Iraq’s oil production unscathed for now by Trump travel ban

Iraq won’t bar US citizens from entering the country, Prime Minister Haider Al-Abadi said, averting a potential disruption to the oil industry of Organisation of Petroleum Exporting Countries (OPEC)’s second-biggest producer. US President Donald Trump issued an executive order on January 27 banning citizens of Iraq and six other Muslim-majority countries from entering the US, in the name of fighting terrorism. Iraqi lawmakers on Monday condemned the move, noting that Iraqi forces are on the front line in the battle against IS militants, and urged their government to reciprocate. A reciprocal ban would have denied entry to US oil workers in companies such as Exxon Mobil Corp., which support Iraq’s most important industry, and to American military personnel advising Iraqi forces in their offensive to oust the militants. Abadi said on Tuesday that those contributions outweighed the “damage” caused by the US ban. “We won’t apply the same rules,” the prime minister said. “Fighting terror is a strategic issue for us.” Iraq is the biggest oil supplier after Saudi Arabia in the OPEC. (Sam Wilkin and Khalid Al-Ansary/Bloomberg)

More from Business News

  • UK's Jaguar Land Rover to halt US shipments over tariffs

    Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, it said on Saturday, as it considers how to mitigate the cost of President Donald Trump's 25% tariff.

  • US starts collecting Trump's new 10% tariff

    U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.

  • Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

    The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.

  • Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field

    UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).

On Virgin Radio today

Trending on Virgin Radio