Monday, December 23, 2024
Parliamentary Committee confirms return of movement regarding preparation of draft oil and gas law , 23 DEC
Parliamentary Committee confirms return of movement regarding preparation of draft oil and gas law
Member of the Oil and gasoline Committee, MP Basem Al-Gharibawi, showed on Saturday that there’s a choice among the political forces to legislate the oil and fuel law within the close to future, via the return of the joint committees to paintings so that you can put together a unified draft of the proposed regulation, with an invite extended to host the federal oil minister and the local minister of natural assets together within the committee.
Al-Gharibawi said in a statement to “The regulation of the oil and gas law is of utmost significance at the political and monetary stages and is considered one of the fundamental legal guidelines and regulates the connection with the center and the place. Its law has emerge as an pressing and pressing necessity notwithstanding its creation when you consider that 2007.”
He introduced that “the main impediment dealing with the legislators of the law is the paragraph at the tasks of the Federal Council and the powers of the region within the council,” noting that “there’s a choice some of the political forces to legislate the oil and gas regulation in the close to future through the return of the joint committees to work that allows you to put together a unified draft of the proposed regulation, with an invitation extended to host the federal oil minister and the minister of natural assets in the region together inside the committee.”
it’s miles noteworthy that the committees specialized in drafting the oil and gasoline regulation encompass the federal oil minister, the local minister of natural resources, the general supervisor of SOMO, and senior workforce inside the Ministry of Oil, similarly to the oil-generating provinces along with Basra, Dhi Qar, Maysan, and Kirkuk.
TIDBIT FROM CLARE, 23 DEC
Clare
Article Quote: "Sudani confirmed that non-oil revenues reached 14 percent after they were 7 percent," indicating that "unemployment decreased from 16.5 to 14.4, and the poverty rate decreased from 23 percent to 17 percent."Article: "Masrour Barzani discusses regional developments with Trump's national security nominee"
Quote: "the two sides discussed the latest developments in Iraq, the Kurdistan Region and the region in general, and stressed the importance of strengthening bilateral relations and joint work to maintain security and stability in the region."
Iraq’s oil production projections for 2025-2026: TAQA platform analysis, 23 DEC
Iraq’s oil production projections for 2025-2026: TAQA platform analysis
Shafaq News/ Iraq's oil production in 2025 will reach approximately four million barrels per day (bpd) during the first quarter, the TAQA platform forecasted on Saturday.
The platform’s analytical review noted that if Iraq adheres to offsetting overproduction beyond OPEC+ quota agreements, production may settle at 3.880 million bpd.
With the reinstatement of 220,000 bpd from Baghdad's voluntary cuts, Iraq's oil production is projected to reach 4.012 million bpd in April 2025, with a net output of 3.892 million bpd after accounting for surplus production compensation.
In 2024, Iraq’s oil production averaged 4.254 million bpd in the first quarter, dropped to 4.214 million bpd in the second, and rose to 4.244 million bpd in the third.
The analysis projected Iraq's oil production to reach 4.024 million bpd in May 2025, with compensated output at 3.919 million bpd. In June 2025, production is expected to increase to 4.037 million bpd, with compensated output at 3.947 million bpd.
The report forecasted further increases, with July production reaching 4.049 million bpd (3.959 million bpd post-compensation) and August rising to 4.061 million bpd (3.971 million bpd post-compensation).
In September 2025, production is expected to reach 4.073 million bpd, with compensated output at 3.978 million bpd, completing the surplus compensation. In contrast, Iraq’s oil production in September 2024 dropped to 4.143 million bpd, declining further to 4.089 million bpd in October and 4.043 million bpd in November.
For October 2025, Baghdad’s production is expected to reach 4.086 million bpd, rising to 4.098 million bpd in November, with the highest output projected for December at 4.110 million bpd.
In 2023, Iraq’s average oil production decreased to 4.289 million bpd, down from the daily average of 4.439 million bpd in 2022, due to Baghdad’s commitment to OPEC+ production cuts.
Iraq’s Oil Production in 2026
The platform's analysis estimated Iraq's oil production in 2026 at around 4.431 million bpd, excluding adjustments for production cuts or voluntary reductions under OPEC+ quotas.
In January 2026, production is expected to total 4.122 million bpd, rising to 4.134 million bpd in February and 4.147 million bpd in March, with monthly growth of 12,000 to 14,000 bpd.
By August 2026, production is expected to reach 4.208 million bpd, stabilizing at 4.220 million bpd from September to December.
MAJEED UPDATE, 23 DEC
Majeed
No more Dollar coming to Iraq The central bank has two options
File for bankruptcy Or change the damn rate
Because this is what it means when cash is suspended from one of the biggest banks in Iraq
"Implications of Suspended Cash Transfers: •Foreign Exchange Auctions:
•If a bank cannot receive cash transfers, it may be unable to buy foreign currency at central bank auctions, potentially reducing auction
participation.
•This could disrupt the supply of foreign currency to customers or businesses.
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