When it comes to the world’s rising oil powers, none has risen quite as quickly – and with such profound implications for global crude markets – as Iraq. Ravaged by decades of war and sanctions, Iraq’s oil industry is making a remarkable recovery. Production has rebounded strongly thanks to big investments by western majors in the country’s long-neglected southern oilfields. “
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BAGHDAD — Since the American-led invasion of 2003, Iraq has become one of the world’s top oil producers, and China is now its biggest customer. China already buys nearly half the oil that Iraq produces, nearly 1.5 million barrels a day, and is angling for an even bigger share, bidding for a stake now owned by Exxon Mobil in one of Iraq’s largest oil fields. “The Chinese are the
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Download now Petroleum Economist - International Conference, LNG 17 , Houston April 2013 Iran’s threat to close the Strait of Hormuz in response to international sanctions over its nuclear programme is not grabbing the headlines as it was in 2012. But this is an issue that is far from being resolved, writes Luay J Al-Khatteeb of the Iraq Energy Institute.....To
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Abstract Oil price volatility has always created pressure upon both developed and emerging economies. High oil prices have been blamed for economic downturns in the global economy. Oil producers have suffered widely fluctuating incomes. Price volatility has worsened since 2000 for a variety of factors such as geopolitics, speculation, terrorism, natural disasters, revolutions,
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For the full paper, including 2 appendices, click PDF file. Introduction Misconduct charges against the Central Bank of Iraq (CBI) and banking system, before and after the replacement of the Governor in October 2012, have included two groups. The first relates to possible ‘misuse’ of CBI’s foreign exchange auction sales by banks, favouritism in allocating sales, and money lau
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