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US report highlights US-China energy rivalry in Iraq
A U.S. report has revealed that the struggle for influence between Washington and Beijing is intensifying in Iraq's energy sector. The anti-corruption campaign led by Iraqi Prime Minister Ali al-Zaydi has mainly targeted the Ministry of Oil, resulting in arrests and investigations related to smuggling of products and financial transfers. Simultaneously, Chinese companies dominate a significant share of Iraq’s oil reserves and production, especially after winning most of the recent new tenders, while American companies have largely stayed out of the competition. Beyond oil, major powers are competing for Iraq’s mineral resources, valued at billions of dollars, such as phosphates and sulfur, despite the challenges facing their extraction and investment. The return of Western companies like Chevron, ExxonMobil, and BP coincides with the anti-corruption efforts and is part of Iraq’s strategies to strengthen its economic gains by balancing international influence, although current contracts with Chinese firms are difficult to change quickly. The report concludes by noting that the future of economic influence in Iraq depends on the success of the anti-corruption campaign, with the prospects of the continued or reduced influence of armed factions and their impact on energy projects and investment remaining uncertain.
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