Latest Economy News

Iraq’s oil minister affirmed Iraq’s commitment to the OPEC+ reduction decision and the compensation of its overproduction share, he said in a statement on Saturday. The minister added that Iraq has no intention to negotiate with OPEC+ members regarding its oil production share or compensation of overproduction. Source: Reuters.

Iraqi Oil Minister Ihsan Abdul Jabbar expects oil prices to reach around $60 in the second quarter of 2021, he said in an interview with Iraq’s Sharqiya TV on Friday. The minister added that in past meetings he had asked OPEC members to allow Iraq to postpone compensating for earlier overproduction and this had helped to “bring back hope to Iraq’s economy”. “Iraq will sta

Iraq has secured a $2bn boost from a state-owned Chinese oil company paying upfront, as it continues to reel from the Coronavirus-triggered collapse in energy prices. SOMO, which oversees Iraq’s petroleum exports, picked a Chinese firm after receiving bids from several traders, the official Iraqi News Agency reported, citing an interview with the head of SOMO, Alaa Al-Yasiri

BAGHDAD, Dec 30 (Reuters) - Iraq agreed a $2.625 billion deal with South Korea's Daewoo Engineering & Construction (047040.KS) on Wednesday to build the first phase at its planned Faw commodities port in the south of the country. Under the contract, signed in Baghdad by representatives of Iraq's transportation ministry and the South Korean company, Daewoo E&C will ha