Iraq Economic News and Points To Ponder Saturday Afternoon 11-1-25
A New Wealth To Rival Oil: Billions Of Dollars Beneath The Sands Of Iraq
November 1, 2025Baghdad / Iraq Observer The Eco Iraq Observatory announced on Saturday the quantities of silica sand discovered in the governorates of Anbar and Najaf, describing it as “white gold”.
The observatory said in a statement that “Iraq’s environment is rich in natural resources that are no less important than oil, most notably silica sands,” indicating that “initial explorations indicate that Anbar province contains about 600 million discovered tons and more than one billion tons of reserves with a purity of up to 98%.”
The observatory added, “In the Najaf Governorate,there are quantities estimated at about 330 million tons of sand suitable for glassmaking, and about 577.5 million tons for colored glassmaking, bringing the total to about 907.5 million tons of silica sand explored with a purity of nearly 95%.”
It pointed out that “the price of one ton of silica sand ranges between $100 and $150, which makes investing in these resources capable of supplying the general budget with billions of dollars, in addition to providing more than 10,000 job opportunities in the two governorates.”
The observatory criticized “the weakness of the procedures for investing in these raw materials despite the existence of Iraqi competencies capable of managing them,” stressing “the need to amend the Mineral Investment Law No. 91 of 1988,as amended, in order to provide greater opportunities for discovering and investing in the country’s natural resources.” He confirmed that “investing in this sand will provide more than 10,000 job opportunities.”
Silica sand is used in the manufacture of glass, silicone products, and building materials. It is also used in electronic devices, solar cells, and filtration processes.
Global consumption of silica sand reached approximately 479 million tons during 2024, with a value ranging between approximately $14 billion and $72 billion depending on the quality of the sand and the market price. https://observeriraq.net/ثروة-جديدة-تنافس-النفط-مليارات-الدولا/
Oil Prices Fall Amid Strong Dollar
Economy | 31/10/2025 Mawazin News - Follow-up: Oil prices declined, extending their monthly losses for the third consecutive month, amid a strengthening US dollar and increased supply from major global producers, which mitigated the impact of Western sanctions on Russian oil exports.
By 00:27 GMT, Brent crude futures had fallen 33 cents, or 0.51%, to $64.67 a barrel, while US West Texas Intermediate crude futures dropped 35 cents, or 0.58%, to $60.22 a barrel.
ANZ analysts said in a research note that the strength of the US dollar negatively impacted investor appetite for all commodities, including oil.
The US currency was boosted by comments from Federal Reserve Chairman Jerome Powell last Wednesday, in which he indicated that an interest rate cut in December was not certain, according to Reuters.
The two main crude oil benchmarks are heading for a decline of about 3% this October, amid expectations that global supply growth will outpace demand, as OPEC and other major producers increase output to bolster their market share.
The increased supply is also expected to mitigate the impact of Western sanctions that have curtailed Russian oil exports to its main customers in China and India.
According to market sources, the OPEC+ alliance is leaning towards a modest production increase in December and is scheduled to hold a meeting on the matter this coming Sunday.
Data from the Joint Organisations Data Initiative (JODI) showed that Saudi Arabia's crude oil exports rose in August to their highest level in six months, reaching 6.407 million barrels per day, with expectations of further increases.
A report from the US Energy Information Administration also indicated that US oil production reached a record high of 13.6 million barrels per day last week, further reinforcing the downward trend in global prices.
https://www.mawazin.net/Details.aspx?jimare=269404
Iraq Signs Contracts With 4 International Companies Regarding The Development Road
Money and Business Economy News – Baghdad Minister of Transport Razzaq Muhaibis Al-Saadawi confirmed on Friday that the ministry is in the process of contracting with a third party to audit the technical company responsible for the development road, noting that this road is an integrated economic project targeting 8 sectors.
Al-Saadawi said that "the ministry worked to overcome the challenges in the development road project by using foreign expertise," noting that "this project is strategic and large, and is being established for the first time in Iraq, and therefore there is a need for foreign expertise."
He added that "the ministry sought technical advice from the Italian company (PTP), and also sought financial and economic advice from the American company (Oliver Wyman), and also contracted with the American company (KBR) to audit the advisor (Oliver Wyman)," noting that "the ministry is now in the process of contracting with an auditor or a third party to audit the technical company."
Al-Saadawi explained that "this road is an integrated economic project targeting eight sectors, and there are countries willing to participate in the project," stressing that "there is a supreme committee and a body that is planned to be formed to manage the development road project." https://economy-news.net/content.php?id=61779
Gold Continues Its Rise For The Third Month Amid Increasing Demand And Declining Interest Rates.
Economy | 09:32 - 31/10/2025 Mawazin News - Follow-up: Gold prices recorded a new high, heading towards their third consecutive monthly gain, supported by increased demand for the precious metal as a safe-haven investment following the US interest rate cut and as investors assess the implications of the interim trade agreement between China and the United States.
By 01:09 GMT, spot gold had risen 0.3% to $4,034 per ounce, achieving a monthly gain of 4.5% so far.
In contrast, US gold futures for December delivery fell 1.1% to $3,955 per ounce.
The US Federal Reserve cut interest rates by a quarter of a percentage point last Wednesday for the second time this year, bringing the target range to between 3.75% and 4%.
Gold typically benefits from low interest rates and periods of economic uncertainty, as it is a non-yielding asset that retains its value over the long term.
According to the CME Group's FedWatch tool, markets are pricing in a 74.8% probability of an additional 25-basis-point interest rate cut at the December meeting, down from 91.1% a week ago, following comments from Federal Reserve Chair Jerome Powell that dampened expectations of another cut.
Meanwhile, the US dollar index held near its highest level in three months, making gold more expensive for holders of other currencies.
On the trade front, US President Donald Trump said on Thursday that he had reached an agreement with his Chinese counterpart Xi Jinping to reduce reciprocal tariffs in exchange for Beijing's commitment to combat illicit fentanyl trade and resume purchases of US soybeans, while rare earth mineral exports continue to flow to global markets.
As for other precious metals, spot silver was steady at $48.92 an ounce, platinum rose 0.2% to $1,613.50, and palladium jumped 2.1% to $1,474.51 an ounce. https://www.mawazin.net/Details.aspx?jimare=269406
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