Iraq Economic News and Points to Ponder Monday Afternoon 3-24-25
Baghdad Informs Washington: Iran Used Iraqi Documents To Sell Its Oil
Energy Economy News – Baghdad Following accusations against Iraq regarding SOMO's involvement in selling Iranian oil as Iraqi oil to help Tehran circumvent sanctions, Oil Minister Hayan Abdul Ghani revealed US-Iraqi talks on the matter.
Abdul Ghani said, "US naval forces seized Iranian tankers carrying oil and found documents indicating that it was Iraqi oil, even though it was Iranian."
Forged Documents
He added in statements to state television yesterday that "it later became clear that these documents were forged, as these Iranian tankers had forged them to sell oil to international companies as Iraqi oil."
He also confirmed that the Iraqi authorities "spoke with the American side to clarify the details of this case, and that Iraq has nothing to do with it." He explained that the American side understood the matter.
Oil Refinery In Iraq
These statements came after information emerged in recent months about SOMO's involvement in exporting and smuggling Iranian oil, amid threats of US sanctions against the company. SOMO had previously denied these accusations.
On the 19th of this month, the Iraqi Navy announced the seizure of an unidentified vessel in Iraqi territorial waters in the Gulf, suspected of smuggling fuel.
It's worth noting that since the US unilaterally withdrew from the 2015 nuclear agreement, Washington has tightened its sanctions on Tehran and reimposed stifling restrictions on certain sectors, particularly oil. https://economy-news.net/content.php?id=53726
Iraq Denies Any Connection To Oil Tankers Seized With Forged Documents.
Iraqi Oil Minister Hayan Abdul Ghani revealed that Baghdad received verbal messages from Washington regarding the US Navy's seizure of tankers carrying Iranian oil in the Gulf using Iraqi documents, stressing that Iraq informed the United States that these documents were forged.
Abdul Ghani explained, in a television interview, that some Iranian traders use fake documents, but that Iraq has nothing to do with these operations. He confirmed that the State Oil Marketing Organization (SOMO) monitors all its shipments via satellite, emphasizing that export operations through the company are transparent, as sales are only made to companies that own refineries, which distinguishes Iraq from others.
The minister indicated that some traders attempted to change the destination of shipments to take advantage of price differences between Asian and European markets, but SOMO took strict measures against them, including blacklisting some of them. He stressed that the company did not commit any violations in the export operations. https://www.radionawa.com/all-detail.aspx?jimare=41459
Oil Prices Stabilize Amid Anticipation Of Russia-Ukraine Talks
Energy Economy News – Baghdad Oil prices stabilized on Monday as investors assessed the prospects for ceasefire talks aimed at ending the war between Russia and Ukraine, which could lead to increased Russian oil imports into global markets.
Brent crude futures fell 8 cents, or 0.1%, to $72.08 a barrel by 00:46 GMT.
U.S. West Texas Intermediate crude fell five cents, or 0.1%, to $68.23.
Oil prices rose on Friday, posting gains for the second consecutive week, as new US sanctions on Iran and the latest OPEC+ production plan raised expectations of tighter supplies.
A US delegation will seek progress toward a Black Sea ceasefire and a broader cessation of violence in the war in Ukraine when it meets for talks with Russian officials on Monday, following discussions with Ukrainian diplomats on Sunday.
OPEC+—the Organization of the Petroleum Exporting Countries and its allies, including Russia—on Thursday issued a new schedule for seven member countries to further cut oil production to compensate for pumping above agreed levels. This will go beyond the monthly production increases the group plans to implement next month.
Market participants are also monitoring the impact of new US sanctions on Iran announced last week.
Iranian oil shipments to China are expected to decline in the near term following new US sanctions on a refinery and oil tankers, which have led to higher shipping costs. However, traders said they expect buyers to find alternative solutions to keep at least some volumes flowing.
https://economy-news.net/content.php?id=53718
Iraq's Oil Exports To The US Last Week Exceeded 200,000 Barrels Per Day
Sunday, March 23, 2025 11:07 | Economic Number of reads: 255 Baghdad / NINA / The US Energy Information Administration announced, on Sunday, an increase in Iraqi oil exports to the United States during the past week.
The administration said in a table, "The average US imports of crude oil during the past week from 8 major countries amounted to 4.673 million barrels per day, a decrease of 904 thousand barrels per day compared to the previous week, which averaged 5.577 million barrels per day."
It added that the average "Iraqi oil exports to America increased significantly, reaching 202 thousand barrels per day, an increase of 32 thousand barrels per day compared to the previous week, which averaged 170 thousand barrels per day."
The administration indicated that "the largest oil revenues to America during the past week came from Canada, followed by Colombia, Venezuela and Saudi Arabia."
According to the table, "the amount of US imports of crude oil continued from Mexico, Nigeria and Brazil at lower rates." / End https://ninanews.com/Website/News/Details?key=1193490
By This Date, The Government Plans To Increase Oil Production To More Than 6 Million Barrels Per Day
Energy Economy News – Baghdad The Ministry of Oil announced plans on Sunday to increase production to more than 6 million barrels per day by 2029, while also noting an agreement with BP to develop four fields in Kirkuk.
Undersecretary of the Ministry of Oil, Bassem Mohammed Khudair, said, "The ministry seeks to increase oil and gas production capacity within a clearly defined five-year plan, targeting a ceiling exceeding 6 million barrels per day between 2028 and 2029."
He explained that "the ministry is working to achieve these goals through projects extending to all governorates, benefiting from the exploration activity carried out by the Oil Exploration Company, as well as drilling and production operations in the fields across the six licensing rounds."
He pointed out that "among the most prominent current projects in the extraction sector is the integrated gas development project in the south, in the Artawi field, in addition to other projects, including the project to develop four important fields in Kirkuk, for which an agreement has been reached, and the final contract is scheduled to be signed with BP in the coming days."
He continued, "National extractive companies are now responsible for 70% of operational activities."
https://economy-news.net/content.php?id=53697
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