Improving business activities efficiency of Iraqi oil companies

Abstract

The current issues of increasing of the economic activities efficiency of the Iraqi oil companies in conditions of the global energy market instability, limited access to advanced technologies, and high dependence on government regulation have been studied. The oil industry is strategically important for the country’s economy, forming the bulk of gross domestic product and budget revenues, but enterprises face a number of challenges, such as fluctuating oil prices, low production efficiency, insufficient financing for modernization, and high operating costs. The main economic and managerial issues faced by oil producing and refining enterprises have been analyzed, including the impact of global oil prices, investment risks, and technological constraints. Special attention has been paid to the strategy of optimizing production processes, implementing innovative technologies, and improving the resource management system. Practical recommendations have been proposed to increase the Iraqi oil companies competitiveness, improve the investment climate, and increase the enterprises operational efficiency. The following methods were used in the study: comparative and systematic analysis and economic and statistical methods. Based on the analysis, measures have been proposed to improve the Iraqi oil companies efficiency. The results obtained can be used by private oil companies to optimize management strategies and sustainable development of the Iraqi oil industry.