Al-Eqtisad News Baghdad meeting with the regional oil ministry and companies ends without agreement, 6 MARCH

 Al-Eqtisad News  Baghdad meeting with the regional oil ministry and companies ends without agreement

Economy News – Baghdad

The meeting between the Ministry of Oil and Natural Resources of the Kurdistan Regional Government and Epicor concluded without reaching any agreement on the outstanding issues between the two parties.

A source said, “The problems remained the same, and no significant progress was made in the negotiations.”

This meeting came after the same tripartite meeting was held last Sunday, 02-03-2025, in Baghdad, and its results were presented to Prime Minister Mohammed Shia al-Sudani at the Federal Cabinet meeting on Tuesday, 04-03-2025.

According to the agreement between the governments of Iraq and the Kurdistan Region, in the first phase, 300,000 barrels of oil per day will be produced in the Kurdistan Region, 185,000 barrels of which will be exported through the Ceyhan port, while the other 115,000 barrels will be used to meet local needs.

Since March 2023, the export of 400,000 barrels per day of oil from the Kurdistan Region and an additional 75,000 barrels from Kirkuk via the port of Ceyhan has been halted, following a decision by an international arbitration court in Paris in favor of the Iraqi federal government.

https://economy-news.net/content.php?id=53186

AJ : Iraq's parallel market 🔥 Important Update!!, 6 MARCH

 AJ

Iraq's parallel market Important Update

On Thursday, Iraq’s parallel market saw the exchange rates of the US dollar against the Iraqi dinar rise in both Baghdad and Erbil. In Baghdad, the unofficial rate settled at 1,483 dinars per dollar, while in Erbil it reached 1,480 dinars per dollar.

Meanwhile, the Central Bank of Iraq (CBI) maintains an official rate of 1,310 dinars per dollar. The first step Turkmenistan took when it issued lower-denomination notes and revalued its currency was unifying the unofficial and official exchange rates.

This is exciting because the International Monetary Fund (IMF) recently recommended that Iraq’s finance minister reduce the gap between Iraq’s parallel and official rates by increasing larger trades in the dinar. They were specifically addressing the parallel market. At some point, the CBI will likely establish a single unified rate for Iraq. 

This aligns with what Mohamed Saleh, the Prime Minister’s financial advisor, has confirmed: geopolitical controls on informal trade are pushing more engagement toward official foreign currency outlets. This shift helps finance foreign trade through a stable, recognized international financial system.

AJ : Iraq's parallel market 🔥 Important Update!! @DINARREVALUATION #iraqidinarinvestor #iraqidinar

 

Iraq restarts oil exports through Türkiye-Iraq pipeline, 6 MARCH

 Iraq restarts oil exports through Türkiye-Iraq pipeline

A section of the Iraq-Türkiye oil pipeline, a crucial route for crude exports from the Iraqi KRG to Türkiye’s Ceyhan port. (AA Photo)

Iraq’s Minister of Oil Hayyan Abdul-Ghani announced that Iraq would resume its oil exports through the Ceyhan Port via the Türkiye-Iraq oil pipeline.

This announcement marks a significant step toward reviving the pipeline that has been inactive due to a dispute between Baghdad and Irbil since March 2023.

The initial export will begin at 185,000 barrels per day, with plans to gradually increase the flow to meet the federal budget’s expectations.

Recommended

• Iraq to resume oil exports through Türkiye’s Ceyhan Port after yearlong halt
• Iraq to resume oil exports to Türkiye next week: Oil Minister
• Iraq-Türkiye oil pipeline stalled over payment dispute, Iraqi PM says

Why it matters

The resumption of oil exports from Iraq through the Ceyhan Port is a key development for both Iraq and Türkiye. The halt in exports, caused by the political disagreement between the federal government in Baghdad and the Kurdish Regional Government (KRG) in Irbil, has resulted in substantial economic losses, approximately $20 billion. The renewed flow of oil could contribute to improving relations between the central government in Baghdad and the KRG, as well as restoring significant economic activity for both countries.

Key details of announcement

• Restart of exports: Iraq plans to restart oil exports through the Ceyhan Port with an initial export of 185,000 barrels per day, which will gradually increase as the production capacity reaches federal budget goals.
• Dispute resolution : The oil flow was halted in March 2023 due to a dispute between Baghdad and Irbil, but the situation appears to be moving toward resolution.
• KRG’s role: A recent agreement within the Iraqi Parliament involves subsidizing production costs for international oil companies operating in the Kurdish region, facilitating smoother oil transport and export.
• Provisions and procedures: Iraq’s Oil Ministry and the KRG have been working to ensure that oil from the Kurdish region is delivered to the State Oil Marketing Organization (SOMO) for export via Türkiye.
• Technical review of the pipeline: Both the KRG and Iraq have agreed to conduct joint technical reviews of the pipeline infrastructure to ensure it is ready for operation.

US and Russian Support

• U.S. diplomacy: On Feb. 26, U.S. Secretary of State Marco Rubio and Iraqi Prime Minister Mohammed Shia al-Sudani discussed accelerating the reopening of the Türkiye-Iraq oil pipeline.
• Role of foreign companies: Both U.S. and Russian companies are playing an active role in the process, particularly in overcoming technical and financial obstacles. KRG President Nechirvan Barzani emphasized the support from the U.S. in facilitating the resumption of oil exports.

Economic impact of suspension

• Losses due to suspension: The halt of oil exports has caused a significant financial loss of approximately $20 billion in revenue for the region.
• Anticipation of resumption: The resumption of exports is expected to improve relations between Baghdad and Türkiye, as well as stabilize the regional economy. Turkish Energy Minister Alparslan Bayraktar stated that the pipeline had been ready for operation since October 2023, but the delay was due to unresolved political disagreements between Irbil and Baghdad.

US pressure on Iraq

Experts, including Kate Dourian from the Washington Institute for Near East Policy, suggest that the decision to restart exports may be influenced by U.S. pressure under former President Trump’s administration, which had emphasized the need to continue oil exports from the Kurdish region to avoid potential U.S. sanctions.

The Trump administration had warned that failure to do so could lead to economic consequences, especially in relation to U.S. maximum pressure policies on Iran.

Iraq to resume oil exports through Türkiye’s Ceyhan Port after yearlong halt

🔥 REINALDO JC🔥🔥March F*cking Madness 🔥🔥, 6 MARCH

 REINALDO JCMarch F*cking Madness

NO foreign currency sales auctions since Sunday!!! Who noticed that? Credit Loans/Activities suspended paused since mid Dec. Barrel of oil declining. Pressure for KRG to begin exporting oil internationally. Budget schedules/tables to arrive mid month & will reveal numbers/calculations. Trump is the Head Executor & in control—mentioned XRP/SOL/ADA/ETH/BTC as Crypto Strategic Reserves. Who’s tuning in tonight to Trump SOTU speech to hear more wonderful news? March F*cking Madness (things are looking deliciously in our favor)

FIREFLY: It appears to us there was no auction on Monday! @DINARREVALUATION #iraqidinarinvestor

 

The Minister of Oil announces the imminent activation of the export file through the Turkish port of Ceyhan, 6 MARCH

 The Minister of Oil announces the imminent activation of the export file through the Turkish port of Ceyhan

Economy News _ Baghdad

Oil Minister Hayyan Abdul Ghani Al-Swad announced on Thursday that the oil export file to the Turkish port of Ceyhan and the possibility of increasing exports from Basra oil is about to be activated.

A statement from the Ministry of Oil received by “Economy News” stated that “the Minister of Oil chaired a meeting to discuss the work of the Iraqi-Turkish Joint Committee in the presence of committee members from Iraqi ministries.”

He stressed “the importance of the files related to the work of the committee, in particular the water and oil files.”

He pointed out that “the need to activate the water file in a way that serves the interests of Iraq by achieving a fair share of water releases, pointing out that the oil export file is imminent to activated through the oil pipeline up to the Turkish port of Ceyhan and the possibility of increasing exports through this pipe of Basra oil.”

The statement pointed out that “the meeting discussed the topics contained in the agenda related to the subcommittees in the fields of water, energy and oil, education, border ports and communications, trade exchange, and the file of sports and youth.”

He stressed that “the meeting concluded the importance of completing the technical requirements of the committees, and activating the joint committees with the Turkish side in a way that serves the interests of the country.”