Oil confirms its commitment to the OPEC+ agreement and compensates for the surplus in production, 25 FEB

 Oil confirms its commitment to the OPEC+ agreement and compensates for the surplus in production

Economy News _ Baghdad

The Ministry of Oil, on Monday, confirmed its full commitment to the OPEC+ agreement and the agreed additional reductions, in addition to compensating for the accumulated quantities.

In a statement received by “Economy News”, the ministry indicated that it will take all necessary measures to ensure the implementation of these agreements, including providing an updated plan to compensate for surplus production during the previous period.

The statement explained that this came in a joint phone call between Deputy Prime Minister for Energy Affairs Hayyan Abdul Ghani Abdul Zahra, Saudi Energy Minister Abdulaziz bin Salman Al Saud, and Deputy Prime Minister of the Russian Federation Alexander Novak, in addition to the Secretary-General of OPEC Haitham Al-Ghais.

According to data released by OPEC-approved secondary sources, Iraq’s crude oil production in January 2025 reached 3,999 million barrels per day, a positive indicator that reflects Iraq’s commitment to specific production levels.

The ministry stressed that it will continue its efforts to compensate for the accumulated surplus, taking into account the recent developments related to the receipt by the federal government of oil produced in the Kurdistan Region and the resumption of exports through the Iraqi-Turkish pipeline, while committing to Iraq’s share of the OPEC agreements for voluntary reduction and the required compensation quantities.

In conclusion, the Ministry of Oil stressed the pivotal role of these agreements in stabilizing global oil markets, pointing to the importance of the contribution of OPEC+ member states in supporting this stability.

https://economy-news.net/content.php?id=52951

REINALDO JC : 🇮🇶 IRAQ Patti-Cake games continues, 25 FEB

 REINALDO JC

IRAQ Patti-Cake games continues: I wonder what are they waiting on to happen FIRST before resuming oil exports as they keep pushing it to “within a week”….Oh & they’re still hiding & not revealing the 2025 budget schedules The Article below stating one country is saying Awaiting on Iraq & the other side is saying Awaiting for Turkey’s approval to resume: Oil Minister Hayan Abdul Ghani said on Monday that oil exports from the Kurdistan region will resume within a week. This came in response to a question about when Iraq will resume oil exports from the region, stressing that this issue will be settled within a week, adding that Iraq is WAITING FOR TURKEY’S approval to resume pumping oil and we hope that Kurdish oil exports will be ready within two days. “while Turkiye insists the pipeline is operational, stating that the final decision on resuming flows “LIES WITH IRAQ.”

10:31 AM · Feb 24, 2025

🔥WOOOOOOOOOOOOOOOOOOOW🔥 Trump's Bold Move: Iraqi Officials' Billions Sei...

Iraq’s electricity: no longer rely on foreign fuel, 25 FEB

Iraq’s electricity: no longer rely on foreign fuel

Shafaq News/ On Monday, Iraq announced the launching of a plan to establish steam power plants with a capacity of 15 megawatts.

During the Iraq Energy Conference and Exhibition, Minister of Electricity, Ziad Ali Fadhil, revealed that the new plants will rely on local fuel, stating, “We will no longer depend on foreign fuel,” according to a statement from the Ministry of Energy.

He also highlighted the country’s combined cycle projects, which do not require fuel, and the plan to generate 3,000 megawatts from renewable energy sources.

“We have high coordination with the Oil Authority to secure the necessary fuel to operate the electricity generation units,” said the Minister.

Earlier this month, the Ministry disclosed the locations for the construction of the steam plants and noted that 100 local and international companies had expressed interest in the project. The plants will be spread across central, southern, middle Euphrates, and northern regions, with three investment models set to be presented to the interested companies.

https://www.shafaq.com/en/Iraq/Iraq-s-electricity-no-longer-rely-on-foreign-fuel

MELANIA HINDS CC HIGHLIGHTS NOTES, 25 FEB

MELANIA HINDS CC HIGHLIGHTS NOTES

Highlights

Summary

In this engaging video summary by Melanie Hines, the speaker discusses the latest developments concerning the Iraqi dinar, emphasizing Iraq’s ongoing efforts to combat corruption and improve its economic stability.

 Hines highlights a recent UN report that commends the Iraqi government for its anti-corruption initiatives, as well as the growing collaboration between the Kurdistan region and Baghdad. She alludes to the possibility of oil exports resuming between Kurdistan and Turkey, signaling a potential economic boost. 

Additionally, Hines touches on the pressures faced by the Iraqi government from the Trump administration, urging it to dismantle armed factions and restart Kurdish oil exports to avoid sanctions.

 The video also explores the growing interest in national bonds among citizens, as well as the fluctuating exchange rates of the dinar. Throughout her presentation, Hines encourages viewers to remain optimistic about the future of the Iraqi economy and to engage with banks wisely when the time comes for currency exchange.

• 🌍 UN Praise: The UN has commended Iraq for its anti-corruption efforts, indicating significant progress in governance.
• 🤝 Unified Front: Iraqi leaders, Barzani and Al Sudani, are fostering collaboration between the Kurdistan region and the central government in Baghdad.
• 🛢️  Oil Flow Resumption: Rumors suggest that oil exports are beginning to resume between Kurdistan and Turkey, which could benefit the economy.
• 💼 Pressure from the US: The Trump administration is applying pressure on Iraq to restart oil exports from Kurdistan and dismantle armed factions.
• 📈 Tax Revenue Growth: Recent reports indicate a 22% increase in tax revenues, highlighting economic growth amid ongoing reforms.
• 📊 Bonds and Currency: There’s a push for citizens to invest in national bonds, which may signal a transition to a more stable currency environment.
• ⏰ Calls for Action: Hines emphasizes the importance of being prepared to engage with banks when opportunities arise, urging viewers to adopt proactive strategies.

Key Insights

• 🌐 Government Commitment to Reform: The UN’s positive report on Iraq’s efforts in combating corruption highlights the government’s commitment to reform and stability. This recognition is essential in attracting foreign investments and improving international relationships, which are vital for Iraq’s economic recovery. The united front between Kurdish and central government leaders could lead to more cohesive policies that benefit the entire nation.

• 🛢️ Economic Implications of Oil Resumption: The potential resumption of oil exports between Kurdistan and Turkey could significantly impact Iraq’s economy. Oil is a crucial revenue source for Iraq, and any increase in exports could enhance the government’s ability to fund public services and infrastructure projects. The successful negotiation of these exports would demonstrate Iraq’s capacity to manage its resources effectively.

• ⚖️ US Sanctions as a Tool for Reform: The pressure from the Trump administration serves as a double-edged sword for Iraq. While it could motivate the government to take necessary actions against militia groups and enhance governance, it also places Iraq in a precarious position where it must balance relationships with both the US and Iran. This geopolitical dynamic will be key in shaping Iraq’s future policies and international relations.

• 📈 Tax Revenue Growth Signals Positive Trends: The reported 22% growth in tax revenues suggests that Iraq’s economy is gradually recovering from previous downturns. Increased tax revenues can indicate improved economic activity and a broader tax base, which is essential for sustainable growth. This trend can also enhance government credibility and public trust.

• 💰 Citizens’ Trust in Banking System: The mention of national bonds and efforts to encourage citizens to deposit their dinar notes points to a shift in public sentiment. Many citizens have historically been skeptical of the banking system, leading to hoarding of currency. However, with improved governance and trust in leadership, there appears to be a growing willingness to engage with financial institutions, which could stabilize the dinar.

• 📊 Currency Fluctuations and Future Strategies: Hines’ observations about fluctuating exchange rates highlight the volatility of the Iraqi dinar. As Iraq navigates its economic reforms, currency stability will be critical. Citizens must be equipped with knowledge and strategies to manage their currency exchanges effectively, particularly when significant changes occur in the market.

• ⏳ The Importance of Timing in Currency Exchange: Hines emphasizes the need for viewers to be proactive about their currency exchanges. Her advice to engage with banks at the right moment reflects an understanding of market timing and personal finance strategy. This call to action encourages viewers to stay informed and prepared for any potential opportunities that may arise as Iraq’s economy develops.

These insights collectively underscore the complex and evolving landscape of Iraq’s economy, as the nation grapples with internal and external challenges while striving for stability and growth. Hines delivers a blend of analysis and personal anecdotes, making the information accessible and relevant to her audience.

MAJEED: THEY HAVE ALREADY ADJUSTED THE PAYROLL ON THE NEW RATE!! ‪@DINARREVALUATION‬

 

Slight Decrease In Dollar Prices In Baghdad, 25 FEB

  Slight Decrease In Dollar Prices In Baghdad

Stock Exchange   Economy News – Baghdad   The US dollar exchange rate fell slightly, Sunday morning, in Baghdad markets.

The dollar prices witnessed a decrease in the Al-Kifah and Al-Harithiya stock exchanges, recording 149,900 Iraqi dinars for every 100 dollars, while it recorded 149,950 Iraqi dinars for every 100 dollars yesterday morning, Saturday.

The selling prices in the exchange shops in the local markets in Baghdad recorded stability, as the selling price reached 151,000 Iraqi dinars for 100 dollars, while the purchase price reached 149,000 dinars for 100 dollars.     

 https://economy-news.net/content.php?id=52929