Iraq Economic News and Points to Ponder Wednesday Evening 2-19-25

Foreign Minister Reveals New Round Of Dialogue With America In Washington

2025/02/19 Reading: 825 times   {Politics: Al Furat News} Foreign Minister Fuad Hussein confirmed that the relationship with the United States is managed within the framework of a strategic dialogue.
Hussein said in a televised statement, "Iraq is looking forward to a new round of dialogue this year in Washington.

The minister pointed out that the new American policy in the region requires constructive interaction, stressing the independence of the Iraqi decision.

Regarding the Syrian file, Fuad Hussein said that this issue is not only local or national, but rather a regional and international issue with complex dimensions, noting that Iraq continues to hold talks with the Syrian side and the parties concerned in this regard.

Regarding the tension between Washington and Tehran, the Foreign Minister stressed that this tension directly affects Iraq, noting that Baghdad is in constant contact with the Iranian side and looks forward to holding talks with the American side, based on the Iraqi national interest.

Regarding the Palestinian issue, the minister stressed the existence of clear Arab positions on the issue of the displacement of Palestinians from Gaza, explaining that this issue has provoked strong reactions in Arab societies."

He explained that "the Iraqi society always supports the Palestinian cause, and there is an Iraqi national law that prohibits normalization and communication with the entity.

Hussein continued, "We will hold the Arab summit in Baghdad, and we invite all leaders to participate. I did not talk about any personal matter, but the invitation comes within the framework of the summit, and we invite everyone to Baghdad." LINK

Oil Prices Rise As US, Russia Cut Supplies

Wednesday 19 February 2025 | Economic Number of readings: 252  Baghdad / NINA / Oil prices rose during early Asian trading on Wednesday, amid disruptions to oil supplies in the United States and Russia, and as markets await clarity on peace talks in Ukraine.

Brent crude futures rose 20 cents, or 0.3 percent, to $76.04 a barrel at dawn today, rising for the third consecutive day, according to Reuters data.

US West Texas Intermediate crude futures for March rose 23 cents, or 0.3 percent, to $72.08 a barrel, up 1.7 percent from Friday's close after no settlement on Monday due to the US Presidents' Day holiday. The March contract expires on Thursday. The more widely traded April contract rose 0.3 percent to $72.04.

Russia said oil flows through the Caspian Sea pipeline, a major route for crude oil exports from Kazakhstan, plunged 30 to 40 percent on Tuesday after a Ukrainian drone attack on a pumping station.

Meanwhile, cold weather has threatened U.S. oil supplies, with the North Dakota Pipeline Authority estimating that production in the third-largest U.S. crude-producing state will drop by up to 150,000 barrels per day due to the cold. / End  https://ninanews.com/Website/News/Details?key=1187510

Goldman Sachs: OPEC+ To Postpone Planned Oil Production Increase

Energy  Economy News - Follow-up  Goldman Sachs said on Wednesday that the OPEC+ alliance, which includes OPEC and non-OPEC producers led by Russia, will postpone its planned increase in oil production from April to July.

He added that a potential peace deal between Ukraine and Russia and the associated easing of sanctions on Russia are unlikely to lead to increased Russian oil flows.

Bloomberg News reported two days ago, citing sources, that the OPEC+ alliance is considering postponing a series of monthly supply increases scheduled to begin in April, despite calls from US President Donald Trump to lower prices.

The agency quoted one of the sources as saying that global oil markets are still too fragile to increase production now.  https://economy-news.net/content.php?id=52888

Iraq Plans To Increase Oil Production To 7 Million Barrels Per Day

Energy  Economy News – Baghdad  The Ministry of Oil revealed, on Tuesday, plans to increase production capacity to reach (7) million barrels per day in the coming years.

The Undersecretary of the Ministry, Ali Maaraj, said in an interview with the official newspaper, which was followed by “Al-Eqtisad News”, that “the Ministry has plans to increase production capacity to (7) million barrels per day of oil within the next five years.”

He explained that "this level of production can be achieved through the fifth and sixth licensing rounds and their annex, and the contracts that were concluded, in addition to developing the Artawi, Ibn Omar and Tuba fields, and the national effort exerted to develop the remaining fields. https://economy-news.net/content.php?id=52864

Restructuring Iraqi Banks.. A Government Plan To Protect The Financial Sector

2025/02/19 Read: 2,145 times  {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that the government and the monetary authority are working on a comprehensive reform of the national banking system, with the aim of enhancing its stability and protecting it from the repercussions of any stumbling block in integration with the global financial system.

Saleh explained to {Euphrates News} that “the reform efforts include restructuring private and government banks, noting that the American company Oliver Wyman is currently studying the conditions of private banks, while E&Y is evaluating government banks, to come up with a unified vision aimed at developing the banking sector and ensuring its effective integration into the international financial system.”   LINK


For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/