Iraqi Economists Network

Baghdad calls on Iraqi Kurdistan officials to discuss oil export resumption

Baghdad (IraqiNews.com) – In an attempt to come to an agreement on the restart of oil exports via an oil pipeline to the Turkish port of Ceyhan, the Iraqi Ministry of Oil on Tuesday asked for a meeting as soon as possible with the Ministry of Natural Resources in the Kurdistan region of Iraq and foreign companies operating in northern Iraq.

Iraq to continue oil production cuts until the end of 2025

Baghdad (IraqiNews.com) – Iraq and other OPEC+ member states decided on Sunday to extend the additional voluntary cuts of 1.65 million barrels per day until the end of December 2025. Iraq, Saudi Arabia, Russia, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, which announced voluntary cuts in April 2023 and November 2023, held a meeting in the Saudi capital, Riyadh, on the sidelines of the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM).

IMF Expects Iraq’s Economy to Grow by 1.4% in 2024, 5.3% in 2025

The International Monetary Fund (IMF) said on Thursday that Iraq’s economy contracted by 2.2% in 2022, projecting a growth by 1.4% in 2024 and 5.3% in 2025. The international monetary organization expected fiscal deficit to widen to 7.6% of GDP in 2024 from 1.3% in 2023, noting that Iraq requires an ambitious fiscal adjustment to stabilize debt in the medium term and rebuild buffers.

Iraq holds a very conservatively estimated 145 billion barrels of proven crude oil reserves. Hamid Younis, first vice president of the Iraq National Oil Company, said last week that the country is planning to ramp up crude production to 8 million bpd. A number of factors, including corruption issues, weak civil society, insecurity and lack of resources have kept Iraq

Introduction After multiple cycles of conflict in the past decades, the most recent involving the so-called Islamic State of Iraq and the Levant (ISIL), Iraq remains characterized by protracted displacement, fragmented access to basic services, livelihoods, and protection, as well as a fragile political and security environment. Additionally, the COVID-19 pandemic, next to d

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