Iraq Economic News and Points to Ponder Tuesday Afternoon 3-4-25
OPEC Decides To Increase Iraq's Share Of Oil Production Until The End Of This Year
Tuesday 04 March 2025 | Economic Number of readings: 200 Baghdad / NINA / The OPEC+ alliance countries agreed today, Tuesday, to increase Iraq's share of oil production to reach four million and 110 thousand barrels per day by the end of this year.
The group of eight member countries of the OPEC+ alliance, namely Iraq, Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, called for a review of global market conditions and future expectations.
The alliance countries agreed to renew their commitment to the return of the voluntary reduced quantities of crude oil production, which were previously announced in April and November 2023, by the beginning of next month.
According to the agreement, Iraq's share for next April will increase by 12 thousand barrels, so that production will be 4.012 million barrels per day, and in May it will increase by 12 thousand barrels as well, so that production will be 4.024 million barrels per day, and in December it will reach 4.110 million barrels per day.
Iraq's share will rise in September and until December 2026 to more than 4.220 million barrels per day.
It is noteworthy that the OPEC+ alliance is implementing an official cut of two million barrels per day, which are scheduled to be extended until the end of next year 2026.
In April 2023, the OPEC+ alliance announced a voluntary cut of 1.65 million barrels per day, which is scheduled to continue until the end of next year, while the alliance announced another cut of 2.2 million barrels per day in November 2023, which will continue until the end of this March. / End https://ninanews.com/Website/News/Details?key=1189940
Oil Prices Fall To Lowest Level In 12 Weeks
Tuesday 04 March 2025 07:54 | Economic Number of readings: 252 Baghdad / NINA / Oil prices fell by more than 2 percent at the settlement at the end of Monday's trading. Brent crude futures fell $1.19, or 1.6 percent, to settle at $71.62 per barrel. "
West Texas Intermediate crude futures also fell about $1.39, or about two percent, to reach $68.37 at the settlement." This is the lowest level for the two benchmark crudes since December 9. "
Earlier, the OPEC+ alliance reported a gradual and flexible return to voluntary production adjustments of 2.2 million barrels per day, starting from April 1, 2025. / End https://ninanews.com/Website/News/Details?key=1189869
The Finance Committee Expects The Budget Tables To Reach Parliament In The Middle Of This Month
Buratha News Agency1392025-03-04 The Finance Committee of the House of Representatives expected, on Tuesday, that the budget schedules will reach the parliament by the middle of this month, stressing the importance of completing job promotions after the parliament approves the schedules related to them.
The head of the Finance Committee, Atwan Al-Atwani, explained that stopping deletions and innovations in state institutions came based on the budget provisions, which included stopping appointments and confiscating job grades from institutions and transferring them to the Ministry of Finance, without using them in deletions and innovations.
He pointed out that this procedure caused a problem in which institutions were unable to benefit from these degrees to appoint graduates or fill vacant positions.
Al-Atwani added: “We are waiting for the budget tables to reach Parliament, as the budget does not allow for appointments, whether on a daily wage, contract basis, or on a permanent basis. However, contracted employees receive their salaries from the government through ministries and institutions, and therefore their confirmation is not considered a new appointment, but rather their inclusion in the job description.”
He pointed out that the Finance Committee is currently communicating with the Ministry of Finance and is awaiting a letter from the State Council to clarify this concept, stressing that there is a clear difference between appointment and permanent employment, calling for the permanent employment of contracted employees within the job description in accordance with the legal frameworks.
As for promotions, Al-Atwani stressed the need to proceed with them after the House of Representatives approves the relevant schedules, expecting the government to send the budget schedules by the middle of this month or before the end of it, which will contribute to addressing these important files. https://burathanews.com/arabic/economic/457129
The Dollar Rises Again Against The Dinar In Baghdad
Stock Exchange Economy News – Baghdad The US dollar exchange rate rose this morning, Tuesday, in Baghdad markets.
The dollar price witnessed a rise in the Al-Kifah and Al-Harithiya stock exchanges, recording 149,250 dinars for every 100 dollars, while yesterday morning, Monday, it recorded 147,700 dinars for every 100 dollars.
The selling prices in the exchange shops in the local markets in Baghdad recorded an increase, as the selling price reached 150,250 Iraqi dinars for 100 dollars, and the purchase price reached 148,250 dinars for 100 dollars. https://economy-news.net/content.php?id=53124
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