Iraq Economic News and Points to Ponder Sunday Evening 1-26-25
Iraq Economic News and Points to Ponder Sunday Evening 1-26-25
Iraq .. Discovery Of The Largest Oil Storage In The Center Of The Country With Two Billion Barrels
Economy Iraq Breaking Oil 2025-01-20 Shafaq News/ The Central Oil Company, in cooperation with the Chinese company (EBS), announced the achievement of a major oil discovery in the southern East Baghdad field. The general manager of the company, Eng. Mohamed Yassin Hassan, stated in a statement received by Shafaq News.
The main exploratory well tests in the eastern Baghdad field have achieved great success, as a highly productive oil flow of medium and light oil was obtained. It is expected to add more than two billion barrels to Iraq's oil reserves, making it the largest oil discovery in central Iraq.
The Director-General indicated that initial tests of the well showed a daily production rate of up to 5,000 barrels of crude oil. Yassin praised the fruitful cooperation between the Iraqi engineers at the Central Oil Company and their counterparts at the Chinese company EBS, which resulted in careful planning and strict implementation of well testing procedures in the areas located within the oil field.
This discovery acquires a strategic importance, as it is added to the oil balance of Iraq, which ranks fifth globally in confirmed reserves.
This achievement also comes to enhance the productive capabilities of Iraq, one of the founding and influential members of the Organization of Petroleum Exporting Countries (OPEC), which supports its pivotal role in the global energy market.
https://shafaq.com/ar/اقتصـاد/العراق-اكتشاف-كبر-خزين-نفطي-في-وسط-البلاد-بملياري-برميل
Al-Alaq Meets An Official Delegation From The United States
Economy - 01/26/2025 Mawazine News – Baghdad The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Sunday, that the Central Bank provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks.
A statement issued by the media office of the Central Bank of Iraq, received by Mawazine News, stated that "the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the Vice President of the American Chamber of Commerce, Steve Lutes, and the President of the American-Iraqi Business Council and his accompanying delegation in Baghdad."
He pointed out that "the meeting discussed banking and economic relations between the two countries and the upcoming visit of the Central Bank of Iraq delegation to Washington and their meeting with the American Chamber of Commerce and American companies next April."
He continued that "the meeting discussed the desire of American companies to invest in the energy, infrastructure and modern technology sectors and to invest in the security stability witnessed by Iraq. The two parties also discussed the mechanisms of international trade and the process of Iraq's transition to fully operating in foreign transfers through correspondent banks."
The governor stressed during the meeting that "the Central Bank of Iraq supports the path of economic growth in Iraq and provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks," noting "the importance of diversification in investment sectors." https://www.mawazin.net/Details.aspx?jimare=259035
Stability Of The Dollar Exchange Rate Against The Dinar In Baghdad And Erbil
01/26/2025 Mawazine News – Economy The US dollar exchange rate stabilized against the Iraqi dinar on Sunday in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.
The dollar exchange rate also stabilized with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, recording 150.800 dinars per 100 dollars, the same prices recorded this morning.
The selling prices stabilized in exchange shops in the local markets in Baghdad, where the selling price reached 151.750 dinars per 100 dollars, while the purchase price reached 149.750 dinars per 100 dollars.
In Erbil, the dollar also stabilized, where the selling price reached 150.700 dinars per 100 dollars, and the purchase price reached 150.600 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=259046
Iraq's Oil Exports To America Rise During The Week
Energy Economy News – Baghdad The US Energy Information Administration announced today, Sunday, that Iraq's oil exports to America increased during the past week.
The administration stated, in a table reviewed by "Al-Eqtisad News", that "the average US imports of crude oil during the past week from 9 major countries amounted to 6.064 million barrels per day, an increase of 109 thousand barrels per day from the previous week, which amounted to 5.964 million barrels per day."
She added that "Iraq's oil exports to America amounted to 218 thousand barrels per day last week, an increase of 66 thousand barrels per day from the previous week, which amounted to 152 thousand barrels per day."
The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 4.329 million barrels per day, followed by Venezuela at an average of 416 thousand barrels per day, then Colombia at 286 thousand barrels per day, and Saudi Arabia at 256 thousand barrels per day."
According to the table, "the amount of US crude oil imports from Mexico amounted to 244 thousand barrels per day, from Nigeria 156 thousand barrels per day, from Brazil 138 thousand barrels per day, and from Libya 30 thousand barrels per day." https://economy-news.net/content.php?id=52286
Gold Prices Stabilize In Baghdad
Economy | 01/26/2025 Mawazine News – Baghdad Gold prices witnessed stability in the wholesale markets of Al-Nahr Street in the capital, Baghdad, where the selling price of one mithqal of 21 karat Gulf, Turkish and European gold was recorded at 584 thousand dinars, and the purchase price was 580 thousand dinars.
The selling price of one mithqal of 21 karat Iraqi gold was recorded at 554 thousand dinars, and the purchase price was 550 thousand.
In goldsmiths’ shops, the selling price of one mithqal of 21 karat Gulf gold ranged between 585 thousand and 595 thousand dinars, while the selling price of one mithqal of Iraqi gold ranged between 555 thousand and 565 thousand dinars. https://www.mawazin.net/Details.aspx?jimare=259024
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