A combination of Islamic State attacks and collapsing oil prices has hit the KRG economy Iraq's Kurdish region announced that it will pay only partial salaries for all government employees except security personnel as it struggles with an economic crisis due to low oil prices. The decision was taken "in order to ensure the continued distribution of part of the monthly salaries
Read More
Iraq’s plan to increase oil output this year will go ahead, with exports running in January at a record level and unaffected by Iran’s return to the market, Iraqi Oil Minister Adel Abdul Mahdi told Reuters on Thursday. Iraq, OPEC’s second-largest producer, expects output from the country's southern region to increase by up to 400,000 barrels per day (bpd) this year to over 4 mi
Read More
Iraq is ready to take part in an extraordinary OPEC meeting and even reduce its fast-growing oil output if all OPEC and non-OPEC members agree - a deal which at this stage seems elusive, the country's finance minister said on Wednesday. Hoshiyar Zebari also told Reuters in an interview there are "encouraging signs" that crude prices could rebound this spring on lower output fro
Read More
Iraq has agreed a $328.8 million deal with General Electric (GE.N) to boost electricity production capacity by 1,000 megawatts (MW), an electricity ministry spokesman said on Monday. Though Iraq is a major OPEC oil producer, the country faces chronic electricity shortages, with its fragile grid struggling meet demand after years of war, sanctions and neglect. Many areas lack ac
Read More
WASHINGTON, January 26, 2016— The World Bank is lowering its 2016 forecast for crude oil prices to $37 per barrel in its latest Commodity Markets Outlook report from $51 per barrel in its October projections. The lower forecast reflects a number of supply and demand factors. These include sooner-than-anticipated resumption of exports by the Islamic Republic of Iran, greater re
Read More