Latest Economy News

Baghdad (IraqiNews.com) – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, received on Tuesday the CEO of General Electric (GE) Gas Power, Eric Gray, where he emphasized that the Iraqi government prioritizes the electricity sector, calling on the company to cooperate with the Ministry of Electricity in meeting Iraq’s needs for electricity, according to a statement issued by t

Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil announced on Wednesday that oil export revenues during June exceeded $7.17 billion. According to final statistics issued by the State Organization for Marketing of Oil (SOMO), the total exports of crude oil during June were 100,059,052 barrels, with revenues reaching $7,179,760. SOMO data revealed that the total quantiti

July 11 (Reuters) - Iraq will begin trading crude oil for Iranian gas to end the recurring issue of payment delays to Tehran due to the need for U.S. approval, Iraqi Prime Minister Mohammed Shia Sudani said on Tuesday. Sudani said Iran had cut gas exports to Iraq by more than 50% as of July 1 after Baghdad failed to secure U.S. approval to disburse owed funds, but Tehran had

BAGHDAD, IRAQ —  A powerful alliance of pro-Iran factions in Iraq called Sunday on Baghdad to pressure the United States to unlock pending payments to Tehran for crucial gas imports. Iraq, ravaged by decades of conflict and international sanctions, relies on gas imported from its eastern neighbor for a third of its energy needs. But U.S. sanctions on Iranian oil and ga