Iraq Economic News and Points To Ponder Saturday Afternoon 6-20-26
US Command: 55 Ships Carrying More Than 17 Million Barrels Of Oil Have Crossed The Strait Of Hormuz
Arabic and international The US Central Command announced on Saturday that 55 ships carrying more than 17 million barrels of oil had transited the Strait of Hormuz.In a statement, the Command said, "55 ships transited the Strait of Hormuz carrying more than 17 million barrels of oil to global markets," adding that "ship traffic in the Strait of Hormuz increased today as we continue to support freedom of navigation.
" The statement concluded, "Our forces are prepared to ensure compliance with all aspects of the agreement with Iran." https://www.economy-news.net/content.php?id=70476
For The First Time In 48 Years, Iraq Breaks The Oil Exploration Stalemate In Its Northern Provinces.
Energy Economy News – Baghdad The Ministry of Oil announced on Saturday the commencement of drilling the first exploratory well in the northern provinces since 1978.
The ministry stated in a statement that, “In implementation of the directives of Oil Minister Bassem Mohammed Khudair, the technical and engineering staff of the Iraqi Drilling Company began drilling a new exploratory well within the Amerli district in Salah al-Din Governorate, under a tripartite contract that includes the North Oil Company, the Iraqi Drilling Company and the Oil Exploration Company, in the presence of the Director General of the Iraqi Drilling Company and the Director General of the North Oil Company.”
She added that "this well is the first of its kind in the northern governorates since 1978, in a step that reflects the Oil Minister's directions towards revitalizing exploration work and developing promising blocks and reservoirs, with the aim of enhancing the hydrocarbon stock of oil and gas and increasing national reserves."
The minister affirmed, according to the statement, that "the ministry is proceeding with the implementation of its exploration programs aimed at enhancing the hydrocarbon reserves of oil and gas," noting that "the commencement of drilling this well represents an important milestone in the ministry's efforts to revitalize exploration work in promising areas after many years of inactivity."
He added that "the Ministry of Oil is adopting a new and clear vision based on expanding the drilling of exploratory wells and investing in geological and geophysical data, with the aim of enhancing the hydrocarbon reserves of oil and gas and securing resources that support the country's development and economic plans."
Khudair explained that "the project reflects the level of coordination and integration between the national oil formations, represented by the North Oil Company, the Iraqi Drilling Company and the Oil Exploration Company, to achieve the ministry's goals of maximizing hydrocarbon wealth and investing it optimally."
He added: “Increasing proven oil and gas reserves and compensating for depletion is a strategic goal for the Ministry of Oil, given its role in enhancing Iraq’s global oil standing and supporting long-term oil sector development plans.”
He pointed out that "developing hydrocarbon reserves contributes to enhancing the country's future production capabilities, and gives Iraq greater flexibility in managing the oil production and export file, in line with the size of its proven resources and reserves, and achieves the highest possible economic return to serve national development."
The minister affirmed that "the Ministry of Oil is continuing to implement its plans aimed at expanding exploration activity in various promising areas, which will contribute to supplying national reserves with new discoveries, enhancing economic sustainability, and supporting Iraq's position as one of the most prominent countries possessing oil and gas wealth in the world."
https://www.economy-news.net/content.php?id=70459
Baghdad And Erbil On The Path To Unified Customs: The End Of Fragmentation And The Beginning Of A Single Iraqi Market
Reports Economy News – Baghdad The Iraqi government and the Kurdistan Regional Government are moving towards a new phase of economic coordination through a project to unify customs systems and procedures at all border crossings, in a step seen as one of the most prominent milestones of financial and administrative reform in recent years, due to its direct impact on public revenues, trade, and the investment environment.
In recent days, Baghdad witnessed joint meetings between the Border Ports Authority, the General Authority of Customs, and the Kurdistan Region Customs Authority, with the participation of representatives from the relevant sectoral bodies, to discuss mechanisms for unifying customs tariffs and implementing the electronic ASYCUDA system at all border crossings, in addition to discussing customs exemptions, lists of prohibitions and restrictions, standardization procedures, quality control, radiation inspection, compliance with the agricultural calendar, addressing unofficial border crossings, and unifying tax procedures.
During the meeting, the head of the Border Ports Authority, Omar Adnan Al-Waili, stressed the importance of dealing with the issues raised in a positive spirit, while giving priority to facilitating trade between the region and the Iraqi governorates, noting that unifying procedures would reduce the burdens on drivers and traders and achieve greater smoothness in the movement of goods, which would reflect on economic stability.
This government initiative comes within the framework of a broader trend towards digitizing customs work and unifying trade policy throughout the country, especially with the expansion of the application of the ASYCUDA system, which was developed by the United Nations through the United Nations Conference on Trade and Development (UNCTAD), and is one of the most widely used customs systems in the world for managing import, export, and transit operations, automating customs procedures, and increasing the efficiency of collection and control.
In this context, Finance Minister Falih Sari stressed that unifying customs systems and procedures between the federal government and the Kurdistan Region represents an important strategic step within the path of economic reform and strengthening non-oil revenues, stressing the importance of implementing the ASYCUDA system in the region’s customs centers because it provides advanced control and administrative tools that contribute to developing customs performance and enhancing electronic control.
He explained that the joint meetings discussed mechanisms for implementing the system currently adopted at the federal ports and reviewed the results achieved in the field of digital transformation and simplification of procedures, as well as exploring ways to unify data and customs procedures between Baghdad and Erbil in line with international standards, enhance transparency, and raise the efficiency of border port management.
The government affirms that the implementation of the unified electronic system will contribute to reducing customs evasion cases, maximizing non-oil revenues, and tightening control over the movement of goods entering and leaving.
This prompted both sides to sign a joint memorandum that includes a set of recommendations and executive procedures for implementing the system in the customs centers affiliated with the Kurdistan Region, in preparation for submitting it to the Ministerial Council for Economy to complete the necessary legal procedures.
This file is of particular importance in light of the Kurdistan Regional Government’s approval of the implementation of the ASYCUDA system, as the head of the regional government, Masrour Barzani, had previously confirmed that the region had no objection to implementing the system, while requesting a technical grace period of about nine months to complete the necessary infrastructure requirements for its implementation.
The Prime Minister’s financial advisor, Mazhar Muhammad Salih, believes that unifying the customs systems between the federal government and the region represents a strategic step within the economic and financial reform project, explaining that its importance is not limited to the administrative aspect only, but extends to building a unified trade policy and enhancing the state’s ability to manage its non-oil resources more efficiently.
Saleh said that unifying customs systems will contribute to reducing cases of customs evasion resulting from differences in procedures and tariffs between ports, as well as unifying the databases for import and export movement, which provides more accurate information to decision-makers and helps to formulate more efficient economic and financial policies.
He added that the success of the project requires the adoption of unified electronic systems for collection and customs clearance, linking all border crossings to a central database that allows for real-time tracking of goods movement, in addition to activating joint monitoring and auditing and the exchange of information between the relevant authorities in the federal and regional governments.
Saleh pointed out that unifying customs systems will support increasing non-oil revenues by expanding the customs base, reducing financial leakage, and closing loopholes that allowed for different fees or duplication of procedures. He explained that this will achieve greater fairness in collecting fees and taxes on imports, enhance public treasury resources, and reduce excessive dependence on oil revenues.
The expected gains are not limited to the financial aspect only, as specialists believe that unifying customs procedures between Baghdad and Erbil will reduce the time and cost associated with the movement of goods within Iraq, strengthen the principle of national market unity, and give investors a clearer and more stable view of the business environment, as well as reduce the complications facing traders and importers when moving goods between the region and other governorates.
The success of this project will also contribute to strengthening confidence in the Iraqi economy among international institutions and foreign companies, especially with Iraq’s move towards expanding regional trade and implementing major strategic projects in the fields of transport and logistics.
Given the financial challenges facing oil-dependent economies, the move to unify customs systems between Baghdad and Erbil appears to be part of a broader vision aimed at building a more diversified and sustainable economy, based on developing non-oil revenues, improving financial management, and employing modern technology in managing border crossings, thereby enhancing state efficiency and consolidating the unity of the Iraqi market on more organized and transparent foundations.