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Iraq is demonstrating its unique position in the Middle East again, flexing its new diplomatic muscle to resolve an oil exporting crisis between the West, OPEC and Iran, according to this article from NIQASH. But who’s behind these efforts: Iran, the US or Iraq itself? Any opinions expressed are those of the author, and do […]
Iraq, and the entire Gulf region is nervously contemplating the risk of possible Iranian action to close the Strait of Hormuz in response to sanctions imposed by the US and EU. And that nervousness is echoed around the world, as something of the order of a quarter of the world's oil supply is shipped through […]
Bloomberg reports that Iraq would lose the capacity to export 1.7 million barrels of crude a day if Iran blocks the Strait of Hormuz. “Iraq will have to depend on the northern route from where it can export 450,000 barrels a day through Turkey’s port of Ceyhan on the Mediterranean,” Oil Ministry spokesman Asim Jihad […]
Iran’s Petroleum Engineering and Development Company (PEDEC) has reportedly signed a $200 million deal with domestic company Dana Energy to develop the Changooleh oilfield on the Iraqi border. Naji Sadouni, the managing director of the Iranian company told Mehr news agency that the deal aims to produce 15,000 barrels per day of crude oil in […]
The Iranian currency, the toman, or rial, has lost half its value against the Iraqi dinar in recent weeks following U.S. and European sanctions, according to a report from Azzaman. Iraqi traders welcomed the slump saying it has made the import of Iranian goods much cheaper than before. In the holy cities of Najaf and […]
Iran will begin production at the Yadavaran oilfield, which it shares with Iraq, by the end of the current Iranian calendar year (which ends on March 20), according to ISNA news agency. The oilfield is estimated to hold around 12 billion barrels of in-situ crude oil, along with 12.5 trillion cubic feet of associated gases, […]
This article was written by Abeer Mohammed and Anas al-Bdeer, and was originally published by the Institute for War and Peace Reporting, iwpr.net. It is reproduced by Iraq Business News with permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Reported comments by an […]
The Managing-Director of Iran's Ports and Maritime Organization (PMO), Seyed Ataollah Sadr, announced on Sunday that Iran and Iraq have reached an agreement on launching a joint shipping line. Speaking to the Iranian Fars News Agency, Sadr said the move will provide the groundwork for private companies from both countries' to set up a joint […]
The following is a presentation by General Barry R McCaffery (USA, retired), on the threat of an Iranian closure of the Strait of Hormuz. Barry McCaffrey served in the United States Army for 32 years and retired as a four-star General. At retirement, he was the most highly decorated serving General, having been awarded three […]
A delegation from the Iranian Farast Group visited the Basra Investment Commission (BIC) and met its chairman, Khalaf Al-Badran. They discussed the possibility of obtaining investment opportunities in various sectors, including housing and electricity. The representative of the group, Ridha Mudhahari, said that his group includes 78 foreign and local specialized companies and that they […]
Iraq would be drastically affected should Iran block the Hormuz Strait. Most of the oil Iraq produces is exported via the Strait. The scenario is seeing Iraq, distinct because of its good relations with both the US and Iran, practice its new diplomacy again, according to this article from NIQASH. Any opinions expressed are those […]
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