Industry

Iraq's most valuable industry is the production of petroleum and natural gas. Foreign-owned companies totally controlled the industry in the early 70s, but these were nationalized by the government in the mid-70s and are now operated by the Iraq National Oil Company and the Northern Petroleum Organization.

Refineries are situated in Baghdad, Basra, al-Hadithah, Khanaqin, Kirkuk and Qayyarah, and by the late 1980s were producing a total of 743.3 million barrels of petroleum and 3.7 billion cubic metres (131 billion cubic feet) of natural gas per year.

War with Iran, coupled with falling oil prices and the latest UN sanctions have all combined to deal a severe blow to Iraq's oil industry.

There is a small fishing industry, with a mainly freshwater catch. Manufacturing industries, centred mainly in Baghdad, are also on a very small scale and consist chiefly of textiles, clothing, cigarettes, footwear and processed food.