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Iraqi News
14-07-2025
- Business
- Iraqi News
Iraq's oil sector faces dual crisis: KRG export deal stalled amid warnings of US sanctions risk
Baghdad ( – Iraq's vital oil sector, the lifeblood of its economy, is facing a perilous dual crisis. Negotiations between the federal government and the Kurdistan Regional Government (KRG) to resume northern oil exports have stalled, while simultaneously, a parliamentary committee has raised alarms over what it calls a 'structural collapse' within the Ministry of Oil that could expose the country to devastating US sanctions. The Iraqi Parliament's Oil and Gas Committee hosted Federal Oil Minister Hayyan Abdul Ghani and other senior officials on Monday (July 14, 2025) to address several 'dangerous' files. Following the meeting, committee member Bahaa Al-Din Nuri confirmed that negotiations with the KRG to restart oil exports through the Ceyhan pipeline in Turkey have reached a dead end. According to Minister Abdul Ghani's testimony, key points of disagreement remain over local consumption figures and the mechanism for handing over oil revenues to the federal government. Nuri added that while the Ministry of Oil has completed all technical preparations to export the oil, the KRG has not complied with the agreement stipulated in the budget law and has refused entry to a designated international consulting firm. A KRG delegation is expected in Baghdad within 24 hours to attempt to break the stalemate. In a more alarming development from the same meeting, committee spokesperson Ali Shaddad warned of a potential 'structural collapse within the Ministry of Oil,' citing indicators of influence from external parties, including an individual identified only as 'Omed' who has allegedly gained control over sensitive areas of the ministry. Shaddad issued a grave warning that Iraq now faces the risk of direct US sanctions on the Ministry of Oil itself due to 'transgressions and mismanagement' that could be interpreted as a breach of international obligations. This comes after the U.S. Treasury recently sanctioned networks involved in smuggling fuel and illicit financing in the region, with international reports cautioning that official Iraqi institutions could be targeted if complicity is found. For Iraq, whose national budget is almost entirely dependent on oil exports, any sanctions targeting the Ministry of Oil or its marketing arm (SOMO) would represent a direct threat to the nation's economic stability, potentially leading to 'widespread economic paralysis,' according to Shaddad. As Iraq's leadership grapples with both a critical internal political dispute with the KRG and the looming threat of international sanctions due to alleged internal failures, the stability of the country's most crucial economic sector hangs in the balance. The outcome of the upcoming Baghdad-Erbil talks and the parliamentary committee's investigation will be critical in determining whether Iraq can navigate this perilous period.
Iraq Business
02-07-2025
- Business
- Iraq Business
Iraqi Speaker meets Turkish FM; Confirms Water Deal
By John Lee. The Iraqi Speaker of Parliament Dr Mahmoud al-Mashhadani met with Turkish Foreign Minister Hakan Fidan in Ankara on Wednesday to discuss strengthening bilateral relations and joint initiatives. Dr al-Mashhadani called for deeper cooperation between the two nations, proposing the activation of parliamentary friendship committees and requesting Turkey to ease residency procedures for Iraqis, including renewal processes and protection from arbitrary deportation. The two sides also reviewed progress on the proposed "Development Road" project, which is expected to boost economic ties, trade connectivity, and regional integration by facilitating a low-cost trade corridor from Asia to Europe. Dr al-Mashhadani also thanked Turkey for increasing water releases into the Tigris and Euphrates rivers and urged continued cooperation on water issues. Later the same day, Dr al-Mashhadani received a phone call from Turkish Parliament Speaker Numan Kurtulmuş, who confirmed additional water flows-reaching 420 cubic metres per second-as agreed with President Recep Tayyip Erdoğan in an earlier meeting. Dr al-Mashhadani expressed gratitude to both Turkish leaders, describing Turkey as a vital neighbour and affirming Iraq's readiness to deepen cooperation on mutual interests. (Source: Iraqi Parliament)
Shafaq News
29-05-2025
- Politics
- Shafaq News
Iraqi Parliament dismisses US lawmakers' claims of Iranian influence
Shafaq News/ The Iraqi Parliament's Foreign Relations Committee on Thursday rejected recent accusations by members of the US Congress alleging Iranian influence over Iraq's political and security institutions. Two Republican lawmakers had called for a 'comprehensive reassessment' of US–Iraq relations and urged the suspension of all American assistance to the Iraqi government until what they described as 'serious steps' are taken to reduce Iranian involvement. Committee member MP Mukhtar al-Moussawi told Shafaq News that such calls are not new and do not reflect the official position of the US administration. 'These are media-driven appeals that lack any real substance,' he said. 'There is no Iranian hegemony over Iraq,' al-Moussawi stressed. 'Iraq's decisions and its relationship with Iran are similar to its relations with other countries in the region and around the world.' He asserted that the US seeks strong relations with Iraq due to its strategic importance, and there is no indication of any intention to impose sanctions. 'Ties between Baghdad and Washington are progressing across multiple levels and will not be affected by suspicious appeals from certain hardline figures in the US Congress.'
Shafaq News
29-04-2025
- Business
- Shafaq News
Iraq's energy crisis: New pipeline a race against the clock
Shafaq News/ Iraq will begin commissioning a new gas pipeline from Khor Al-Zubair to Shatt al-Basra within days, aimed at offsetting reduced Iranian gas imports, the State Company for Oil Projects (SCOP) announces on Tuesday. The Head of the SCOP, Montaser Kazem, told Shafaq News that the next three days will see the project officially declared complete, after which testing and commissioning will begin, followed by the start of gas pumping operations. 'The project was completed in record time,' he said, noting that while the contractual timeline was 120 days, it was finished in under 90. Ali Shaddad, Spokesperson for the Iraqi Parliament's Committee of Oil, Gas and Natural Resources, said the pipeline will transport between 500 and 800 million standard cubic feet per day (Mscfd) of gas, running from the floating platform at Khor al-Zubair port to the connection point at Shatt al-Basra. The pipeline has a capacity of 42 inches in diameter. Shaddad added that the committee observed significant progress on the project and expects gas pumping to begin within days, boosting Iraq's electricity grid—especially in Basra province and across the country. 'This project will serve as a viable alternative to Iranian gas, particularly amid ongoing US sanctions and declining import volumes,' he pointed out. 'We are heading into a scorching summer.' In March 2025, the US government ended Iraq's sanctions waiver for importing Iranian electricity as part of its 'maximum pressure' campaign on Tehran, disrupting a key energy source that had supplied a significant share of Iraq's power generation. In response, Iraq is actively seeking alternative energy sources to mitigate the impact of reduced Iranian imports. Efforts include exploring gas imports from countries like Qatar and Oman, as well as investing in domestic energy infrastructure projects. These initiatives aim to enhance Iraq's energy independence and ensure a stable electricity supply, particularly during peak demand periods.
Shafaq News
19-04-2025
- Politics
- Shafaq News
Arab Parliament convenes in Baghdad: Palestine in focus
Shafaq News/ On Saturday, the Arab Parliament opened its plenary session in Baghdad, launching four days of meetings hosted by Iraq's Council of Representatives. According to the Iraqi Parliament's media office, 60 lawmakers from across the Arab world attended the opening, which began with a joint meeting between Iraqi Parliament Speaker Mahmoud Al-Mashhadani and Arab Parliament President Mohamed Ahmed Al-Yamahi. The agenda includes sessions of the four standing committees—Foreign Affairs; Economic and Financial Affairs; Legislative and Human Rights; and Social and Educational Affairs—and will conclude with a final plenary on April 21. A workshop titled 'Artificial Intelligence Tools in Parliamentary Work' is set for April 20 at Shabibi Hall, alongside a leadership meeting involving the Arab Parliament president, vice presidents, and committee chairs at the Speaker's office. الاجتماع التحضيري للبرلمان العربي في بغداد لبحث القضايا ذات الاهتمام المشترك — مجلس النواب العراقي (@Parliament_iq) April 19, 2025 Independent Iraqi MP Nadhim al-Shiblawy described the event as proof of Iraq's ongoing engagement in regional politics. 'This is a clear message that Iraq is not isolated,' he told Shafaq News, noting that the opening discussions focused on Palestine. On the sidelines, Arab Parliament President Adel Al-Asoumi met with Palestine Committee Chair Mohamed Ahmed Al-Yamahi to discuss escalating violence in Gaza. In a joint statement, they called on the UN, the US, and international institutions to enforce International Criminal Court warrants, allow humanitarian access, and ensure implementation of the January 19 ceasefire agreement. Meanwhile, participants condemned Israeli military actions in Gaza, including attacks on hospitals and media personnel, rejecting forced displacement and annexation and reiterating support for a two-state solution. They also endorsed outcomes from Egypt's emergency Arab summit, particularly the Gaza reconstruction plan, urging unified Arab action in defending Palestinian rights. The group called on the US to pressure Israel to fully lift the blockade on Gaza. Formed during the 2005 Algiers Summit, the Arab Parliament is the legislative arm of the Arab League. It comprises 88 members—four from each of the 22 member states—and works through four permanent committees covering diplomacy, economics, legal affairs, and social policy.
