Iraq Economic News and Points To Ponder Thursday Afternoon 9-24-26

Erdogan: We Want To Focus With Iraq On The Path Of Development Instead Of Terrorism Issues

Money and business    Economy News - Follow-up   Turkish President Recep Tayyip Erdogan stressed his country's keenness to strengthen relations of cooperation and economic partnership with Iraq, and move the talks between the two countries to broader horizons that include the path of development and prosperity, instead of focusing on terrorism issues.

This came in remarks made by Erdogan to reporters at the Turkish House in New York, on the sidelines of his participation in the work of the United Nations General Assembly.

Erdogan said: "We want to talk with Iraq more through development, increasing the volume of our trade, stability and prosperity, instead of terrorism issues."

On the file of combating terrorism inside the country, President Erdogan stressed that the "coalition of the public" and the Turkish state share the determination to achieve the goal of "Turkey without terrorism."

The Turkish president pointed out that the efforts made in this regard are going positively, saying that "the process is progressing and we will reach the desired result not long ago."

He called on the parties concerned to "return to the negotiating table, stressing the importance of opening the Strait of Hormuz as a key to solving problems through dialogue."

"We assure the parties of the importance of opening the Strait of Hormuz as a key to solving problems through dialogue and returning as soon as possible to the negotiating table," he said.

On the re-establishment of the grain corridor in the Black Sea, Erdogan said: "We intensified our efforts to re-establish the grain corridor and discussed the issue with Ukrainian President Zelensky and his response was positive

https://www.economy-news.net/content.php?id=74309

Al-Zaidi Discusses With The President Of The Middle East Institute The Path Of Economic And Financial Reforms

Money and business  Economy News – Baghdad      Prime Minister Ali Al-Zaidi received on Thursday at his residence in New York, the President of the Middle East Institute for Research and Studies, Stuart Jones, on the sidelines of his participation in the meetings of the 81st session of the United Nations General Assembly.

During the meeting, they discussed regional and international developments, as well as the path of economic and financial reforms pursued by Iraq, and government efforts to enhance the investment environment, support the national economy and diversify sources of income.

Stewart Jones praised the success of the Iraqi government in implementing its anti-corruption policies, addressing financial files, and advancing the path of economic reform that supports the trend towards a more effective economy and stimulates investment climates in Iraq, thus enhancing development opportunities, economic partnership and investment with major companies   https://www.economy-news.net/content.php?id=74316

Oil Prices Rise 5% And Brent Exceeds $108 Per Barrel

Energy  Economy News - Follow-up  Oil prices rose by about 5% during trading on Thursday, with Brent crude exceeding the level of $ 108 per barrel.

Earlier, oil prices fell during Thursday’s trading, amid cautious optimism about diplomatic efforts between the United States and Iran, coinciding with the restoration of a major pipeline that could provide an alternative path for crude exports away from the Strait of Hormuz.

​Brent crude futures fell 0.7% to $102.39 a barrel at the start of European trading, while West Texas Intermediate crude fell to $91.54 for itself.

​U.S. Secretary of State Marco Rubio said on Wednesday that Saudi Arabia had restarted its East-West pipeline after it came under attack earlier this month, reopening an alternative route for crude oil exports beyond the Strait of Hormuz.

​Rubio added that the southern shipping lane through the Strait of Hormuz is still open, pointing to the flow of more oil through it daily. He stressed that the United States will continue to defend maritime navigation and coordinate the blockade imposed on Iran.

​Careful Diplomatic Signs

Iranian President Massoud Bizshkian said on Wednesday that Tehran was ready to enter negotiations to resolve the conflict with the United States, but stressed that it would not give in to what he called Washington's bullying, nor would it abandon its nuclear program.

​But Rubio gave a more conservative assessment of diplomatic contacts, explaining that Tuesday’s conversation was with mediators and that he did not want to describe its course as heading in any specific direction.

​The comments come at a time when the risks associated with maritime navigation remain high, after the ship "Kip Dow", flying the flag of Antigua and Barbuda, was targeted 2.5 nautical miles from the coast of the province of Musandam, Oman, on Wednesday.

​The Oman Maritime Security Center, in a post on the "X" platform, reported the death of a crew member and the evacuation of 27 others after a fire broke out in the engine room, without specifying who carried out the attack.

​In the United States, U.S. Central Command announced that its forces had diverted 115 merchant vessels as of September 23, as part of the implementation of the naval blockade of Iran.

​Meanwhile, data from the U.S. Energy Information Administration showed that commercial crude oil inventories rose by about 3 million barrels during the week ending September 18, reaching 426.4 million barrels, compared to 423.4 million barrels in the previous week.

​Inventories at the delivery center in the city of Kuching in Oklahoma also rose to 23.7 million barrels, compared to 21.5 million barrels in the previous week.

​Diesel scarcity puts pressure on the market

Despite rising crude inventories, refined product markets still face supply shortages, especially U.S. diesel, as the Trump administration considers possible export restrictions.

​The average price of diesel in the United States was $6.52 per gallon on Wednesday, after hitting a record high of $6.53 on Tuesday, according to the U.S. Automobile Association.

​The Trump administration is considering restrictions on diesel exports, but Energy Secretary Chris Wright said Wednesday that the administration would not go to a full ban, but pointed to the possibility of voluntary restrictions.

​Susan Bell, senior vice president of commodity markets at Restad Energy, said restricting diesel exports could temporarily lower its prices in the United States, but in return could raise the prices of other refined products as U.S. refiners have to cut production rates.

​The United States currently exports more than 1.5 million barrels per day of diesel and gas oil, including about 400 thousand barrels per day to Europe and 800 thousand barrels per day to South America.

​Ristad estimates that stopping these exports will require reducing the operating rates of refineries by about 4.2 million barrels per day on the Gulf coast and 500,000 barrels per day in California, which will also lead to a sharp decline in gasoline production https://www.economy-news.net/content.php?id=74317