Iraq Economic News and Points To Ponder Tuesday Afternoon 11-4-25
Due To US And UK Sanctions, Reuters Reports That Iraq Has Cancelled Loadings Of Russian Oil Shipments.
Economy | 04/11/2025 Mawazin News - Follow-up: Reuters reported that Iraq has canceled oil shipments from Russia's Lukoil due to US and UK sanctions.
The agency quoted two sources as saying that Iraq canceled three crude oil shipments from Lukoil in November, citing concerns related to the US and UK sanctions imposed on the company.
The sources stated that the Iraqi state oil marketing company, SOMO, canceled shipments of Lukoil's production from the West Qurna-2 field. They added that the shipments were scheduled to be loaded on November 11, 18, and 26.
Washington and the European Union imposed a new round of sanctions targeting the Russian energy giants Rosneft and Lukoil, adding further burdens to Moscow's oil exports and disrupting global energy markets.
This has raised questions about Russia's ability to circumvent the restrictions and maintain the flow of crude to key buyers, amid growing fears of a new wave of high oil prices that threatens the global economy. https://www.mawazin.net/Details.aspx?jimare=269676
Customs Reveals Its Revenue Figures For The Past Three Years, Describing Them As unprecedented
Economy | 09:52 - 04/11/2025 Mawazin News – Baghdad: The Director General of the General Authority of Customs, Thamer Al-Tai, confirmed on Tuesday that recent government reforms in the customs and border crossings sector have yielded significant positive results, including an unprecedented increase in customs revenues since 2003, revealing the size of these revenues over the past three years.
Al-Tai told Mawazin News Agency that "the General Authority of Customs represents one of the fundamental pillars of the national economy, given its pivotal role in supporting the economy and facilitating trade through its close cooperation with the Border Ports Authority." He pointed out that "developing work mechanisms and simplifying procedures directly contributed to achieving this qualitative leap."
He added that "the government reforms included implementing an automation system and modernizing the administrative structure of the Authority and the departments operating at the border crossings, which directly impacted performance improvement, increased revenues, and reduced opportunities for corruption and manipulation."
Al-Ta'i explained that "customs revenues have reached unprecedented levels, as follows:
- In 2023, they amounted to approximately 1.7 trillion dinars.
- In 2024, they rose to 2.145 trillion dinars.
- In 2025, they reached 2.175 trillion dinars."
He emphasized that "these figures are the highest in the records of the General Authority of Customs since its establishment, and represent a clear indicator of the success of the administrative and oversight reforms adopted by the government."
He also clarified that "these revenues pertain to the federal ports of entry under the jurisdiction of the federal government."
The Director General of the General Authority of Customs pointed out that "the Authority has adopted a simultaneous oversight approach and implemented the ASYCUDA World system at all federal border crossings, which has contributed to automating customs procedures, increasing revenues, and significantly reducing administrative and financial corruption."
Al-Ta'i noted that "the Authority recently established a Customs Control Room, which includes a range of oversight operations and operates around the clock to monitor all customs centers via network connectivity, analyze sonar images, and assess and manage risks."
Al-Ta'i indicated that "The General Authority of Customs is not just a revenue-generating body, but a regulatory body that protects the national economy from manipulation and corruption, and constantly seeks to consolidate the principles of transparency and efficiency in customs work in a way that supports the economic reform process in Iraq."
https://www.mawazin.net/Details.aspx?jimare=269695
Dollar Prices In Baghdad Saw A Slight Decrease At The Close.
Economy | 04/11/2025 Mawazin News - Baghdad: The exchange rate of the US dollar against the Iraqi dinar decreased slightly in Baghdad markets as the stock exchange closed.
The dollar fell in the Al-Kifah and Al-Harithiya exchanges, reaching 141,100 dinars per 100 dollars, compared to 141,200 dinars per 100 dollars earlier today.
The selling price at local currency exchange shops in Baghdad also decreased, reaching 142,000 dinars per 100 dollars, while the buying price was 140,000 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=269675
Gold Prices Rise Again In Baghdad
Economy | 04/11/2025 Mawazin News - Baghdad: Prices of both foreign and Iraqi gold have risen in local markets in the capital, Baghdad.
The selling price of one mithqal (approximately 4.5 grams) of 21-karat Iraqi gold reached 760,000 dinars, while the buying price was 755,000 dinars. The selling price of one mithqal in goldsmith shops ranged between 795,000 and 800,000 dinars for Gulf gold. https://www.mawazin.net/Details.aspx?jimare=269664
Oil Prices Stabilize As The Market Absorbs OPEC+ Production Plans
Energy Economy News – Baghdad Oil prices were steady in early trading on Tuesday as markets assessed the OPEC+ alliance's decision to halt production increases during the first quarter of next year, amid ongoing concerns about the prospect of a global supply glut.
Brent crude futures edged down 9 cents, or 0.1%, to $64.80 a barrel by 01:10 GMT. U.S. West Texas Intermediate crude futures also fell 10 cents, or 0.2%, to $60.95 a barrel.
OPEC+ had agreed on Sunday to a slight increase in production for December, along with a temporary halt to any increases during the first quarter of 2026 in a move aimed at maintaining market balance.
The alliance has increased production levels by about 2.9 million barrels per day – representing about 2.7% of global supply – since April, but the pace of the increase has slowed since October with indications of a possible surplus in the oil market.
Sources within OPEC+ indicated that the decision to freeze production targets came after pressure from Russia, which is finding it difficult to increase its exports as a result of Western sanctions imposed on Russian energy companies.
In October, the United States and the United Kingdom imposed sanctions on Russia’s two main oil companies, Rosneft and Lukoil, as part of restrictions aimed at limiting Moscow’s ability to market oil in global markets.
Market participants are awaiting US inventory data from the American Petroleum Institute later today, which is expected to show an increase in crude oil stockpiles. https://economy-news.net/content.php?id=61925
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com