Iraq Signs 48 US Deals Worth $60 Billion, Including 2 Million bpd Syria Oil Pipeline
Updated
Updated · Al Jazeera English · Jul 17
Iraq Signs 48 US Deals Worth $60 Billion, Including 2 Million bpd Syria Oil Pipeline
3 articles · Updated · Al Jazeera English · Jul 17
Summary
$60 billion-plus in preliminary agreements were signed at a Washington business summit, with Iraq saying 48 deals span energy, healthcare and technology.
A centerpiece pact would rebuild the long-idled Iraq-Syria pipeline from Kirkuk to Baniyas, giving it initial capacity to move 2 million barrels a day.
Chevron is set to execute the pipeline project under a US-led consortium and also signed two separate agreements with Iraq to raise oil production.
Baghdad is pursuing the new export corridor to cut reliance on the Strait of Hormuz after US-Israel war-related disruptions hit regional shipping and oil flows.
The package also includes partnerships with ExxonMobil, KBR, GE Vernova, Shell, Halliburton and a Starlink deal, underscoring Iraq's broader open-door push for foreign investment.
Will new pipelines through conflict zones secure oil flow, or just move the battlefield from the sea to the desert?
Is the U.S. backing of a controversial Iraqi PM a pragmatic move for energy security or a future geopolitical crisis in the making?
US-Iraq Sign $60 Billion Oil and Infrastructure Deals to Counter Global Energy Crisis and Bypass Hormuz
Overview
On July 17, 2026, the United States and Iraq signed $60 billion in agreements to address the urgent need for stable oil supplies and new export routes amid a volatile global energy landscape. This move comes as the US-Iran war, which began in February 2026, has severely disrupted oil markets, causing significant price swings and raising concerns about supply security. Before the conflict, oil prices were much lower, but the war pushed them up sharply. These deals aim to strengthen Iraq’s oil production and create alternative export pathways, helping to stabilize markets and reduce reliance on vulnerable routes.