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Iraq pledges to end $4 billion gas imports from Iran by 2028 as it races to diversify beyond oil

1. Iraq aims to reduce Iranian gas reliance by 2028 to diversify economy. 2. Major investments are planned to capture flared gas, worth up to $5 billion. 3. Political stability is crucial, with elections expected to signify democratic progress. 4. Corruption remains a significant hurdle despite recent reforms and economic stability. 5. Renewed Iranian sanctions may affect Iraq's energy and economic growth strategies.

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Why Bullish?

Iraq’s plans to diversify energy supplies and substantial foreign investments could stabilize oil production, indirectly benefiting BNO. Historical data shows that oil prices tend to rise with increased investment in production capacity.

How important is it?

The article discusses crucial developments in Iraqi energy production and foreign investments, which directly relate to global oil prices influencing BNO.

Why Long Term?

The initiatives set for 2028 suggest gradual improvement over time, impacting BNO's price positively in the long run as Iraqi stability and production capabilities increase.

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