On Friday, July 17th, 2026, U.S. firms signed multiple oil-related and other energy deals with Iraq, shortly after President Trump stated the two nations would be "doing a lot of deals" due to Iraq's oil resources. The agreements were announced during an event at the U.S. Chamber of Commerce and involved major companies including Chevron, ConocoPhillips, HKN Energy, and Halliburton.

Chevron's deals focus on developing Iraqi oil fields and a potential cross-border pipeline between Iraq and Syria. ConocoPhillips signed agreements related to exploring a gas field and collaborating with BP on oil field development.

Chamber of Commerce President and CEO Suzanne Clark revealed that the total value of the deals exceeds $60 billion. These developments follow President Trump's meeting earlier in the week with Iraq's newly elected prime minister, Ali al-Zaidi, at the White House.

President Trump emphasized the significant wealth potential of these deals from the Oval Office, stating, "They have tremendous potential wealth, and they have tremendous wealth, not only potential."

Energy Secretary Chris Wright highlighted the broader U.S. objective, saying, "Our goals in the Middle East are to transform a region that’s been riven by too much conflict and diffuse those conflicts and replace them with commerce."

Prime Minister al-Zaidi described the partnership with the United States as "the most important strategic partnership in the world," adding, "It’s not emotional; it’s about money."

These agreements mark a notable step in U.S.-Iraq economic relations, focusing on energy sector collaboration and regional stability through commerce.

Sources