Iraqi Economists Network

شبكة الاقتصاديين العراقيين

Latest Economy News

Powering Iraqi homes one switch at a time

Sweat drips from Aqeel Hassan as he tinkers with a labyrinth of wires that connect 270 homes in Baghdad's sprawling Sadr City. It is a thankless job, but a crucial one amid another scorching heatwave. His workplace is a humble shack right in front of his home, which comprises a bed, pigeons in a pen to keep him company and more than 200 colour-coded switches, running to a loud, humming diesel generator. Hassan is the neighbourhood's generator handyman, whose job involves installing and repairing the wires and switches to make sure his generator keeps running smoothly. The system supplies power to the homes in the block when the decrepit national grid breaks down, yet again. As summer temperatures sizzle above 50 degrees Celsius (122 degrees Fahrenheit), residents are increasingly reliant on his supply.
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Iraq sees lower oil exports but high revenues in June

Iraq’s nationwide exports averaged 3.336m b/d in June Total revenues came in at just over $6bn Iraqi oil exports fell slightly last month but revenues were boosted thanks to higher prices, according to the Iraq Oil Report citing the ministry of oil. Iraq’s nationwide exports averaged 3.336m b/d in June, the newsletter said, while total revenues came in at just over $6bn.
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Lukoil discussed sale of stake in West Qurna 2 with Iraq — CEO

KSTOVO, July 22. /TASS/. Lukoil has discussed a partial sale of its interest in the West Qurna 2 with Iraqi authorities, but the Oil Ministry of Iraq insisted that Lukoil keeps participation in the project, President of the Russian oil major Vagit Alekperov told reporters on Thursday.  "We notified [Iraq] about [the sale] of our stake. Persons desirous [to buy] are present. I would not talk about the stake. So far, the Ministry [of Oil of Iraq] turned us away because they are satisfied with the operations of the company on the territory of Iraq. Therefore, we continue negotiating processes so far on economics improvement at the West Qurna 2, particularly the Yamama formation," the top manager said.
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$70 Oil Isn’t Enough To Stabilize Iraq Right Now: Moody’s

Iraq’s economy will strengthen this year as a result of higher oil prices but this will not be enough to stabilize it over the long term, according to Moody’s. The ratings agency affirmed Iraq’s stable outlook along with its long-term non-investment grade rating citing the country’s continued over-reliance on oil revenues. “The rating affirmation reflects credit challenges posed by Iraq's exceptionally high economic and fiscal reliance on oil, and very weak institutions and governance that … will continue to limit policy effectiveness, constrain the government's capacity to respond to external and domestic shocks and weigh on the already low competitiveness of Iraq's economy,” Moody’s said as quoted by The National.
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UNDP: IMPACT OF COVID-19 ON THE IRAQI ECONOMY

FOREWORD This paper builds on the “Impact of the Oil Crisis and COVID-19 on Iraq’s Fragility” published in August 2020 by the United Nations Development Programme (UNDP). It explored how the COVID-19 pandemic and diminishing oil revenues are affecting various dimensions of Iraq’s fragility. A series of forthcoming papers will provide more details on key aspects of Iraq

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The Iraqi National Economy

UNDP: IMPACT OF COVID-19 ON THE IRAQI ECONOMY
FOREWORD This paper builds on the “Impact of the Oil Crisis and
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Iraq: Standing at a Crossroad with Limited Fixes
Baghdad, May 27, 2021 – Oil price volatility and COVID-19 have increased Iraq’s
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Iraqi diaspora mobilization and the future development of
Iraqi diaspora mobilization and the future development of Iraq – authored by
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Oil & Gas Policy

Bloomberg’s Report Is Insubstantial and Iraq Doesn’t Need
A recent Bloomberg news report entitled Iraq Aims to Go Nuclear to
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Iraq Moves To Exploit Its Massive Natural Gas
Official estimates are that Iraq’s proven reserves of conventional natural gas amount
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OPEC launches 2020 edition of the World Oil
The 2020 OPEC World Oil Outlook (WOO) was launched today in Vienna,
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BP says the era of oil-demand growth is
BP Plc said the relentless growth of oil demand is over, becoming
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