Iraq Economic News and Points To Ponder Monday Afternoon 9-8-25
Iraq Seeks To Increase Its Share Of Global Oil Markets.
Energy Economy News – Baghdad SOMO confirmed that Iraq seeks to increase its production and export share in line with global market needs and balance, as it is the second-largest producer in OPEC.
SOMO General Manager Ali Nizar said, "Iraq possesses exceptional investment opportunities in the oil and gas sector, making it an open market for reputable international companies."
He added, "The company's plans focus on strengthening Iraq's position as a pivotal energy hub by diversifying export outlets, entering into partnerships with global refineries, providing strategic storage sites, and expanding the pipeline network." https://economy-news.net/content.php?id=59799
Iraqi Oil Prices Decline On The Global Market.
Economy | 08/09/2025 Mawazine News - Baghdad - Iraqi oil prices declined on Monday, with the opening of daily trading in the global market.
According to data reviewed by Mawazine News, Basra Heavy crude recorded $64.81 per barrel, while the average recorded $68.01 per barrel, with a change of -0.38 for both.
On the other hand, the data showed an increase in global crude prices, as British Brent crude recorded $66.69 per barrel, while US West Texas Intermediate crude recorded $63.00 per barrel, with a change of +1.18 and +1.12, respectively. https://www.mawazin.net/Details.aspx?jimare=266434
The US State Department Expresses Its Dissatisfaction With Baghdad's Policy Toward The Kurdistan Region.
The head of the Kurdistan Regional Government's Office of Foreign Relations, Safeen Dizayee, announced on Monday that the US State Department had informed the Iraqi government of its dissatisfaction with the policy pursued towards the region.
Dizayee explained that this position is due to the ongoing tensions between Baghdad and Erbil on sensitive issues, most notably the sharing of financial revenues, salaries, and disagreements related to oil agreements. These disagreements hinder cooperation and negatively impact political and economic stability in Iraq in general and the region in particular.
Dizayee indicated that Erbil continues its efforts to strengthen its relations with countries with advanced economic and industrial expertise, such as Thailand, to benefit from their experiences in developing economic sectors.
He also noted that the regional capital is currently hosting more than six economic forums and conferences organized by consulates and embassies from European countries and others from the United States, an indication of international confidence in the region as a stable investment destination. https://www.radionawa.com/all-detail.aspx?jimare=42555
For The Fourth Day, The Dollar Exchange Rate Remains Stable In Baghdad.
Economy | 11:41 - 08/09/2025 Mawazine News – Baghdad The exchange rate of the US dollar against the Iraqi dinar witnessed relative stability on stock exchanges, with a relative decline on some exchanges.
On the Baghdad stock exchange, the selling price reached 143,500 dinars per $100, while the buying price reached 142,900 dinars per $100. However, at money exchanges, the selling price reached 144 dinars and the buying price 142 dinars. https://www.mawazin.net/Details.aspx?jimare=266440
Gold Exceeds $3,600 For The First Time In Its History
Stock Exchange
Spot gold hit an all-time high on Monday, reaching $3,600.46 per ounce, the first time in its history, driven by growing expectations of a Federal Reserve interest rate cut this month following unexpectedly weak employment data last week.
Spot gold was trading at $3,586.81 per ounce at 01:21 GMT. The price of gold rose to a record high of $3,599.89 on Friday.
US gold futures for December delivery fell 0.7 percent to $3,626.10.
"The key factor is the US jobs data and expectations of a 50 basis point rate cut in September. It's a slim chance, but it represents a significant shift compared to the situation before the jobs data," said Kael Rodda, an analyst at Capital.com.
He added, "In general, all factors are pushing gold prices higher at the moment, and despite the surprise inflation data this week, we will see a good test of the $3,600 level."
U.S. employment growth weakened sharply in August, and the unemployment rate rose to a nearly four-year high of 4.3 percent, underscoring the weakening strength of the labor market and strengthening the chances of a Federal Reserve interest rate cut next week.
The gold price currently reflects expectations of a 25 basis point cut this month, with an 8 percent probability of a cut as large as 50 basis points, according to the CME Group's FedWatch tool.
Lowering interest rates reduces the opportunity cost of holding gold and weakens the dollar, making gold cheaper for investors holding other currencies.
Focus now turns to Thursday's US inflation report, which may provide further clarity on the size of the Federal Reserve's expected interest rate cut.
Gold prices have risen 37 percent so far this year, following gains of 27 percent in 2024, driven by a weaker dollar, central bank buying, monetary easing, and prevailing geopolitical and economic uncertainty.
The People's Bank of China added gold to its reserves in August, continuing its purchases of the precious metal for the tenth consecutive month.
Meanwhile, gold traders increased their net long positions by 20,740 contracts to 168,862 contracts in the week ending September 2.
As for silver, its spot price fell 0.5 percent to $40.75 per ounce, while platinum rose 0.1 percent to $1,374.35, and palladium remained unchanged at $1,109.71. https://economy-news.net/content.php?id=59806
Political | 08/09/2025 Mawazine News - Baghdad – President Abdul Latif Jamal Rashid discussed, on Monday, with the Chargé d'Affaires of the United States Embassy to Iraq, Joshua Harris, developing joint cooperation and enhancing dialogue in the capital, Baghdad.
The Presidency said in a statement received by Mawazine News, "The meeting discussed bilateral relations between the two countries and encouraging initiatives that serve the interests of the two friendly peoples. His Excellency the President of the Republic affirmed Iraq's keenness to build balanced partnerships based on mutual respect and common interests."
He continued, "Regional and international developments were reviewed, emphasizing the importance of continuing efforts to achieve regional stability and promote constructive dialogue between various parties."
For his part, Mr. Joshua Harris expressed his pride in representing his country in Iraq, stressing his aspiration to work together to consolidate relations and enhance cooperation in various fields, in a way that contributes to supporting security, stability and prosperity in the region." https://www.mawazin.net/Details.aspx?jimare=266450
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