Friday, February 28, 2025
Within hours... the region's oil will be re-exported through SOMO, 1 MARCH
Within hours... the region's oil will be re-exported through SOMO
The Ministry of Oil announced today, Friday, that the coming hours will witness the re-export of Kurdistan Region oil through the State Oil Marketing Company (SOMO).
"Deputy Prime Minister for Energy Affairs and Minister of Oil, Eng. Hayan Abdul-Ghani Al-Sawad, is visiting Khor Al-Zubair port to see the gas pipeline connection operations," she said in a statement.
The minister confirmed, according to the statement, that “Iraq will announce in the coming hours the commencement of the region’s oil export operations through the State Oil Marketing Company (SOMO) via the Turkish port of Ceyhan at an initial rate of 185,000 barrels, gradually increasing to reach the capacity specified in the general federal budget.” link
AJ : 🛢️🚢Currency Exchange Rate for Major Oil-Producing Countries in the Middle East!, 1 MARCH
AJ
Currency Exchange Rate for Major Oil-Producing Countries in the Middle East:
Saudi Arabia (Saudi Riyal, SAR): Pegged to the U.S. dollar (USD) at a fixed rate of 1 SAR ≈ $0.27 USD, maintained by the Saudi Arabian Monetary Authority (SAMA) since 1986 for oil trade stability and petrodollar alignment.
Iraq (Iraqi Dinar, IQD): Pegged to the U.S. dollar (USD) at a fixed rate of 1 IQD ≈ $0.00076 USD, controlled by the Central Bank of Iraq (CBI) for economic stability, with a parallel market rate differing due to restrictions.
Iran (Iranian Rial, IRR): Managed (not freely floating), with an official rate set by the Central Bank of Iran (CBI) at 1 IRR ≈ $0.00000238 USD (or 420,000 IRR/USD), but heavily influenced by sanctions and a paralle market rate of 1 IRR ≈ $0.00000154–$0.00000167 USD (600,000–650,000 IRR/USD), not pegged to any single currency but tightly controlled.
Kuwait (Kuwaiti Dinar, KWD): Managed float (not freely floating), tied to a basket of major currencies (including USD, EUR, GBP), with limited flexibility maintained by the Central Bank of Kuwait (CBK) to ensure stability as 1 KWD ≈ $3.24 USD.
United Arab Emirates (UAE Dirham, AED): Pegged to the U.S. dollar (USD) at a fixed rate of 1 AED ≈ $0.27 USD, set by the Central Bank of the UAE since 1997 for oil trade and GCC alignment.
Qatar (Qatari Riyal, QAR): Pegged to the U.S. dollar (USD) at a fixed rate of 1 QAR ≈ $0.27 USD, maintained by the Qatar Central Bank for oil and gas trade stability.
Oman (Omani Rial, OMR): Pegged to the U.S. dollar (USD) at a fixed rate of 1 OMR ≈ $2.60 USD, set by the Central Bank of Oman since 1986 for oil export stability.
Bahrain (Bahraini Dinar, BHD): Pegged to the U.S. dollar (USD) at a fixed rate of 1 BHD ≈ $2.65 USD, maintained by the Central Bank of Bahrain for oil trade and GCC alignment.
Top 5 Freely Floating Currencies (Ranked by Strength vs. USD):
British Pound Sterling (GBP) – United Kingdom: Freely floating since the 1970s, primarily market-driven by the Bank of England with rare interventions for extreme volatility, trading at approximately 1 GBP ≈ $1.26 USD.
Swiss Franc (CHF) – Switzerland: Freely floating since 2000, with occasional interventions by the Swiss National Bank (e.g., 2011–2015), trading at approximately 1 CHF ≈ $1.09 USD.
Australian Dollar (AUD) – Australia: Freely floating since 1983, managed by the Reserve Bank of Australia with minimal intervention, trading at approximately 1 AUD ≈ $0.65 USD.
Canadian Dollar (CAD) – Canada: Freely floating since 1970, managed by the Bank of Canada with occasional interventions, trading at approximately 1 CAD ≈ $0.74 USD.
Japanese Yen (JPY) – Japan: Freely floating since the 1970s, with rare interventions by the Bank of Japan, trading at approximately 1 JPY ≈ $0.00669 USD.
Notes:
For pegged currencies, the fixed rates ensure stability for oil trade, while freely floating currencies reflect market forces but can face volatility.
Central Bank of Iraq signs agreement with Emirates Islamic Bank, 28 FEB
Central Bank of Iraq signs agreement with Emirates Islamic Bank
The Central Bank of Iraq announced the signing of a banking agreement with Emirates Islamic Bank, which is considered one of the highest-rated Islamic banks, and is rated (A+) according to the international Fitch agency.
Thus, Emirates Islamic Bank is a distinctive addition to the banking relations that the Central Bank of Iraq has established with advanced regional and international banks in recent years.
The agreement includes joint cooperation on several axes, the most important of which are:
Exchange of experiences in the field of developing the Islamic banking sector.
Providing payment services in UAE Dirhams to Iraqi banks and expanding their correspondent accounts network .
Cooperation between Iraqi banks and Emirates Islamic Bank, under the supervision and support of the Central Bank of Iraq, to formulate a mechanism that will allow individual customers of Iraqi banks in the near future to invest (partially) in Islamic bonds issued by Emirates Islamic Bank or other issuers with a similar credit rating in the United Arab Emirates.
It is noteworthy that the Central Bank of Iraq announced in August of last year the start of a new phase of foreign transfer operations in a step aimed at enhancing the diversity of currencies and facilitating international transfer operations. This announcement came after reaching an agreement on the mechanisms for regulating dealings in the euro, the Chinese yuan, the Indian rupee, the UAE dirham, and other global currencies.
Central Bank of Iraq
Media Office
February 27, 2025 link
AJ UPDATE, 28 FEB
AJ
Kurdistan oil drama continues : 
The Kurdistan Oil Industry Association (EPICOR) responded to the statements of the Federal Oil Minister about resuming oil exports from Kurdistan within hours,
stressing that there has been no official communication with its member companies to conclude new agreements that guarantee payment of dues for previous and future exports, confirming that it will not resume exports today.
The association said in a statement, that “international oil companies are seeking to reach an agreement before resuming oil exports.”
“EPICOR member companies are ready to resume exports immediately when an agreement is reached to pay for our past and future exports in accordance with existing legal contracts and commercial guidelines,” she added on Friday.
Look - it happens, when it happens
The Kurdistan Oil Industry Association (EPICOR) responded to the statements of the Federal Oil Minister about resuming oil exports from Kurdistan within hours,
stressing that there has been no official communication with its member companies to conclude new agreements that guarantee payment of dues for previous and future exports, confirming that it will not resume exports today.
The association said in a statement, that “international oil companies are seeking to reach an agreement before resuming oil exports.”
“EPICOR member companies are ready to resume exports immediately when an agreement is reached to pay for our past and future exports in accordance with existing legal contracts and commercial guidelines,” she added on Friday.
Look - it happens, when it happens
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