Trump quietly renews order solidifying US control over Iraqi oil revenues

US President Donald Trump has renewed an order depositing all of Iraq’s oil revenues under his control in a New York Federal Reserve Bank account.

The Executive Order 13303 was initially signed following the illegal US invasion of Iraq in 2003 and has been renewed annually since then, citing “national security” as the reason.

There was no White House press release on the matter, but Trump issued an official communication to Congress on the order's renewal on May 4, 2026.

“The obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq continue to pose an unusual and extraordinary threat to the national security and foreign policy of the US,” Trump’s official notice reads.

It is “for this reason” that the order “must continue in effect beyond 22 May, 2026,” the notice adds.

Iraqi oil exports have climbed in recent months, as the country has exported about 600,000 tons of fuel oil through Syria over the past two months.

Swedish-Iraqi analyst Hussein Askary in a September 2024 piece for The Cradle called the US control of “every penny” of Iraq’s oil revenues a “financial and economic subjugation that undermines Iraqi sovereignty and denies it access to its own national treasure.”

Since then, Iran has remained a major energy supplier to Iraq. However, US sanctions and control of Iraq’s finances have made it difficult for Baghdad to settle its hefty energy debts to Tehran, which total about $12 billion. Both sides have continuously held talks on the matter.

Iraqi resistance warns US: Any intervention on behalf of Israel will set your bases ablaze

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Over recent months, Washington has also increased pressure on Iraq to dismantle its resistance forces.

The anti-terror coalition Islamic Resistance in Iraq was formed after the start of Israel’s genocidal war in Gaza in 2023.

This coalition, which includes several resistance groups such as Kataib Hezbollah and Saraya Awliya al-Dam, carried out scores of retaliatory operations against US bases during the recent US-Israeli aggression on Iran.

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