Iraq, the IMF and the Oil Dilemma

The International Monetary Fund announced in July that it has approved a three-year, $5.34 billion loan for Iraq under the Stand-By Arrangement facility, which it said was focused on “implementing economic and financial policies to help the country cope with lower oil prices and ensure debt sustainability.” The promised financial assistance was made conditional on—among other things—Baghdad settling all debts to international oil companies (IOCs) without adding new debts. To satisfy that…

Abdul Karim Luaybi

Iraqi Oil Minister Abdul Karim Luaybi gives the latest on the draft Oil & Gas Law (OGL)  and the state of the dispute with Exxon Mobil over its signed contract with the Kurdistan Regional Government (KRG) in an interview with Iraq Oil Forum editor Ruba Husari in Baghdad.  (للنص العربي اضغط هنا) Q: You were expected to meet with the KRG’s Minister of Natural Resources Ashti Hawrami to agree a…

Oil & Gas Law

It is obvious that the primary aim of the draft oil and gas law (OGL) prepared by Adnan Janabi et al, is to negate the role of the Federal Government in oil and gas affairs. It is difficult to imagine that the people behind this draft OGL do think that it is in the national interest to make the Regions stronger, and the Center weaker, than they are now. If…