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 frau

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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 countr

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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 an

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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 cap

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Blockage of Umm Qasr port has cost Iraq over $6 billion: PM’s spokesman

BAGHDAD (Reuters) - The blocking of Iraq’s major Umm Qasr port on the Gulf by anti-government protesters has cost the country over $6 billion so far, a spokesman for Prime Minister Adel Abdul Mahdi said on Wednesday. “The closure of Umm Qasr port harms the country. Hundreds of trucks are still parked. This issue is causing massive damage to the nation. Iraq’s losses have exc

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