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Latest Economy News

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

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.
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Political instability weighs on Iraq’s economic recovery

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

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.
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Iraqi protesters block entrance to Nassiriya oil refinery: sources

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.
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Can Iraq Become A World Class Petrochemicals Player? By Simon Watkins

Theoretically, there is no reason why Iraq cannot become one of the leading producers of petrochemicals in the world, given its tremendous reserves of oil and gas. Finally, with a relatively low oil price complex and its crude exports falling in October, Iraq appears to be making some advances on moving its long-stalled push into the petchems sector forward. Earlier this week,

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IEN Charter 2019

Iraqi Economists Network

Our Vision We are a non-commercial Network of politically independent Iraqi Economists in and outside Iraq established in 2009. We aim at contributing to rebuilding the Iraqi economy and establishing a strong foundation for sustainable economic and social development, in order to achieve economic prosperity and justice for all Iraqi people beyond any political differences be

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The Iraqi National Economy

Amer
The ‘Construction Council’ Bill 2019 – A Critique.
The nearly year-old cabinet of Adel Abdul-Mahdi, the prime minister, has, in
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Matsunaga Hideki
Getting Reconstruction Right and Wrong: Lessons from Iraq.
Bitter experiences of reconstruction in the last two decades have made the
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Abbas Kadhim
Rebuilding Iraq: Prospects and Challenges. By Abbas Kadhim
Reconstruction in Iraq cannot be achieved without universal reconciliation, economic and education
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Oil & Gas Policy

Iraq’s Kurds Add Capacity to Oil Pipeline to
Iraq’s semi-autonomous Kurds upgraded their oil export pipeline to accommodate future production
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Rosneft’s Iraqi Kurdistan oil and gas play angers
When the Iraqi autonomous region of Kurdistan went looking for someone brave
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Interview with Gary Vogler, author of the Book:
The longest-serving American in Iraq’s oil sector gives an insider’s account of
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Iraqi oil law puts elections before state-building. By
Since the ratification of Iraq’s constitution in 2005, Iraq has struggled to
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