Iraq Economic News and Points To Ponder Saturday Afternoon 9-6-25
The Prime Minister Stresses The Importance Of The Strategic Bilateral Relationship Between Iraq And The United States.
Time: 2025/09/06 12:22:50 Reading: 735 times {Political: Al Furat News} Prime Minister Mohammed Shia al-Sudani received the new US Chargé d'Affaires in Iraq, Joshua Harris, today, Saturday, on the occasion of his assumption of his duties.
During the meeting, Al-Sudani stressed, according to a statement from the Prime Minister's Office, a copy of which was received by {Euphrates News}, "the importance of the bilateral strategic relationship between Iraq and the United States, and increasing and developing joint coordination in various fields, in a way that serves the interests of the two friendly peoples."
The statement added, "The meeting also reviewed regional conditions, the most prominent international files, and issues of common interest, exchanging views on them, and ways of cooperation to support regional stability, reduce tension, stop the continuation of conflicts, and prevent the expansion of the conflict." LINK
OPEC Secretary-General: Iraq Will Remain A Vital Hub In The Energy System.
Saturday, September 6, 2025, 1:42 PM | Economic Number of reads: 301
Baghdad / NINA / OPEC Secretary General Haitham Al-Ghais affirmed that Iraq will remain a vital hub in the energy system, renewing the organization's commitment to a sustainable future.
He said in a speech at the Baghdad International Energy Forum: It is a great honor for me to represent OPEC in Baghdad, the cradle of civilizations and the beating heart of the region
. Al-Ghais added that since OPEC was established in Baghdad, it has played a pivotal role in achieving balance in the global oil market. https://ninanews.com/Website/News/Details?key=1250296
Oil Minister: The Holding Of The Baghdad International Energy Forum Is Evidence Of Iraq's Strong Role.
Saturday, September 6, 2025, 1:30 PM | Economics Number of reads: 302
Baghdad / NINA / Oil Minister Hayan Abdul Ghani stressed that holding this forum in Baghdad is evidence of Iraq's strong role and that it is taking confident steps towards leadership in the energy field.
He said in a speech at the Baghdad International Energy Forum: Our goal is to reach diversification of energy sources to be 30 percent of diversification by 2040.
The Minister of Oil added that: Holding this forum in Baghdad is a clear message that Iraq is regaining its position as a sustainable energy partner in the world.
He explained that Iraq is qualified for dialogue on energy transition, indicating that the government and the ministry are working on the energy file for sustainable growth.
The Minister of Oil indicated that "the ministry signed a contract with a British company to develop four oil fields around Kirkuk Governorate," adding that "Iraq was able to reduce greenhouse gas emissions by 2.5%, while at the same time working to diversify export routes to ensure access to various global markets."
Abdul Ghani stressed that "Iraq does not view energy in isolation from the environment, as the government is working on preparing a green building project," affirming that "Iraq's vision for the future is to be a global energy hub." / https://ninanews.com/Website/News/Details?key=1250292
Basra Crude Prices Fell By More Than 3% In A Week.
Time: 2025/09/06 09:14:03 Reading: 330 times {Economic: Al Furat News} Basra crude prices fell, closing last week with a loss of more than 3%.
Basra Heavy crude closed its last session on Friday, down 38 cents, at $64.81, recording a weekly loss of $2.1, or 3.14%.
Basra Medium crude closed the last session up 38 cents, reaching $70.11, marking a weekly loss of $2.11, or 3.01%.
Brent crude futures lost $1.44, or 2.15%, to settle at $65.55 a barrel, while US West Texas Intermediate crude lost $1.61, or 2.54%, to settle at $61.87 a barrel. LINK
Mazhar Saleh: The Amman Agreements Are A Roadmap For Regional Openness And Gulf Partnerships.
Time: 2025/09/06 15:29:08 Reading: 570 times {Economic: Al Furat News} The Prime Minister's financial advisor, Mazhar Mohammed Saleh, affirmed today, Saturday, that the agreements concluded with Oman constitute a roadmap for greater openness on the Arab and regional levels, while noting that they will open the doors to partnerships with Gulf states and international seaports.
In a press statement, Saleh said, "The memoranda of understanding signed by Prime Minister Mohammed Shia al-Sudani during his recent visit to the sisterly Sultanate of Oman constitute a cornerstone of cooperation between two important Gulf countries on both sides of the Gulf.
These memoranda are not merely official documents, but rather a roadmap toward an Iraq that is more open to its Arab and regional surroundings, more capable of attracting investment and achieving sustainable development, and represent a strategic step toward repositioning Iraq economically and regionally."
He added, "Iraq seeks to expand its economic relations beyond the traditional framework, as the memoranda of understanding with the Sultanate of Oman, in particular, open the door to partnerships with a Gulf state with a strategic location and advanced global seaports, particularly logistical connectivity via the Development Road project."
He continued, "Linking the Grand Faw Port with the ports of the Sultanate of Oman via the Development Road Project will create a trade corridor linking the Gulf with Turkey and Europe, strengthening Iraq's position as a regional and international transit hub. It will also expand trade between the two countries."
He added, "The signed memoranda of understanding cover other critical areas, such as the capital market, industry, energy, and tourism. These sectors could serve as a gateway to broader cooperation with Gulf countries, which possess advanced expertise in these sectors.
This should not be overlooked, however, as the two countries must avoid double taxation to prevent tax evasion on income and capital. This will encourage Omani and Iraqi investors to invest capital without fear of tax complications."
He pointed out that "a memorandum of understanding was also signed between the Federation of Iraqi Chambers of Commerce and the Oman Chamber of Commerce and Industry, which enhances the role of the private sector in leading economic cooperation in a free market cooperation, in addition to establishing strategic projects in the fields of energy and logistics.
The agreement between the two countries will go towards building an oil storage facility with a capacity of 10 million barrels in the Omani port of Duqm, which is an important step towards establishing a solid regional infrastructure in the fields of energy and transportation."
He continued, "This file will enable Iraq to access Asian and African markets more easily, and strengthen its position as a major transit point. It will also launch a follow-up mechanism through the formation of a joint committee, such as the Omani-Iraqi Council, to monitor implementation. This confirms the seriousness of turning the plans into a tangible reality."
He added, "More than 24 memoranda of understanding were signed covering various vital sectors such as energy, raw materials, tourism, communications, infrastructure, smart cities, manufacturing, financial services, and capital markets."
He explained that "the memoranda also included cooperation in the legal fields, education, scientific research, intellectual property, urban recovery, and the defense sector," noting that "the Omani investment market indicates a significant presence of the Iraqi private sector, as the number of Iraqi companies currently investing in the Sultanate of Oman has reached approximately 1,304 companies with a total capital of approximately 94.3 million Omani riyals, representing 68.2% of foreign investment there.
The relations between the two private sectors also indicate prosperity, and the Omanis see Iraq as an attractive market and an important opportunity to benefit from the renewed infrastructure and free zones for the purpose of investment and trade."
He pointed out that "trade exchange between the two brotherly countries jumped by 30% in 2024 compared to 2023, reaching approximately $779 million, and in the first half of 2025, it increased to $622 million." LINK
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