Baghdad, Iraq - Prime Minister Mohammad Shia' al-Sudani chaired a crucial meeting to discuss the economic and trade effects of the United States' decision to increase tariffs on imports. In response to this decision, the Prime Minister outlined four key measures aimed at protecting Iraq’s economic interests.
The meeting focused on understanding the broader impacts of the US tariff hike,...
Baghdad, Iraq - The Ministry of Oil provided details on Monday regarding the contract signed with BP to develop the Kirkuk oil fields.
According to Bassim Muhammed Khudair, Undersecretary for Extraction Affairs at the Ministry, the agreement will boost production from the fields to 420,000 barrels per day, with 85% of the workforce under the contract being Iraqi.
Khudair explained that...
Baghdad, Iraq - The Spanish ambassador to Iraq, Alicia Rico, announced her country's readiness to support the development of Iraq's energy sector.
Rico made the statement during a meeting with Iraqi Minister of Electricity, Ziyad Ali Fadel, where they discussed ways to strengthen cooperation between the two nations in the energy field.
The Spanish ambassador highlighted that Spanish companies specializing in...
Baghdad, Iraq - The Ministry of Justice has announced the formation of a new committee tasked with overseeing the implementation of Law 3 of 2025. This law focuses on returning properties to their rightful owners. According to the Ministry, the law’s implementation will take approximately six months.
Spokesperson Ahmed Laibi stated that the committee met to discuss the enforcement of...
During a media briefing at the Chinese consulate in Erbil on Sunday, China’s Consul General, Jiu Jun, highlighted several key positions regarding regional developments, trade relations, and foreign policy. His statements focused on Iraq’s economic potential, China’s diplomatic stance on regional conflicts, and China’s relations with the United States.
China’s Economic Partnership with Iraq
Consul General Jiu Jun emphasized Iraq’s importance...
The Buzurgan Oil Complex has revealed plans to establish a new gas compression unit with the ability to process up to 70 million standard cubic feet per day (MMscf). This initiative aims to fully utilize the associated gas from Missan’s oil fields, aligning with broader energy and operational goals.
Hassan Falahi, head of the gas processing division at the complex, shared...
Baghdad, Iraq - Basra crude oil prices showed positive movement over the past week, despite experiencing a slight decline during Friday's trading session.
On Friday, Basrah Heavy Crude closed with a loss of 36 cents, settling at $68.22. Despite this drop, it posted a weekly gain of $0.44, marking an increase of 0.65%.
Similarly, Basrah Medium Crude saw a decrease of 36 cents in its last session, closing...
Baghdad, Iraq - A 90-day emergency plan has been initiated to increase oil production in Dhi Qar, announced Saeed Zghir Shalgha, the Director General of Dhi Qar Oil Company, on Friday.
Shalgha stated that the plan includes the addition of five new wells, aimed at enhancing production capacity. During a visit to the Nassiriya oil field, he confirmed that the company is...
Baghdad, Iraq - Gold prices have recently increased, driven by a weaker dollar and growing demand for safe-haven assets. Investors are closely watching global developments, especially with concerns over a potential trade war. These concerns have led to an uptick in demand for gold, as investors seek to protect their wealth.
In particular, the spot price of gold saw a...
The Ministry of Oil has officially signed a significant contract to develop four key oil fields in Kirkuk. This agreement, made with the British company BP, will focus on enhancing the production capacity of Kirkuk’s northern oil and gas fields. The contract is expected to play a crucial role in strengthening Iraq’s oil resources, significantly impacting the national economy.
Energy...