While energy companies have put the brakes on capital spending thanks to low crude prices, in a few short years there won't even be enough oil to meet demand, former Shell Oil CEO John Hofmeister predicted Thursday. "We cannot ever produce enough oil, in my opinion, to satisfy global demand five or 10 years out. We have to start using natural gas and more biofuels as a sourc
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Key Takeaway: Iraqi politics are deadlocked. Several political parties and blocs boycotted the Council of Representatives (CoR) following the Sadrist protesters' first breach of the Green Zone on April 30. The Kurdish Alliance, a bloc that consisted of nearly one-fifth of the CoR, withdrew on May 5. The bloc has now split, and two of its component political parties,
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Press Release No. 16/231 May 19, 2016 End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff wil
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Iraq has reached a $5.4 billion standby agreement with the International Monetary Fund that could unlock $15 billion more in international assistance over the next three years, Finance Minister Hoshiyar Zebari said on Thursday. Iraq's economy has been hit by the plunge in oil prices since mid-2014 and the country is expected to have a financing gap of $17 billion this year u
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Iraq’s possible loan accord with the International Monetary Fund may unlock at least $15 billion in aid this year and next, central bank chief Ali al-Allaq said, helping OPEC’s second-biggest producer repair finances battered by cheap oil and the war with Islamic State militants. Allaq said in an interview in Beirut he expects Iraq to receive $10 billion in IMF and World Ban
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