Iraq Economic News and Points To Ponder Saturday Morning 12-27-25
Government Advisor: Current Revenues Cover Salaries And Basic State Requirements
Friday, December 26, 2025 19:57 | General Number of views: 177 Baghdad / NINA / The Prime Minister's Financial Advisor, Mazhar Muhammad Salih, confirmed on Friday that current public revenues cover the state's basic needs, primarily salaries. He also indicated that the government is moving towards controlling spending and maximizing non-oil revenues to achieve financial sustainability.
According to the official news agency, Salih stated, "Current public revenues cover the state's basic needs, primarily salaries, pensions, and social welfare expenditures, which total approximately eight trillion dinars monthly."
He explained that "these obligations, despite their importance and being a top priority that must be paid, constitute only a portion of the overall financial burden. Other obligations must be paid, including public debt servicing, outstanding arrears, and expenses for managing vital logistical aspects within the operational budget, in addition to spending on investment projects related to essential services."
He added, "Fiscal sustainability necessitates controlling public spending, reviewing and auditing it according to spending efficiency standards and priorities, while simultaneously maximizing non-oil revenues. This ensures that required expenditures are met in a stable and sustainable manner, independent of the cyclical fluctuations in oil revenues."
He emphasized that "the recent Cabinet decision establishes a new phase in fiscal policy management, known as the concept of fiscal consolidation. This approach aims to gradually reduce the fiscal deficit in the short term and solidify fiscal discipline in the long term, in addition to developing a phased strategy to reduce the public debt balance."
He pointed out that "this path is a fundamental pillar for achieving the constants of fiscal sustainability and strengthening the resilience of public finances, thus ensuring the state's ability to meet its social and economic obligations while maintaining the overall stability of the national economy." https://ninanews.com/Website/News/Details?Key=1268643
Planning: The Quality Control Apparatus Has Become Part Of The Global Control System.
Local | 12:34 - 26/12/2025 Mawazin News – Baghdad The Ministry of Planning confirmed on Friday that the Central Organization for Standardization and Quality
Control (COSQC) has become part of the global regulatory system. COSQC President Fayyad Mohammed stated, "The COSQC does not operate in isolation from the international trade system. Rather, its technical and regulatory functions are based on an integrated system of international agreements and standards, ensuring that Iraqi standards are aligned with global regulations and achieving a balance between consumer protection and facilitating the flow of trade."
He added, "The COSQC's international references include the Agreement on Technical Barriers to Trade (TBT – WTO). The organization plays its role in preparing and implementing Iraqi standards and technical regulations in accordance with the principles of this agreement, which stipulate non-discrimination between domestic and imported goods, reliance on scientific and technical foundations, and avoidance of imposing technical requirements that constitute an unjustified obstacle to trade." He explained that "under these conditions, the organization ensures that Iraqi standards are compatible with international standards and commercially recognized."
He added that "the agency's references also include the World Organisation for Animal Health (OIE) Sanitary and Phytosanitary Measures (SPS), which the agency, in coordination with health and agricultural authorities, relies on to assess the health risks of imported food and agricultural products. It also adopts laboratory tests as the scientific basis for acceptance or rejection decisions and applies the principle of prevention without violating international trade rules."
He pointed out that "the Central Agency relies on the International Organization for Standardization (ISO) standards when preparing or updating Iraqi standards and defining quality and safety requirements for imported goods. It also adopts quality management systems in laboratories and testing bodies, which contributes to raising the level of technical conformity and unifying references."
He explained that "the Codex Alimentarius Commission is the agency's primary reference in the field of inspecting imported foods, determining maximum limits for contaminants and food additives, and adopting laboratory testing and analysis methods, which enhances food safety and protects public health."
Regarding regional and international cooperation, the head of the Central Organization for Standardization and Quality Control affirmed that "the organization coordinates with regional and international organizations such as the Gulf Standardization Organization (GSO) and the United Nations Industrial Development Organization (UNIDO) to harmonize standards, build technical capacities, and facilitate mutual recognition."
He pointed out that "the basic standards adopted by the Central Organization for Standardization and Quality Control in its import operations include a certificate of origin to verify the source of goods and ensure they do not originate from prohibited areas, in addition to a certificate of conformity to prove the product's compliance with Iraqi standards, and a label to ensure clear information for the consumer in Arabic."
He noted that "the technical and procedural controls implemented by the organization include risk management for classifying shipments according to the type of goods and the importer's record, laboratory testing to conduct physical, chemical, and microbiological analyses, and its role in supporting other entities in implementing electronic systems such as the ASYCUDA system."
He explained that "the Central Organization for Standardization and Quality Control represents the fundamental technical pillar in import control, as its role is not limited to inspection alone, but extends to setting standards, harmonizing them internationally, implementing them in the field, and supporting regulatory decisions with scientific evidence."
He added that "Iraqi oversight thus becomes an active part of the global regulatory system, and consumer protection is achieved without harming trade." https://www.mawazin.net/Details.aspx?jimare=272027
Oil: Oil Exports Reached 106.6 Million Barrels In November, With Revenues Exceeding $6.6 Billion.
Economy | 06:12 - 25/12/2025 Mawazin News – Economy The Iraqi Ministry of Oil announced the final statistics for crude oil exports, including condensates, on Thursday, December 25, along with the cash revenues generated for November 2025, according to data from the Iraqi State Oil Marketing Company (SOMO).
Total exports reached 106,593,352 barrels, generating revenues exceeding $6,595,391,000.
The detailed statistics provided further information on production sources and export destinations as follows:
- 98,709,795 barrels from fields in central and southern Iraq.
- 7,583,733 barrels from the Kurdistan Region via the Turkish port of Ceyhan.
- 299,824 barrels to Jordan.
The Ministry affirmed its commitment to publishing these figures monthly, based on its belief in the importance of informing the public about export operations to enhance transparency.
Iraq's average daily oil exports in August reached 3.38 million barrels, according to the Ministry of Oil. The head of Iraq's state oil marketing company SOMO said on Saturday that average oil exports for September are expected to range between 3.4 and 3.45 million barrels per day. OPEC counts oil flows from the Kurdistan Region as part of Iraq's quota.
https://www.mawazin.net/Details.aspx?jimare=272013
Oil Is Heading For Its Biggest Weekly Gain Since October.
Economy | 10:13 - 26/12/2025 Mawazin News – Economy Oil prices are on track for their biggest weekly gain since late October, as traders monitor a partial U.S. blockade of Venezuelan crude shipments and a U.S. military strike against an armed group in Nigeria.
Global benchmark Brent crude traded above $62 a barrel, up more than 3% this week, while West Texas Intermediate (WTI) crude traded below $59.
In Venezuela, a sanctioned tanker being pursued by U.S. forces altered course, moving away from the South American country, as the Trump administration intensified pressure on Caracas.
The White House has ordered military commanders to focus over the next two months on isolating Venezuelan oil, according to a person familiar with the matter. The person, who asked not to be identified, said U.S. forces are focusing almost exclusively on the blockade, rather than military options.
Brent crude is still headed for its biggest annual decline since 2020, having fallen by about 16%. This decline is attributed to expectations of a supply glut, with almost all major crude oil traders anticipating a global oversupply next year after producers within and outside the OPEC+ alliance increased output. However, escalating geopolitical tensions have helped to support prices. https://www.mawazin.net/Details.aspx?jimare=272022
A Historic Surge In Precious Metals To Record Levels
Economy | 12:53 - 26/12/2025 Mawazin News – Economy Gold and silver surged to record highs as political tensions and a weaker dollar extended a historic rally for the precious metals.
Spot gold rose as much as 1.2% to a record high above $4,530 an ounce. Tensions in Venezuela, where the United States tightened its blockade of oil tankers and increased pressure on the government of Nicolás Maduro, boosted the precious metal's safe-haven appeal, according to Bloomberg.
In Africa, the United States launched airstrikes targeting sites in Nigeria, with President Donald Trump stating that the strikes targeted ISIS.
The factors driving the historic rally have propelled gold up by nearly 70% this year and silver by more than 150%, with both metals on track for their best annual performance since 1979.
This sharp rise has been underpinned by increased central bank purchases, inflows into exchange-traded funds (ETFs), and three consecutive interest rate cuts by the US Federal Reserve.
Low borrowing costs are a boon for non-yielding precious metals, as traders bet on further interest rate cuts in 2026.
Heavy buying by ETFs has been a key driver of the recent surge. According to data from the World Gold Council, total holdings in gold-backed funds have increased in every month this year except May, while holdings in State Street Corporation's SPDR Gold Trust, the largest precious metals ETF, have risen by more than a fifth this year.
Silver's rally has been even stronger than gold's, with London vaults seeing significant inflows since the sell-off in October. However, much of the world's available silver remains in New York, as traders await the outcome of a U.S.
Commerce Department investigation into whether imports of critical minerals pose a national security threat. This could lead to tariffs or trade restrictions on the metal.
Gold rose 0.8% to $4,516.70 an ounce at 9:25 a.m. in Singapore. Silver climbed 4.3% to $74.94.
Platinum advanced 4.8%, nearing Wednesday's high of $2,381.53, its highest level since Bloomberg began tracking the metal in 1987. Palladium also rose 4%.
Silver rose in spot trading for immediate delivery for the fifth consecutive session, climbing as much as 4.5% to surpass $75 an ounce for the first time.
The recent gains in the white metal have been bolstered by speculative inflows and ongoing supply disruptions across major trading hubs, following a historic sell-off in October.
The Bloomberg Dollar Index, which measures the strength of the US currency, fell 0.8% over the week, its biggest weekly decline since June. A weaker dollar is generally supportive of gold and silver prices.
https://www.mawazin.net/Details.aspx?jimare=272029
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