The discussion about Iraqi oil and the countries profiting from it was aired by Belarus pro-government “Radio Minsk” on July 30, 2024:
“And what do [the U.S. — ed.] tell the Iraqis: we gave you freedom and independence in 2003, so you owe us the rest of your life,” Sergey Klishevich said.
“All your remaining oil,” host Kirill Kazakov added.
“Yes, all your remaining oil will work for us,” the deputy stated.
Journalists from Weekly Top Fake investigated and found out that Iraq’s oil is not controlled by the US, but rather by a group of countries, including Russia.
Iraq is among the top five countries with the largest crude oil reserves in the world and largely lives off this fossil fuel. Foreign companies invest in its extraction after obtaining licenses, receiving compensation or oil in return.
The Iraqi Ministry of Oil decides who to issue these licenses to and on what terms.
They are given not only to U.S. companies. The major players in Iraq's oil industry include British Petroleum, China Petroleum, Russian Lukoil, and Malaysian PETRONAS, which is set to divest its interest in one of the fields. Similarly, Exxon, the largest U.S. company, has sold its stake to the Chinese and fully exited the Iraqi market.
Two-thirds of Iraq's extracted oil is controlled by Chinese companies. Additionally, three Russian companies operate in the country, with one of the largest Iraqi oil fields under Russian control.