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Iraq is the second largest oil producer of the world with the 3.25 million barrels per day. Saudi Arabia with the 6.6 million barrel oil is at the top of the list. For the numbers of years Iran is in the quest of the position of Iraq in the international market. As far as my opinion is concern, the Iran is little late now.

The militants are said to have full control over Iraq's largest oil refinery in Baiji. Though the security forces of Iraq are resisting against these militants but yet the things are under control of these militants. Some believe that more than 75% of Baiji is under militant's control and security forces will have to leave this area too on the mercy of militants.

The partnership agreement of trade and investment across the Atlantic Ocean known as "NTT IB" to create the largest free trade area in the world, in order to stimulate growth and create much-needed jobs.

The central bank of Iraq surprised the whole economic world with the purchase of 36 tons of pure gold and doubled its gold reserves. According to report it is one of the largest gold deal that central bank of Iraq made ever in the past. There are different statements about gold reserves of Iraq now.

Iraq is the second largest oil reserve in the world. the constantly violent and instable conditions of the country are a threat to the oil reserves. Several British, Dutch and Chinese companies are hired and are investing billions of dollars in the development of the oil fields in Iraq.

Iraqi Dinar 123 News:- Iraq is the second largest oil producer in the world after Saudi Arabia. It was expected that with the recent instability in Iraq will disturbed the international oil market so badly. Fortunate the oil industry is not affected too much by this insurgency of Sunni Militants.

According to news reported by the agencies; President Ativs who owns the largest aircraft management company in South Korea which on Tuesday said that he wanted to build a new airport in Iraq. He said that the reforms of the airports were highly needed because of the security conditions of the country.

Iraq is the second largest oil producer in the world after Saudi Arabia. Therefore economy of Iraq impacts directly the international oil market and indirectly the economies of the other developing countries in Asia and Africa. The Brent oil has increased in the international market for last 4 weeks due to crisis in Iraq.