Iraq faces economic strain as OPEC+ maintains oil production cuts

Iraq remains bound by OPEC+ production limits, preventing it from increasing oil output despite its economic dependence on crude exports. While the country aims to boost growth, strict production caps have reduced its ability to capitalize on global demand. With production disruptions from a fire at Rumaila field and upcoming OPEC+ talks in April, Iraq rejects further cuts but struggles to influence the alliance's policies.

Articles

US lawmakers push for sanctions on Iraq’s Rafidain Bank over alleged Iran ties

The US is considering sanctions on Iraq’s state-owned Rafidain Bank, following allegations that it facilitates dollar transfers to Iran. Republican Congressman Joe Wilson has called on the US Treasury to take action, warning that Iraq is enabling Iranian-backed groups.

Features

Can the Kurdish economy survive without Baghdad?

Kurdistan’s view on business is more reflective of Western models, while Baghdad continues to attempt to operate on the failed central economy models of the past. The different philosophies have resulted in the Kurdistan Region being more stable

Paul Davis

Opinion

Iraq's economy in 2024: bold steps towards diversification, continued neglect of private sector

The year of achievements and setbacks: Was 2024 a year of accomplishments for Iraq's economy?

Articles

Iraq to tackle domestic, external debts amid economic challenges

The Iraqi government navigates a complex landscape of domestic and external debt, with internal obligations exceeding $45 billion and external debt significantly reduced to $8.9 billion. While external debt accounts for less than 30 percent of GDP, domestic debt presents a heavier burden tied to local financial institutions.

Articles

Iraq importing Indomie noodles worth $17 million in 2023 ‘surprised’ US officials: Expert

"Iraq imported from all border crossings except the Kurdistan Region about 64,185 tonnes of Indomie worth $17.7 million, equivalent to 23.6 billion dinars, during the year 2023,” said economic expert Nabil al-Marsoumi

News

Trump's return raises economic and security concerns across Iraq, Middle East

Donald Trump's reelection has sparked uncertainty in Iraq and the wider Middle East, with experts anticipating stricter US monitoring of dollar flows from Iraq and heightened pressure on Iran-backed factions. Iraqi political and economic analysts told The New Region they expect a shift in financial and diplomatic policy that could deepen Iraq’s economic challenges and raise oil market volatility.

Articles

Iraq pushes banking reforms to boost public trust and investor confidence

Iraqi Prime Minister Mohammed Shia’ al-Sudani stressed the importance of banking reforms to enhance public confidence and attract local and foreign investment. During a meeting attended by representatives of Ernst & Young, the government reviewed plans to restructure Rafidain Bank as part of broader financial sector reforms.

News

IMF supports Iraqi reforms: mission head

The International Monetary Fund supports Iraqi reforms toward financial sustainability, IMF mission head in Iraq stated on Monday.

News