Friday Evening Iraq Economic News Highlights 8-26-22
Friday Evening Iraq Economic News Highlights 8-26-22
The Minister Of Oil Stresses The Strengthening Of Cooperation With International Companies In The Field Of Energy
Energy Economy News / Baghdad The Minister of Oil, Ihsan Abdul-Jabbar Ismail, received the Russian ambassador in Baghdad, "Elbrus Kutrashev", and during the meeting, they discussed strengthening bilateral relations between the two countries.
The minister stressed the importance of strengthening joint cooperation with reputable international companies in the energy, oil and gas sector. For his part, the Russian ambassador expressed his country's desire to strengthen the frameworks of joint cooperation with Iraq in several fields.
33 views Added 08/25/2022 - 9:43 PM Update 08/26/22 - 12:39 PM
For Not Sending Iraq "Gas Oil" .. A General Shutdown Of Electricity In Lebanon At Noon Friday
Article at link: https://baghdadtoday.news/ar/news/198902/A
Oil Is Down Two Dollars
Shafaq News/ Oil prices fell by about two dollars a barrel on Thursday in volatile trading as investors prepared for the possibility of the return of Iranian oil exports subject to sanctions to global markets and due to fears that higher US interest rates would weaken demand for fuel.
Brent crude fell $1.88, or 1.9 percent, to settle at $99.34 a barrel. US West Texas Intermediate crude fell $2.37, or 2.5 percent, to $92.52 a barrel upon settlement. LINK
"SOMO" Warns Of Legal And Punitive Measures Against Buyers Of Oil From The Kurdistan Region
2022.08.25 - 14:14 Baghdad - people The Iraqi Oil Marketing Company (SOMO) has threatened new legal measures against buyers of crude oil from the Kurdistan region, according to a letter dated August 23 seen by Reuters.
The speech is the latest in a series of moves by the Iraqi Oil Ministry to try to control oil revenues from the Kurdistan region.
The letter stated, "Strict legal action will be taken against all concerned parties, in order to prevent the loading of those illegal shipments coming from Iraq, including but not limited to shipments coming from the Kurdistan region.
“The Iraqi Federal Ministry of Oil and SOMO as its subsidiary reserves the right to take all legal action against any dealer or buyer of smuggled crude oil who is proven to have specifically loaded Iraqi oil from Turkey’s Ceyhan Oil Terminal, without the express endorsement of SOMO.” https://www.nasnews.com/view.php?cat=92597
Baghdad Pressures Kurdistan Oil With New Sanctions Against Buyers
In the latest move to implement the Federal Court's decision, SOMO threatens to take firm legal action against any deal to sell Kurdistan oil without official permission from Baghdad.
Thursday 08/25/2022 Baghdad warns companies against "smuggling" oil through Ceyhan port in particular BAGHDAD - The state-owned Iraqi Oil Marketing Company (SOMO) has threatened new legal action against buyers of crude oil from the semi-autonomous Kurdistan region, according to a letter dated August 23.
The letter is the latest in a series of moves by the Iraqi Oil Ministry to try to control oil revenues from the Kurdistan region.
And the message, which was quoted by Reuters news agency, excerpts from, stated that "firm legal measures will be taken against all concerned parties, in order to prevent the loading of those illegal shipments coming from Iraq, including but not limited to shipments coming from the Kurdistan region."
"The Iraqi Federal Ministry of Oil and SOMO as its subsidiary reserve the right to take all legal measures against any dealer or buyer of smuggled crude oil who is proven to have loaded Iraqi oil from Turkey's Ceyhan Oil Terminal, specifically, without express endorsement from SOMO," SOMO added.
This move mimics a similar move by the Iraqi Oil Ministry in 2014 to prevent ships carrying crude from the Kurdistan region from unloading cargo at foreign ports.
A ruling by Iraq's Federal Supreme Court in February considered the legal foundations for the oil and gas sector in the Kurdistan region unconstitutional.
The Kurdistan Regional Government has repeatedly rejected the ruling. The region's prime minister last month described its decision as a "political" and unconstitutional ruling.
Iraq made several attempts to implement the Federal Court ruling. He summoned many companies operating in Kurdistan to commercial court sessions, which were repeatedly postponed, and introduced a policy to blacklist oil field service companies if they did not withdraw from the Kurdistan region.
The oil dispute between the two parties was renewed at the peak of prices and at a time when Iraq was seeking to increase its production and develop the oil infrastructure.
In May, the Iraqi Oil Ministry asked oil and gas companies operating in the Kurdistan region to sign new contracts with "SOMO" instead of the regional government.
Prior to that, Oil Minister Ihsan Abdul-Jabbar said that the Oil Ministry would start implementing the Federal Court ruling after talks with the KRG failed.
The oil file and the management of oil wealth is considered one of the most prominent outstanding issues between Baghdad and Erbil for years, and the events of 2017 reflected the state of tension between the two parties, forcing the federal government to send military forces that regained control of the oil fields in Kirkuk and forced the Kurdish forces to leave after a referendum on the independence of the Kurdish region The majority voted for secession. LINK
Gold Prices Are Dropping Locally
Economie 2022-08-27 | 03:27 602 views The prices of the yellow metal decreased, today, Saturday, in the Iraqi markets.
The price of a 21-carat gold Mithqal, the most widely traded among the public, amounted to 357,400 dinars, excluding drafting fees, while the price of a 24 carat gold Mithqal amounted to 408,450 dinars, excluding the drafting fees.
It is reported that gold prices today inIraqIt is important economic information for those who are about to get married, and it is of interest to investors inIraqBecause gold is linked to the global economy and at a time when the economy of many countries has deteriorated, gold has remained a safe haven for many, whether inIraqor in other countries. LINK