq's Minister of Oil has affirmed Iraq's commitment to the OPEC+ agreement and the extension of the voluntary cut in oil production that was approved in April for the year 2023. Speaking at a press conference following the OPEC+ meeting in Vienna, Hayan Abdul-Ghani said Iraq will continue its voluntary reduction of […]
$1bn Saudi Investment near Baghdad Airport
By John Lee. The Saudi ambassador to Baghdad, Abdulaziz Al-Shammari (pictured), has revealed the signing of a contract between Saudi Arabia and Iraq for a significant investment project near Baghdad International Airport (BIAP). In a statement to the state-run Iraqi News Agency (INA), Al-Shammari said the contract involves an investment of up to one billion […]
KRG Launches Business Registration System
The Kurdistan Regional Government (KRG) has launched an online portal to streamline and expedite the registration process for businesses. This initiative aims to reduce costs and simplify procedures, making it easier for entrepreneurs to establish their companies in the region. With the new online system (business.digital.gov.krd), business owners can conveniently submit their applications from anywhere […]
Iraq Oil Exports for May: $7.3bn
By John Lee. Iraq's Ministry of Oil has announced preliminary oil exports for May: Total exports of crude oil in May: 102,463,387 barrels Revenues from May's crude oil exports: $7.306 billion Oil fields in central and southern Iraq accounted for 102,206,413 barrels of May's crude oil exports. Exports from Kirkuk through the port of Ceyhan […]
Iraq "Is Quietly Falling Apart"
By Michael Knights, for Foreign Affairs. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq Is Quietly Falling Apart Iran's proxies have seized power in Baghdad, and are gutting the state. Click here to read the full article.
Iraq: 643 Abducted by Govt-Linked Militias in 2016
By Amnesty International. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq: Authorities must act to reveal fate of 643 men and boys abducted by government-linked militias The Iraqi authorities must take concrete action towards revealing the fate and whereabouts of at least 643 […]
$17bn "Development Road Project" Launched by Iraqi Govt
By John Lee. The government of Iraq announced more details this week on its plans to create a transport corridor between the Persian Gulf and the Mediterranean Sea coast in Turkey. The 1,200-kilometer "development road project", sometimes referred to as the "dry canal project", will link Iraq's Grand Faw port, which is still under construction, […]
Iraqi Govt allocates $417m to build New Oil Export Facility
By John Lee. The Iraqi government has reportedly allocated approximately $417 million to build a third offshore oil export pipeline. State-owned Basra Oil Company (BOC) is said to have signed a ontract with the Dutch company Royal Boskalis, to build the two-million-bpd facility. (Sources: INA, Reuters, Kurdistan24)
Central Bank of Iraq Increases Gold Holdings
By John Lee. The Central Bank of Iraq (CBI) has recently acquired approximately 2.3 tons of gold, leading to a 1.79-percent increase in its overall gold holdings. With this purchase, the bank's total gold reserves now stand at 132.74 tons, maintaining its rank at 30 among the world's gold-holding nations. The Investments Department of the […]
New Agreements "Confirm the New Oil Market Order"
By Simon Watkins for the OilPrice.com. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Three New China-Russia-Iran and Iraq Agreements Confirm The New Oil Market Order The last week or so has seen a flurry of major cooperation agreements - including in energy, security, […]