A new report from the International Monetary Fund (IMF) has forecast that the Iraqi economy will contract this year due to continuing war against the Islamic State. In its October World Economic Outlook, it says that Iraq’s gross domestic product (GDP) is expected to shrink by 2.66 percent this year, down from the 5.9 percent growth it forecast in April. The fighting has preve
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(CNN) -- Luay al-Khatteeb has spoken to CNN previously about the impact of ISIS' march through northern Iraq, and the militant group's control of some oil fields. The crisis has escalated, and CNN has revisited the conversation to find out how Iraq could crack down on ISIS' oil riches under the guidance of its new oil minister, Adel Abdul Mahdi. This is al-Khatteeb's analysis o
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This story was published before the claims were filed. The claim in Texas was confirmed filed the evening of Sept. 4, and the claim in Greece was filed mid afternoon on Sept. 5. Iraq's central government is filing new legal claims in its ongoing battle to prevent the autonomous Kurdistan region from independently exporting oil to international markets. On Thursday, lawyers re
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Ministry of Oil of Iraq, said that it had begun legal proceedings against a Greek shipping company for managing vessels loaded with disputed crude from the semi-autonomous Kurdistan region. The oil ministry confirmed in a statement that it had opened the case at the Court of Piraeus in Greece against Marine Management Services (MMS). The case charges that MMS “actively facilita
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According to media reports, a US probe into alleged money laundering by former Ambassador to Iraq, Zalmay Khalilzad, has led Austrian authorities to freeze a Vienna bank account linked to him. Khalilzad allegedly transferred $1.4 million to a bank account owned by his wife, Cheryl Benard, in Vienna. According to reports, the money came from oil and building contracts in Iraq an
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