Iraq Economic News and Points To Ponder Thursday Evening 8-28-25
Oil rices Fall Amid Global Market Volatility
Thursday, August 28, 2025, Economic Number of reads: 185 Baghdad / NINA / Oil prices fell on Thursday, as investors assessed the outlook for fuel demand in the United States as the summer driving season approaches its end and also considered potential shifts in crude supplies in light of the huge tariffs imposed by the United States on India to punish it for importing Russian oil.
Brent crude futures fell 31 cents, or 0.46%, to $67.74 by 00:27 GMT, and West Texas Intermediate (WTI) crude futures fell 36 cents, or 0.56%, to $63.79, after rising more than 1% in the previous session.
The U.S. Energy Information Administration said on Wednesday that U.S. crude inventories fell by 2.4 million barrels in the week ending August 22, compared to analysts' expectations in a Reuters poll for a draw of 1.9 million barrels. / https://ninanews.com/Website/News/Details?key=1248817
The Ministry Of Oil Announces The Final Statistics For July Exports And Revenues.
Thursday, August 28, 2025 | Economic Number of reads: 161 Baghdad / NINA / The Ministry of Oil announced, today, Thursday, the total oil exports and revenues achieved for last July, according to the final statistics issued by the State Oil Marketing Company (SOMO).
The ministry said in a statement: "The quantity of crude oil exports, including condensates, amounted to (104) million and (750) thousand and (788) barrels, with revenues amounting to (7) billion and (184) million and (804) thousand dollars."
It added: "The total quantities of crude oil exported for last July from oil fields in central and southern Iraq amounted to (104) million and (255) thousand and (143) barrels, while exports from the Qayyarah field amounted to (495) thousand and (645) barrels." https://ninanews.com/Website/News/Details?key=1248904
Basra Crude Prices Rise
Time: 2025/08/27 Reading: 495 times {Economic: Al Furat News} Prices of Basra heavy and medium crude oil rose on Wednesday, despite stable oil prices in global markets.
Basra Heavy crude prices rose 49 cents, or 0.49%, to $67.12, while Middle East crude prices rose 49 cents, or 0.39%, to $70.57.
Oil prices stabilized after falling in the previous session, as the market awaits the impact of new US tariffs on India in retaliation for its purchases of Russian supplies. The price of Brent crude reached $67.24, while the price of US crude reached $63.25. LINK
After A Previous Increase, Gold Maintains Stability.
Economy | 08/28/2025 Mawazine News - Follow-up Gold prices remained stable on Thursday, as investors awaited influential US data expected to determine the Federal Reserve's interest rate outlook.
Spot gold was steady at $3,390.27 per ounce by 02:57 GMT, after touching its highest level since August 11 earlier in the session, while US futures for December delivery were steady at $3,447.40 per ounce.
Traders are awaiting the Personal Consumption Expenditures (PCE) price index, due on Friday. This is the Federal Reserve's preferred inflation gauge.
Economists expect the index to rise 2.6% in July, the same pace as the previous month.
The probability of a 25 basis point rate cut at the next Fed policy meeting is more than 88%, noting that gold typically benefits from a low interest rate environment.
Among other precious metals, silver rose 0.3% to $38.72 per ounce, while platinum was steady at $1,348.07, and palladium rose 0.3% to $1,095.26. https://www.mawazin.net/Details.aspx?jimare=265848
The Development Bank Launches The First Unmanned Smart Branch In Iraq.
Wednesday, August 27, 2025, 5:53 PM | Economic Number of readings: 96 Baghdad / NINA / The International Development Bank announced today, Wednesday, the launch of the first smart branch of its kind in Iraq.
The bank said in a statement: "It has launched the first smart branch of its kind in Iraq, which enables banking transactions to be completed completely without the need for employees and available 24 hours a day, seven days a week, in a step that reflects the bank's commitment to digital transformation and promoting innovation in the Iraqi banking sector."
The statement added that "the new branch is located inside the General Administration Building of the International Development Bank on Abu Nawas Street in Baghdad, to be available to all customers as the first integrated digital banking experience in the country."
It continued: "The smart branch enables customers to complete their various banking transactions within minutes, whether for individuals, companies, businessmen, investors, entrepreneurs, or content creators, through an integrated package of digital services that include opening bank accounts and deposits, withdrawing and depositing funds, depositing bank checks and requesting the issuance of checkbooks, requesting the issuance of bank cards, transferring funds between accounts, in addition to purchasing gold ounces, printing account statements, settling loans, receiving content creator profits, and other innovative services."
The bank explained that "the branch allows customers to speak directly with customer service employees via audio and video, ensuring a more interactive and flexible banking experience and identifying customer needs immediately."
According to the statement, Wissam Al-Amri, Marketing Director at the International Development Bank, said, "The launch of the smart branch reflects the bank's commitment to placing customers at the heart of our priorities by providing innovative and easy-to-use banking solutions that enable them to manage their financial needs efficiently and at any time."
The statement concluded, "With this pioneering step, the International Development Bank consolidates its position as the first Iraqi bank to launch a smart branch, keeping pace with global developments in the banking sector and affirming its commitment to providing the best financial solutions to its customers." /End https://ninanews.com/Website/News/Details?key=1248758
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