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Iraq has a new government after more than a year of political haggling, grandstanding and violence, but incoming Prime Minister Mohammed Al-Sudani has yet to offer clear policy proposals on how he might tackle rampant corruption, high unemployment, weak security and myriad other challenges. Meanwhile the pro-Iranian allies and militia who brought him to power are bedding in.

Oslo Stock Exchange-listed DNO confirmed that it had bought Mondoil Enterprises from RAK Petroleum plc (RAK-P), which is now delisting from the Oslo Børs as the Ras Al-Khaimah enterprise will be liquidated in an arrangement agreed with UK commercial courts. The Mondoil funds will be distributed to RAK-P shareholders.

A sustained campaign of artillery, rocket and drone strikes by the Islamic Revolutionary Guards Corp (IRGC) on targets in the Kurdistan Region of Iraq (KRI) in late September and early October has prompted a wave of condemnation from Baghdad, regional and international capitals. However, as yet, there are no signs Tehran is preparing to back down, or that the Iraqi government or other countries will take any significant retaliatory action.

Paul Weir was named chief executive of Genel Energy on 3 October. The London Stock Exchange (LSE)-listed firm has interests in the Kurdistan Region of Iraq’s Sarta, Taq Taq and Tawke licences.

TotalEnergies has completed the $155m sale of its 18% interest in the onshore Sarsang oil field, to Iraqi Kurdistan-focused ShaMaran Petroleum Corporation. An additional $15m payment depends on future output and oil prices.

Iraq’s Air Defence Command has started to use the Thales Ground Master 403 (GM403) long-range air surveillance radar, following an inauguration ceremony on 11 September.

GSN Risk Grade: D4↑ National dialogue: A second round of talks between most of Iraq’s political leaders on 5 September saw them agree to work towards early elections. However, differences remain over the rules for any new vote. 

GSN Risk Grade: D4↓ Elections delayed: The election for the Kurdistan parliament is expected to be postponed by at least six months after the existing parliament failed to agree on the details of a new election bill. In a press conference in Erbil on 28 August, MP Yemen Hawrami said the remit of the exiting parliament – which was elected in 2018 for a four-year term – would be extended by six months.

The political arena remains in a delicate position, with Iran-backed Shia bloc the Co-ordination Framework and supporters of cleric Moqtada Al-Sadr holding rival demonstrations in Baghdad and the work of key national institutions put on hold.

An attack on Iraq's Barakh resort in the mountains of northern Dohuk province  has taken relations between Baghdad and Ankara to a new low. Turkey denied carrying out the attack, blaming the PKK instead.

French defence company Thales is to supply four units of its GM403 long-range mobile radar system to Iraq.

Large numbers of Moqtada Al-Sadr's followers took to the streets of Sadr City, Baghdad, in a show of strength by the Iraqi cleric, who called on State of Law leader Nouri Al-Maliki to quit the political arena. Numerous names had been floated as a potential premier.

The Iraqi Court of Cassation has overturned a 15-year sentence for British geologist James Fitton, who had been convicted in early June for trying to smuggle antique pottery shards out of Iraq.

A key mediator, Iraqi foreign minister Fuad Hussein, has said his Iranian and Saudi counterparts will soon meet in Baghdad for the highest-level public meeting between Tehran and Riyadh following five rounds of talks between their officials.

Oil and gas markets are expected to remain buoyant, whether or not Saudi Arabia makes concessions to the United States and Europe by pumping more crude. Ahead of a crucial early-August meeting of Opec+ ministers, the signs are that the Saudi-Russian axis will hold, but the market is restructuring with China and other Asian buyers taking more from Russia while the Gulf sends more to Europe.