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...
Baghdad, Iraq - Iraq has taken a major step to boost its oil production by revitalizing Kirkuk’s oil fields. A new agreement with British Petroleum (BP) aims to enhance infrastructure, increase gas production, and create jobs. Officials believe this project will provide significant economic benefits.
Iraq expands Kirkuk oil production for economic growth by addressing the long-standing decline in output....
Iraq’s Central Bank Governor, Ali al-Alaq, revealed on Tuesday that the country boasts one of the largest gold reserves in the Arab world, totaling 162 tons. This significant figure places Iraq among the top four nations in terms of gold holdings in the region.
Al-Alaq explained that the Central Bank is closely monitoring the movement of gold and currencies. He...
Baghdad, Iraq - The Iraqi Economic Council recently discussed the completion of budget tables and the state of both local and global oil markets. In addition, the council set a final deadline for the implementation of the Iraqi vehicle specification and the regulation of vehicle import licenses.
On Monday, the eighth meeting of the Economic Council was held, chaired by...
Baghdad, Iraq - Iraq exported over 95 million barrels of crude oil and petroleum products to the United States in 2024, marking a decline from 115 million barrels the previous year, according to the US Energy Information Administration (EIA).
EIA data showed that April recorded the highest monthly exports at 10.5 million barrels, while February saw the lowest at 4.68...
Baghdad, Iraq- Oil prices fell on Monday as concerns over U.S. import tariffs, slowing global economic growth, and rising output from OPEC+ producers weighed on investor sentiment. Uncertainty surrounding fuel demand further dampened appetite for riskier assets.
By 0445 GMT, Brent crude had declined by 31 cents, or 0.4%, to $70.05 per barrel after gaining 90 cents on Friday. U.S....
Baghdad, Iraq - The Al-Anbar Provincial Council is reintroducing its glass and ceramics factory as an investment opportunity after terminating its contract with a Russian company. An official confirmed the decision on Sunday, marking a new chapter for the long-idled facility.
The move follows years of legal and financial challenges that halted rehabilitation efforts, leading to prolonged shutdowns. The factory,...
Baghdad, Iraq - Iraq’s annual government spending has surpassed that of several stronger economies, despite ongoing economic stagnation and heavy reliance on oil. Manar Al-Obaidi, head of the Iraq Future Foundation, highlighted these concerns while analyzing the country’s financial trajectory.
Over the past decade, Iraq’s total revenues reached 1,028 trillion Iraqi dinars ($784.4 billion), with 92% coming from oil. The...
Baghdad, Iraq- Iraq’s olive oil production has reached a record high in 2025, marking a major breakthrough for the country’s agricultural sector. The Ministry of Agriculture announced this achievement on Sunday, highlighting significant improvements in oil extraction rates.
According to the ministry, oil extraction rates have risen to 18% across various olive varieties, including Picual, Gerafa, and Saint Catherine. This...
Baghdad, Iraq- Iraq is taking a major step toward environmental safety by installing pollution monitoring sensors in meteorological stations across the country. Prime Minister Mohammed S. Al-Sudani has approved these measures to strengthen pollution detection and protect public health.
Transport Minister Razzaq Muhaibis Al-Saadawi has been a strong supporter of this initiative. He emphasized the importance of integrating these sensors...