Iraqi Economists Network

Opec and Russia agree deeper production cuts to prop up oil prices

Saudis pledge additional action after group and allies agree new 500,000 b/d curbs Saudi Arabia moved aggressively to prop up the oil market, agreeing additional curbs in production on top of sealing a new output deal with Opec and its allies. The so-called Opec+ alliance, which also includes Russia, agreed curbs of 500,000 barrels per day on Friday after two days of fraught meetings in Vienna, with Saudi Arabia pledging additional voluntary cuts of a further 400,000 b/d. The kingdom has been scrambling to prop up the oil market amid warnings that it faces a severe supply glut in the first half of next year. Saudi Arabia is particularly keen to support the valuation of the state oil company Saudi Aramco, with the kingdom’s energy minister Prince Abdulaziz bin Salman vowing it would hit an elusive $2tn valuation in the coming months.

Political instability weighs on Iraq’s economic recovery

Widespread corruption, a weak regulatory framework, and a poor business environment inhibit private sector growth, IIF report says An Iraqi demonstrator waves a large national flag in the capital Baghdad's Tahrir Square, amid ongoing anti-government protests. AFP Iraq's road to economic recovery is being further hampered by the political instability that has rocked the country for the past two months, as well as a lack of institutional capacity, according to a report by the Institute of International Finance. The unrest, which has led to at least 400 deaths and the resignation of prime minister Adel Abdul Mahdi, has been sparked by "deep-seated anger over endemic corruption, a lack of job opportunities, poor public services, the inability of ordinary citizens to feel the benefits of considerable oil wealth, and Iran’s interference in Iraqi political affairs", the Washington-based institute said.

Lezzoo CEO Yadgar Merani talks tech start-ups, job creation and Iraq’s economic potential at the Ninewa Investment Forum

Yadgar Merani is the CEO of one of Iraq's hottest tech start-ups. Yadgar, who ran a booth to court investors at the USAID-funded Ninewa Investment Forum in addition to participating in a panel discussion about Iraq's newest generation of start-up entrepreneurs, is enthusiastic about the future of Iraq's tech industry and his company's potential to stimulate the Iraqi economy and become one of the country's biggest job creators. Lezzoo, an online delivery service app for food, groceries, and other daily essentials, has expanded into four cities and grown from 3 to 160 employees in only 20 months. Yadgar Merani insists that he and his co-founders are just getting started.He sat with Rudaw English for an interview about Lezzoo's origins, the company's economic vision and their aspirations to expand at the domestic and international level.

Iraqi protesters block entrance to Nassiriya oil refinery: sources

BAGHDAD (Reuters) - Anti-government protesters blocked the entrance to the Nassiriya oil refinery in southern Iraq on Wednesday, security and oil sources said. The protesters blocked the tankers that transport fuel to gas stations from entering the refinery, causing fuel shortages across Dhi Qar province, the sources told Reuters. The refinery has a maximum production capacity of 30,000 barrels per day (bpd) but had recently only been producing between 15,000-20,000 bpd, oil sources said, which is not enough to meet the province’s fuel needs.

Barely a month goes by without yet another corruption scandal emerging or developing in Iraq. Whether it be the Barzanis’ industrial-scale corruption in the semi-autonomous region of Kurdistan or the endemic multi-level corruption in the south it is little wonder that Iraq ranks as one of the very worst countries in the world for bribery and corruption. The

If the Iraqi Kurdish region manages to reform its oil industry, it could become a model for the whole of Iraq. Iraq is one of the most corrupt countries in the world and oil has a lot to do with it. With nearly $100bn in annual revenues coming from oil, which constitutes 90 percent of its budget, the country is a great example of what political economists call "

The sudden outbreak of protests in Iraq on October 1 was part of a pattern the country has witnessed in recent years. Understanding this context as well as the grievances driving the protestors helps explain the latest unrest. As it stands now, Iraq is in precarious moment in which bold, concrete action from the government is needed. Historical context of the prote

The defining feature of the protests in Baghdad which started on October 1 and spread to other cities in southern Iraq is that they were neither led nor called for by a religious authority (also known as the marja’iya) or another leader. When the first wave of protests began in multiple cities, the protesters’ message was clear: they did not accept any religious or political le

Protests in Iraq are not new. At several times during the past few years, the Iraqi people have taken to the streets against corruption, unemployment, and poor public services. Every time, the government promises reforms, and as soon as the protests end, these promises are forgotten. On October 1, thousands of Iraqi people began protesting and demanding better living conditions

Latest Economy News

Latest Publication

The Iraqi National Economy

Oil & Gas Policy

Books Library

Video Gallery