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How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Keywords:
One of the favorable factors for Iraq in recent years was the surge in oil production, adding 1 million barrels a day to reach 3.3 million barrels a day. It surged to an average of 3.7 million barrels a day in December 2014 after a deal with the Kurdish region in northern Iraq for an additional 550,000 barrels a day in exchange for Kurds getting a 17% share of federal revenues. This helped Iraq overcome other problems. The drop in oil prices has led to a 40% drop in revenues and the invasion by Islamic State in a loss of some production.The federal budget of $101 billion planned revenues is based on an oil price of $56 and exports of 3.3 million barrels a day, resulting in a $20 billion deficit. It assumes $10 billion in new tax revenues which may be hard to achieve with a lack of strong central government. Experts on Iraq's oil industry say large investments are needed to offset declining oil production from older oil fields in southern Iraq. Oil exports were 2.5 million barrels a day in 2014, and experts say even this will be hard to achieve for 2015. Investments could come from western oil companies, but Iraq and the Kurdistan region are behind in payments to oil companies. Iraq is considering issuing bonds for $10-$15 billion.
Problems facing Iraq's oil industry in 2015 with lower oil prices- lack of resources for needed investment in older oil fields in the south, and loss of supplies with the conflict in the Kurdish north
03/11/2015
The older oil fields in the Basra region in the south need major investments to offset declining production. Oil production in the Kurdish region in the north has suffered from the invasion by Islamic State. Oil prices at $56 in the budget leave a deficit of $20 billion for Iraq. Iraq needs a price over $100 to balance the budget. An alternative is for Iraq to issue $10-15 billion in bonds for much needed investments in oil fields. Iraq depends on western oil companies for investment and modernization, yet many of these companies have not been paid for earlier work.
Grouped Articles
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
U.S. Oil Prices Hit Fresh Six-Year Low, Dipping Below $40 a Barrel
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From Venezuela to Iraq to Russia, Oil Price Drops Raise Fears of Unrest
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Oil Industry in Iraq Faces Setback to Revival
New York Times 06/13/2014
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OPEC Members’ Discord Adds to Slide in Oil Prices
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Iraq and Kurds Reach Deal on Oil Exports and Budget Payments
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Iraq oil and gas output 2010-2014
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Grouped Articles
Surge in Iraqi Violence Reunites Maliki and Obama
New York Times 11/01/2013
Exxon Mobil Signs Iraq Deal With PetroChina, Pertamina
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Fall in Oil Prices Poses a Problem for Russia, Iraq and Others
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Iraq and Kurds Reach Deal on Oil Exports and Budget Payments
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How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
Exxon and risk sharing with Sinopec, Pertamina for investments in Iraq
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Exxon will retain a 25% stake in the large West Qurna-1 oil field near Basra, Iraq. Pertamina takes a 10% stake and Sinopec takes a 25% stake.
Grouped Articles
Exxon Mobil Signs Iraq Deal With PetroChina, Pertamina
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Iraq and Kurds Reach Deal on Oil Exports and Budget Payments
New York Times 11/13/2014
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
A weak military in Iraq in 2014-2015, split by sectarian divisions and poorly equipped and trained- in the period following U.S. withdrawal
04/28/2014
The failure of Nouri Maliki to bring together Sunnis, Shiites and Kurds. Sunnis see the Maliki government's anti-terrorist effort as ethnic cleanising, the U.S. is wary of the Maliki government and has refrained from supplying the military, the college setup by the U.S. to train officers remains vacant after the U.S. withdrawal at Maliki's insistence. The militants ISIS organization draws from trained officers in the old Iraqi military before the invasion and Sunni militants in Syria. This threatens the ability of the government to maintain peace in the country and creates risks for Iraqi oil supplies and revenues.
Grouped Articles
Fledgling Iraqi Military Is Outmatched on Battlefield
Wall Street Journal 04/28/2014
Sunni Militants Drive Iraqi Army Out of Mosul
New York Times 06/10/2014
Iraqi, U.S. Forces Trade Barbs Over Failures
Wall Street Journal 06/12/2014
Mosul Falls to ISIS, Endangering Iraq’s Democracy
New York Times 06/11/2014
U.S. Said to Rebuff Iraqi Request to Strike Militants
New York Times 06/11/2014
Sunni Fighters Gain as They Battle 2 Governments, and Other Rebels
New York Times 06/11/2014
Iraqi Oil Production and the Modernizing of South Oil Company's production capability
07/19/2006
Grouped Articles
Exxon Mobil Signs Iraq Deal With PetroChina, Pertamina
Wall Street Journal 11/28/2013
Iraq Agrees on Kurdistan Oil Deal
Wall Street Journal 12/02/2014
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
Stalled Oil Field Project Adds to Iraq’s Woes
Wall Street Journal 09/16/2015
Iraq Lifts Oil Output in South
Wall Street Journal 07/19/2006
Oil Majors Boost Plans to Expand Iraq Oil Output
Wall Street Journal 07/19/2010
Large swings in price of Brent crude oil in 2014 with instability in Iraq
07/08/2014
Grouped Articles
Oil's Round Trip Makes for Hidden Gains
Wall Street Journal 07/08/2014
Oil Markets Fly Into a Perfect Storm
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Iraq and Kurds Reach Deal on Oil Exports and Budget Payments
New York Times 11/13/2014
Iraq Agrees on Kurdistan Oil Deal
Wall Street Journal 12/02/2014
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
Asian Buyers Seize on Oil-Price Spread
Wall Street Journal 03/16/2015
Setback to the Iraqi oil industry from sectarian conflict in Iraq in 2014
06/13/2014
Grouped Articles
Oil Industry in Iraq Faces Setback to Revival
New York Times 06/13/2014
Nominee to Replace Maliki as Iraqi Premier Is Seen as Less Divisive
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Fall in Oil Prices Poses a Problem for Russia, Iraq and Others
New York Times 10/15/2014
Iraq and Kurds Reach Deal on Oil Exports and Budget Payments
New York Times 11/13/2014
Iraq Agrees on Kurdistan Oil Deal
Wall Street Journal 12/02/2014
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
Iraq after the American withdrawal and processes to bring peace and economic progress to the country.
01/29/2009
The post American withdrawal period and its fragility for the future of Iraq as a peaceful, democratic, modernizing country.
Grouped Articles
Iraq's Vote Looks Set to Deepen, Not Heal, Rifts
Wall Street Journal 04/19/2013
Surge in Iraqi Violence Reunites Maliki and Obama
New York Times 11/01/2013
Fledgling Iraqi Military Is Outmatched on Battlefield
Wall Street Journal 04/28/2014
Obama Finds He Can’t Put Iraq War Behind Him
New York Times 06/13/2014
Diplomatic Note Promises Immunity From Iraqi Law for U.S. Advisory Troops
New York Times 06/23/2014
Iraq’s Military Seen as Unlikely to Turn the Tide
New York Times 06/22/2014
Economic development in the Kurdistan region of Iraq 2009-2015
03/10/2012
Grouped Articles
Kurdish Oil Gambit Hits Troubled Waters
Wall Street Journal 07/22/2014
Oil Gives Kurds a Path to Independence, and Conflict With Baghdad
New York Times 10/25/2014
Iraq Agrees on Kurdistan Oil Deal
Wall Street Journal 12/02/2014
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
In Iraq, growing gap sets Kurdistan apart - The Washington Post
Washington Post 03/10/2012
Crude Oil Output Is Soaring in Iraq, Easing Markets
New York Times 06/02/2012
2013 oil production increases by Saudi Arabia, the U.S. and Iraq to make up for drop in production in Libya
09/11/2013
Grouped Articles
Saudi, U.S., Iraq Step in to Plug Libya Oil Gap
Wall Street Journal 09/11/2013
In Libya, Unrest Brings Oil Industry to Standstill
New York Times 09/12/2013
Fall in Oil Prices Poses a Problem for Russia, Iraq and Others
New York Times 10/15/2014
Oil Prices on Track to Hit New Lows
Wall Street Journal 12/15/2014
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
King Salman Upends Status Quo in Region and the Royal Family
New York Times 05/10/2015
2011-2012 oil price increases and production increases by the Saudis, Iraq and Libya to increase the effectiveness of sanctions on Iranian oil
04/26/2006
Grouped Articles
Saudi, U.S., Iraq Step in to Plug Libya Oil Gap
Wall Street Journal 09/11/2013
In Libya, Unrest Brings Oil Industry to Standstill
New York Times 09/12/2013
Exxon Mobil Signs Iraq Deal With PetroChina, Pertamina
Wall Street Journal 11/28/2013
Host of Conflicting Forces Has Saudis on a Tightrope
Wall Street Journal 04/10/2007
Fall in Oil Prices Poses a Problem for Russia, Iraq and Others
New York Times 10/15/2014
As Oil Prices Plummet, Saudi Arabia Faces a Test of Strategy
New York Times 10/15/2014
Iraq and Libya's increasing oil production in 2014 and oil prices
11/06/2014
Grouped Articles
Economist 11/06/2014
Oil Slips as Saudi, Libyan Production Worries Ease
Wall Street Journal 11/06/2014
Oil Prices on Track to Hit New Lows
Wall Street Journal 12/15/2014
Oil Prices Tumble to Fresh Lows
Wall Street Journal 01/06/2015
Oil Companies in the Cross Hairs of Libyan Violence
Wall Street Journal 02/09/2015
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
Iraqi Kurdistan and oil industry
07/22/2014
Grouped Articles
Kurdish Oil Gambit Hits Troubled Waters
Wall Street Journal 07/22/2014
Oil Gives Kurds a Path to Independence, and Conflict With Baghdad
New York Times 10/25/2014
Iraq and Kurds Reach Deal on Oil Exports and Budget Payments
New York Times 11/13/2014
Iraq Agrees on Kurdistan Oil Deal
Wall Street Journal 12/02/2014
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
Sinjar Victory Bolsters Kurds, but Could Further Alienate U.S. From Iraq
New York Times 11/13/2015
Iraq- Kurdistan oil deal in Dec. 2014
12/02/2014
Kurdistan will export oil under Iraq's oil company SOMO and Kurdish officials will sit on the board of SOMO. Iraq plans to export 3.8 million barrels a day in 2015, adding to supply already on the oil markets that is pressuring prices.
Grouped Articles
Iraq Agrees on Kurdistan Oil Deal
Wall Street Journal 12/02/2014
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
Stingy Baghdad Harms the ISIS Fight
Wall Street Journal 12/21/2015
Iraq's role as a growing oil and gas supplier in the Middle East- 2011-2015
03/01/2011
Grouped Articles
Surge in Iraqi Violence Reunites Maliki and Obama
New York Times 11/01/2013
Exxon Mobil Signs Iraq Deal With PetroChina, Pertamina
Wall Street Journal 11/28/2013
OPEC Rift Emerging Over Iraq Output, Possible Return of Iran
Wall Street Journal 11/30/2013
Fledgling Iraqi Military Is Outmatched on Battlefield
Wall Street Journal 04/28/2014
Iraq and Kurds Reach Deal on Oil Exports and Budget Payments
New York Times 11/13/2014
Iraq Agrees on Kurdistan Oil Deal
Wall Street Journal 12/02/2014
OPEC policy and oil prices in 2014 with supply disruptions in Libya and Iraq
06/12/2014
Grouped Articles
OPEC's Withholding Taxes Oil Majors
Wall Street Journal 06/12/2014
Libya's Prime Minister Presents Cabinet for Parliamentary Approval
Wall Street Journal 09/18/2014
OPEC Members’ Discord Adds to Slide in Oil Prices
Wall Street Journal 10/04/2014
Oil Markets Fly Into a Perfect Storm
Wall Street Journal 10/09/2014
Oil prices plunge as production rises, fueling concern in OPEC - The Washington Post
Washington Post 10/15/2014
Fall in Oil Prices Poses a Problem for Russia, Iraq and Others
New York Times 10/15/2014
The Iraqi oil industry modernization after the American withdrawal in 2009.
07/01/2009
BP led consortium accepts a $2.00 per barrel deal for increasing production at the Rumailla oil field in return for technical services. The potential to increase production from 2.4 million b/d to 4.00 million b/d the Iraqi oil ministry's goal.
Grouped Articles
Surge in Iraqi Violence Reunites Maliki and Obama
New York Times 11/01/2013
Fledgling Iraqi Military Is Outmatched on Battlefield
Wall Street Journal 04/28/2014
Oil Industry in Iraq Faces Setback to Revival
New York Times 06/13/2014
Iraq Agrees on Kurdistan Oil Deal
Wall Street Journal 12/02/2014
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
Iraq Warns Oil Companies of Spending Cuts
Wall Street Journal 09/15/2015
Iraq's economy 2011-2015
06/30/2012
Grouped Articles
Fledgling Iraqi Military Is Outmatched on Battlefield
Wall Street Journal 04/28/2014
Fueled by Oil Wealth, Malls Rise in Baghdad
New York Times 06/30/2012
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
Iraq's budget of $101 billion in 2015, deficit of $20 billion, based on optimistic production estimates of 3.3 million barrels a day
03/11/2015
Experts say Iraq will struggle to reach 2014 average production levels of 2.5 billion barrels a day. The budget assumes an oil price of $56 a barrel.
Grouped Articles
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03/11/2015
U.S. Oil Prices Hit Fresh Six-Year Low, Dipping Below $40 a Barrel
Wall Street Journal 08/23/2015
From Venezuela to Iraq to Russia, Oil Price Drops Raise Fears of Unrest
New York Times 08/24/2015
Iraq Warns Oil Companies of Spending Cuts
Wall Street Journal 09/15/2015
Stalled Oil Field Project Adds to Iraq’s Woes
Wall Street Journal 09/16/2015
Battered by War, Iraq Now Faces Calamity From Dropping Oil Prices
New York Times 01/31/2016
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