Latest Economy News

Baghdad (IraqiNews.com) – The Iraqi Ministry of Finance revealed on Monday that the revenues in the federal budget for 10 months exceeded 106 trillion dinars (approximately $81 billion). The data issued by the Finance Ministry showed that oil is still the main source for Iraq’s general budget, as it represented 95 percent, Shafaq News reported. According to the mini

Baghdad (IraqiNews.com) – Iraqi Prime Minister, Mohammed Shia Al-Sudani, inspected on Wednesday night the work progress of the Nisour Square development project. The project aims to tackle traffic congestion in the capital, Baghdad, according to a statement released by the Prime Minister’s Office (PMO). During his inspection tour, Al-Sudani directed employees at the const

The Tsingshan Holding Group office building in Shanghai, China. Photo: Qilai Shen/Bloomberg Baghdad (IraqiNews.com) – Tsingshan Holding Group, a Chinese private company active in the stainless steel and nickel industries, will set up an industrial complex in the southern Iraqi governorate of Basra to produce iron using direct reduced iron (DRI), also called sponge iron. T

Iraq has become the EBRD’s 74th shareholder   Iraq has expressed interest in applying for recipient country status  Iraq now included in the Bank’s southern and eastern Mediterranean region   Iraq has become the latest member of the European Bank for Reconstruction and Development (EBRD), bringing its total number of shareholders to 74. Iraq originally submitted

Summary OPEC+ announces no new group cut target for 2024 Instead members led by Saudi Arabia to make voluntary cuts Saudi to roll over 1 million bpd cut into Q1 Russia to cut 500,000 bpd OPEC+ invites Brazil to join LONDON/MOSCOW/DUBAI, Nov 30 (Reuters) - OPEC+ oil producers on Thursday agreed to voluntary output cuts totalling about 2.2 million barrel