Iraq Economic News and Points to Ponder Monday Afternoon 3-10-25
Economist: Lower Oil Prices May Push Iraq To Reduce Exchange Rate And Cut Expenses
Time: 2025/03/10 12:38:15 Read: 2,895 times {Economic: Al Furat News} Economic expert Nabil Al Marsomi warned today, Monday, that the continued decline in oil prices will put the Iraqi government before difficult choices, including those that may include reducing the exchange rate to confront financial challenges.
Al-Marsoumi told Al-Furat News Agency that “the government may be forced to take austerity measures that include reducing public expenditures and increasing non-oil revenues,” noting that “the oil market is currently suffering from significant weakness, with a decline in oil policy that may include imposing fees on some countries such as China, Canada and Mexico, in addition to the possibility of canceling the OPEC Plus agreement, which stipulates reducing production by two million barrels per day.”
He added, "These expectations indicate further declines in oil prices in the coming weeks, which will negatively affect the Iraqi economy." LINK
The Ministerial Council For Economy Discusses The Completion Of The Budget Schedules And The Reality Of The Local And Global Oil Market
Local | 08:28 - 10/03/2025 Mawazine News – Baghdad The Ministerial Council for the Economy discussed, on Monday, completing the budget schedules and the reality of the local and global oil market, while setting the end of this year as the final date for implementing the Iraqi specifications for vehicles and regulating the process of issuing car import licenses.
The Council said in a statement received by Mawazine News: "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein chaired, on Monday, the eighth session of the Ministerial Council for the Economy, which was held in the Council building in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Trade, Agriculture, Industry, Labor and Social Affairs, in addition to the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Undersecretary of the Ministry of Oil, the Deputy Chairman of the National Investment Commission, and the Prime Minister's advisors for economic and legal affairs."
He added that "the Council hosted the Minister of Interior to discuss the project to rehabilitate vehicle registration sites and issue driving licenses throughout Iraq, in addition to the smart signals project and the radar system in the capital, Baghdad."
The Minister explained that "these projects will contribute to improving the services provided to citizens, enhancing traffic flow, and reducing congestion."
The Council supported the measures taken by the Ministry in this regard, and recommended submitting them to the Council of Ministers.
He added that "the Council discussed with the Deputy Prime Minister and Minister of Oil the completion of the budget schedules, where the Minister provided a detailed explanation of the reality of the local and global oil market, in terms of prices and expected production quantities, expenses required to manage extraction and marketing operations, and purchase of petroleum derivatives, in addition to the expected revenues from the oil sector."
He stated that "the Council hosted the Undersecretary of the Ministry of Electricity and officials in the Ministry, in addition to the Director General of the Iraqi Trade Bank and a number of heads of investment companies specialized in the energy sector, to review investment contracts and discuss the best ways to ensure the continuity of electricity supplies, especially with the approach of summer,"
noting that "the Council hosted the head of the Central Organization for Standardization and Quality Control, to discuss the Ministry of Planning's request to postpone the implementation of the Iraqi specification for vehicles, and organize the process of issuing car import licenses until the end of this year."
The head of the agency explained that "the postponement will enable the concerned authorities to complete the required technical procedures, in line with the Consumer Protection Law and the Competition and Anti-Monopoly Law."
He stated that "the Council approved the request, setting December 31, 2025 as the final date for implementation." https://www.mawazin.net/Details.aspx?jimare=260110
Basra Oil Prices Stabilize Above $70
Monday 10 March 2025 09:46 | Economic Number of readings: 174 Baghdad / NINA / Basra crude prices (heavy and medium) witnessed a remarkable stability at the opening of weekly trading in the global market.
Basra medium crude recorded $ 70.83 per barrel, while heavy recorded $ 67.78 per barrel.
The data also showed a slight decrease in global crude prices, as British Brent crude recorded $ 69.87, while US West Texas Intermediate crude recorded $ 66.53 per barrel. / End https://ninanews.com/Website/News/Details?key=1191005
Gold Prices Rise As Demand For Safe Havens Increases
10/03/2025 Mawazine News – Economy Gold prices rose on Monday, supported by a weaker dollar and increased demand for safe havens due to concerns about a global trade war, while investors awaited more evidence to assess the Federal Reserve's stance on interest rates. Spot gold rose 0.1% to $2,914.42 an ounce, while U.S. gold futures rose 0.3% to $2,921.90.
https://www.mawazin.net/Details.aspx?jimare=260093
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