With oil prices rapidly declining, a member of the parliamentary finance committee calls for amending the budget schedules.
Jamal Kocher, a member of the Parliamentary Finance Committee, stressed the need to reconsider the 2025 budget schedule if oil prices continue to fall below $70 per barrel.
Kocher explained to Al Furat News Agency, "This matter depends on the price estimated in the budget, indicating that if the price per barrel is at $70, the current rates can be maintained." He pointed out that "the final decision will be based on financial estimates of oil prices throughout the year, as the price can be maintained if studies indicate it rises above $70. However, if the price falls below this level, Kocher stressed the need for the government to review the financial schedules."
Kocher pointed out that "there is a real deficit in the budgets of previous years, 2023 and 2024, which requires careful handling of oil price fluctuations and their impact on the national economy."
Oil prices fell for the second day in a row, reaching their lowest levels in more than three years, after markets were shocked by the sudden increase in OPEC+ production, in addition to the tariffs imposed by US President Donald Trump, which could lead to a reduction in global demand.
Brent crude, seen as a global benchmark for the oil market, has lost more than 10% in just two days, while US futures are trading at their lowest levels since May 2023, according to Bloomberg. Brent has fallen to $65 a barrel.
These declines are the result of the tariff storm announced by Trump on Thursday, which threatens global economic growth and consumption.
Just hours after Trump's tariff announcement, the OPEC+ alliance announced a tripling of planned production for May. link
A very productive week indeed! As gold continues to rise, it’s very good news for our investments, particularly in the currency and crypto arenas.
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It’s just a matter of time before they announce the fake popes denise, in order to clog up the news cycle and to distract from all the great financial news that is incoming.
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Al-Sudani: Iraq is witnessing an unprecedented phase of reconstruction and development
Prime Minister Mohammed Shia al-Sudani said on Friday, April 4, 2025, that: "Iraq is witnessing an unprecedented phase of reconstruction and development."
During his meeting today with a group of tribal sheikhs and dignitaries from various communities at the guest house of Hajj Rahim Majisar al-Baydani in Baghdad, Al-Sudani affirmed that "the tribes have always been with the state since its founding, beginning with the 1920 Revolution, and their contributions and sacrifices have continued effectively at various stages and times."
The Prime Minister pointed to "the role of the tribes and their honorable stance in responding to the religious authority's call for sufficient jihad, the call of the nation, as all members of the tribes that bear the Iraqi color lined up in the trench of confrontation against terrorism. This stance came at a time when it was rumored that Iraq had ended as a state, only for the country to return safe and unified."
Al-Sudani stressed that "the supreme religious authority's indication that Iraqis have a cultural and intellectual heritage that they must study, understand, and rely on is a fitting indication, and that our country, with its culture and resources, is capable of facing various challenges." He emphasized that "her talk about Iraq's recovery and being on the right path is a reassuring message to some alarmists who paint a picture of anxiety, panic, and defeatism among society."
He explained, "What we enjoy today is thanks to the sacrifices and honorable stances of the tribes, which we cannot forget. Iraq is strong, capable, healthy, and progressing, as attested to by all regional and international institutions." He indicated that "Iraq has an important pioneering role, and the reconstruction and development it is witnessing, from Basra to Nineveh, is an unprecedented phase."
He continued, "From the outset, the government has worked on priorities based on the needs of the people, far removed from any personal or partisan objectives. We cannot mortgage the country's future solely to oil, especially since Iraq possesses the potential for agriculture, industry, and tourism."
Al-Sudani stated, "Our country is distinguished by its geographical location as a global trade corridor. That's why we launched the Development Road project, and we are working day and night to achieve our commitment. We have the capabilities, resources, and determination to face various challenges."
He pointed out that "work is continuing on a project to transport gas to our power stations, and there is a genuine will to implement reforms, and we have made significant progress in this regard, in a timeframe not exceeding two and a half years of the government's term."
He continued, "The region has witnessed exceptional circumstances, and the government's greatest test was how to handle this crisis, given Iraq's principled position on the Palestinian issue. The continued Zionist aggression against the Palestinians has demonstrated the failure of the international community."
He explained, "We were able to preserve Iraq by acting wisely and responsibly to avoid slipping into the arena of war and conflict. Some emotional and hasty voices wanted Iraq to go to war and conflict."
The Prime Minister stressed that "the interests of Iraq and Iraqis are the government's top priority, and there is no room for favoritism toward any internal or external party." He explained that "the government's approach is to preserve the supreme interests of the state, and we have full hope that the clerics, tribal sheikhs, and elites will promote a discourse of unity, solidarity, and brotherhood among all members of society."
He continued, "There are those who thrive on the rhetoric of sedition, crisis, and conspiracies, and we must pay attention to this matter, especially with the upcoming elections. We are confident that Iraq's future is promising, thanks to its people, capabilities, resources, and sound principles for governing the state." link
Prime Minister’s Adviser Salih confirmed that Iraq’s public finances are safeguarded against oil price fluctuations.
This is exactly what I do for my clientsI hedge against market downturns, allowing them to profit during declines. Considering the massive volume of oil Iraq sells, it’s clear they’ve strategically hedged their top asset: oil.
Minister of Planning, Muhammad Tamim, announced the completion of preparing budget tables (2025) and sending them to the Council of Ministers. Council of Ministers is Al-Sudani’s Cabinet. They will vote on it then send it to Parliament. They will read it then vote on it.
The Ministry of Finance, in turn, confirmed financial stability by paying salaries on time, as well as paying the salaries of retirees before Eid al-Fitr
The government sent new assurances about the financial situation in the country. The Deputy Prime Minister and Minister of Planning, Muhammad Tamim, announced the completion of preparing budget tables (2025) and sending them to the Council of Ministers, at a time when the Prime Minister’s Adviser for Financial Affairs, Zahir Muhammad Salih, confirmed that public finances in Iraq are hedged by fluctuations in oil prices.
The Ministry of Finance, in turn, confirmed financial stability by paying salaries on time, as well as paying the salaries of retirees before Eid al-Fitr. In a meeting with the Parliamentary Finance Committee, the Minister of Planning confirmed that the tables include financing ongoing projects without adding new projects.
According to the information the budget of (2025) is expected to reach about (200) trillion dinars with an estimated deficit of (64) trillion dinars. For his part, the financial advisor explained the appearance of Mohamed Saleh that Iraq is hedged
against fluctuations in oil prices, and that the first quarter of (2025) passed without financial turmoil, while ensuring the stability of salaries and social care, in addition to implementing service projects.
Saleh pointed out that "the barrel of oil was priced in the Federal Budget Law for the three years, issued by Law No. (13) for the year (2023), at about (70) dollars, which guarantees the stability of public revenues despite the global economic challenge
The adviser to Prime Minister Mazhar Mohamed Saleh confirmed on Saturday that the frequent use of digital payment systems grants lending to citizens at a lower cost, including that 95 out of 109 trillion dinars kept outside the banking system.
“The positive steps in activating e-commerce come in one of its goals in line with the government and the Central Bank’s quest to integrate home-bunded funds (cash leaks) into the banking system, which contributes to strengthening the strength of the national economy and achieving financial stability,” said Mazhar Mohammed Saleh, the adviser to the Prime Minister.
He pointed out that “the Monetary Authority has already prepared registration controls and procedures to obtain a license to practice this trade, and in a coordinated manner that contributes to regulating the market and enhancing consumer confidence.”
He added that “the steps of the government and the central bank to enhance confidence and activate e-commerce were consistent and the launch of digital transformation projects, since the Central Bank announced the launch of strategic projects to support digital transformation, including the instant payments project, local cards and unified payment gateways, all of which aim to promote financial inclusion and facilitate digital banking operations.”
He pointed out that “all procedures for dealing with information technology and integrating it into digital payment systems are consistent with the development of the country’s digital renaissance, the financial culture of society, and the development of the behavior of the monetary society towards inherited customs, traditions and cultures, where the issue of hoarding money in homes instead of depositing it in banks remains a prominent economic challenge in Iraq.”
He explained: “Estimates indicate that about 87% of the monetary mass, or about 95 trillion dinars out of 109 trillion dinars, are kept outside the banking system, which disrupts a large part of the national wealth from effective participation in the economy.”
He pointed out that “the more uses digital payment systems, including e-commerce, the more effective the banking activity and the less leaks outside banks, which gives official and authorized banking units the greater opportunity to grant more credit or lending to citizens at a lower cost and higher efficiency through the component of the mostly low interest.”
He pointed out that “the parallel market for marrows that deal with money traded or load outside the banking system is a very dangerous, illegal and costly market for the citizen and the national economy in the use of credit operations or lending with a very high usury interest or what is called the marab market, due to the ambiguity of its operations, as well as that some of its activities conflict with the anti-money laundering law due to lack of transparency in financing and loss of governance elements in it and accompanied by the risks of trading and recovery.”
