Iraq’s Oil Reserves Surpass 145 Billion Barrels

 Iraq’s Oil Reserves Surpass 145 Billion Barrels 

 Iraq   Amr Salem   July 10, 2025   97   The Iraqi Minister of Oil, Hayan Abdul-Ghani, and other officials during their participation in the 9th OPEC International Seminar in Vienna, Austria.
 
Baghdad (IraqiNews.com) – The most recent figures for Iraq’s oil and gas reserves were publicly presented as part of the Iraqi government’s efforts to draw international investment to develop its hydrocarbon resources and play an important role in global energy markets.
 
During the 9th OPEC International Seminar in Vienna, the Austrian capital,  Iraqi Oil Minister Hayan Abdul-Ghani announced that  Iraq’s proven reserves exceed  145 billion barrels of oil and  over 132 trillion cubic feet of natural gas.
 
Iraq’s oil and gas deposits represent untapped energy potential, and they provide  Iraq with an opportunity to play a critical role in maintaining the world’s energy stability, according to Abdul-Ghani.
 
Abdul-Ghani stressed that guaranteeing energy security in the next years will need a firm commitment from governments to support all sorts of energy projects.
 
Fossil fuels continue to be a key element in meeting the world’s growing energy demand,
as well as a critical driver for supporting infrastructure expansion and clean and sustainable energy projects, particularly in developing countries that require economic assistance to develop critical sectors such as health, education, and basic services.
 
Abdul-Ghani stressed that ongoing investment in oil and gas production projects is critical to ensuring global energy stability and inclusive economic growth.

The current level of investment does not match predicted demand,
particularly given the continued growing population globally and the ongoing industrial expansion.
 
The Iraqi oil minister urged governments to provide adequate financing to achieve an equilibrium in securing supplies from traditional energy sources like oil and gas and investing in sustainable energy.  

Additionally, Abdul-Ghani recommended setting up shared sovereign funds, a risk guarantee scheme, and  tax breaks to encourage private investment in energy projects. https://www.iraqinews.com/iraq/iraqs-oil-reserves-surpass-145-billion-barrels/  

GOLDILOCKS: The Central Bank of Iraq (CBI) shares current official Iraqi Dinar exchange rate!!

 GOLDILOCKS: The Central Bank of Iraq (CBI) shares current official Iraqi Dinar exchange rate

"The Executive Board of the International Monetary Fund (IMF) issued a statement on Wednesday (9th July) following the conclusion of its Article IV consultation with Iraq. It projects an average exchange rate (dinar per US$) in each of 2025 and 2026 of 1300, the same as for 2024, adding:" "The CBI [Central Bank of Iraq] should be commended for the successful transition to the new trade finance system now fully managed by commercial banks through their CBRs, contributing to a reduction in the spread between the official and parallel market exchange rates." (While commercial banks don't directly set official exchange rates, they can significantly influence them through their trading activities in the foreign exchange market. Their buying and selling of currencies, driven by customer demand and their own trading strategies, impacts the supply and demand dynamics that ultimately determine the exchange rate). The transition to the new trade finance system in Iraq is closely linked to the adoption of new digital trade mechanisms. The transition to the new trade finance system in Iraq involves implementing more digital and internationally compliant mechanisms for trade finance, primarily handled by commercial banks, as part of the country's push towards greater digitalization of its financial sector. This is a step into the right direction we need to see for Iraq. I am aware they are going to use CBDC for their trade token per CBI contact (boots inside the CBI Tower). There is a strong global trend towards Central Bank Digital Currencies (CBDCs), with a growing number of countries actively exploring, piloting, and even launching their own digital currencies. While the United States remains undecided about a domestic CBDC, it is engaging in wholesale cross-border payment research. If a particular country's CBDC gains significant traction in international trade, it could strengthen that currency's international role and potentially lead to its appreciation against others, according to http://santander.com. This might not necessarily "level the playing field," but rather shift the balance of power between different currencies. Are you watching the water yet © Goldilocks https://santander.com/en/press-room/insights/consequences-of-the-international-adoption-of-central-bank-digital-currencies-cbdcs https://iraq-businessnews.com/2025/07/09/imf-comments-on-iraqi-dinar-exchange-rate/ https://iraqinews.com/iraq/imf-praises-iraq-central-bank-reforms-foreign-trade-finance/#:~:text=IMF%20mission%20praises%20Iraq's%20Central%20Bank%20for%20significant%20progress%20in%20financial%20reforms,-Iraq&text=Baghdad%20(IraqiNews.com)%20%E2%80%93,and%20curbing%20illicit%20currency%20speculation. https://atlanticcouncil.org/cbdctracker/

Ariel’s Iraqi Dinar Update: Strategic Highlights Revealed!! @DINARREVALUATION #iraqidinar #iqd #iraq

 

American Magazine: Iraq Quietly Re-Enters International Trade

 American Magazine: Iraq Quietly Re-Enters International Trade

 
Money and Business   A report by the American economic analysis magazine Procurement Magazine
examined the significant economic and geopolitical benefits and returns of the Iraqi Development Road initiative, extending from the Grand Faw Port to the Turkish border.
 
The report noted that it will be a viable alternative to other trade channels,  competing with them in terms of shorter distances and lower costs,  transforming the country into a regional logistics hub while creating a multi-source economy beyond oil alone.

The report notes that Iraq's Development Road project represents a transformative $17 billion infrastructure initiative aimed at connecting the Gulf to Europe.
 
With global shipping facing challenges stemming from regional instability and bottlenecks such as the Suez Canal,   Iraq is quietly redefining its role in international trade.
 
This logistics corridor,  stretching from the Grand Faw Port in southern Iraq to the Turkish border,
represents a strategic alternative that will reshape supply and transportation chains between Asia and Europe.
 
This major project has been described as "one of the most important infrastructure projects in Iraq since the 1920s."
 
This faster route delivers direct benefits to procurement by  enabling faster supply routes,  reducing storage costs, and  improving responsiveness to market changes.
 
The global importance of Iraq's development route has been highlighted amid the ongoing Red Sea crisis, exacerbated by conflicts in the Middle East, where shipping delays have become commonplace.
 
In this context, the Iraqi land corridor offers a practical alternative.
 
In recent weeks,  truck drivers from Poland and Germany have completed journeys from Europe to the Gulf via Iraq in just ten days,   less than half the time required by sea through the Suez Canal.
 
The journey from Turkey to Kuwait now takes just seven days, and digital border crossings have reduced waiting times by 92%.
 
The TIR (Terrestrial International Transports International) system, which ensures the safe and efficient movement of goods across borders, is already operational, enhancing the flow of cross-border procurement and supply chains.
 
Hamad Al-Hakim, a transport infrastructure expert at the University of Baghdad, told the Middle East Observer earlier this year:
 
“The development road is expected to become a vital trade corridor, not only for Iraq but for the entire region.

By connecting the Gulf to Europe via Turkey,  it will serve as a new Silk Road,  revitalizing ancient trade routes and  promoting economic integration.”
 
This corridor provides a practical alternative to the Suez Canal, meaning  greater route   diversification and a  reduced risk of disruption, thus  ensuring more reliable supply chains.
 
At the heart of the Iraq Development Road project is the Grand Faw Port, currently under construction in the city of Al-Faw.
 
This deep-water port features the world's longest breakwater, at 14.5 kilometers long, and is expected to    handle 7.5 million containers annually, capable of  receiving the world's largest container ships.
 
A 1,200-kilometer road and railway extend from the port to Turkey, and the project is expected to be fully operational by 2028.
 
In addition to the transportation infrastructure, the project plans to develop at least ten new cities along the railway route, along with several industrial zones and logistics centers. The development of these areas will provide new opportunities for local supply.
 
The development road is not just a logistics project; it represents a geopolitical transformation,
charting Iraq's transformation from a war-torn country to a pivotal regional link.
 
The project is supported by Turkey, Qatar, and the United Arab Emirates,
who recognize its potential to boost regional trade and reduce reliance on vulnerable maritime routes.
 
Kurdistan Region President Nechirvan Barzani said of the project:
 
"The Development Road Project represents a crucial step towards building a  more stable and prosperous Iraq, based on a  diversified economy and enhancing regional cooperation with neighboring countries."
 
Türkiye's participation is pivotal, as it represents the northern endpoint of the corridor,
which will connect to Europe via the cities of Mersin and Istanbul.
 
"The project provides a catalyst for economic prosperity that can benefit the entire region," said Ranj Alaaldin, a fellow at the Middle East Council on International Affairs.

As global trade networks seek to bolster their resilience in the face of geopolitical volatility,
 
Iraq is proving to offer not just a backup plan but potentially a major new artery for trade.
 
This project will redraw the region's economic map, transforming Iraq into an alternative trade artery at the heart of Eurasia.
 
This means transforming the country from an importer of opportunities to an exporter of corridors,
creating a diversified economy that moves away from its reliance on oil alone.
 
About Procurement Magazine  Quoted from Al Mada newspaper views 342  https://economy-news.net/content.php?id=57214

MNT GOAT: Let’s hope they finally take up the Oil and Gas Law again

 Mnt Goat  

 “WHERE ARE THE 2025 BUDGET SCHEDULES? PROJECTS ARE SUSPENDED, PLANS ARE POSTPONED, AND PARLIAMENT HOLDS THE GOVERNMENT ACCOUNTABLE” 

  No, the RV rate in not in these budget tables as a reason to hold them up that they don’t want us to see until they are ready to RV... Again, any revaluation of the Iraqi dinar will be announced and we don’t need to go fishing through some budget tables to find it, if it could even be there ..

The House of Representatives will hold its first session of the second legislative term for 2025 on Saturday. Let’s hope they finally take up the Oil and Gas Law again. We know they will take up the issue of the Budget Tables... we still see the CBI trucking again and making movement towards its final destination of the reinstatement of the dinar to a global status (FOREX).

 It is like these other issues, although are very important, feel like just distractions but we know they can also affect the monetary process and should be resolved for stability.

Mnt Goat: Iran Is the Last Major Obstacle! #iraqidinar #iraq #iqd

 

This accelerates the monetary reform agenda, forcing Iraq to revalue the Dinar!!

 …This accelerates the monetary reform agenda, forcing Iraq to revalue the Dinar to match economic strength and limit reliance on dollar-linked markets.

A currency must rise when under external pressure — this tariff could be the external pressure that provokes RV activation.

----

Trump stated in the letter to Iraqi Prime Minister Mohammed Shia al-Sudani: “Starting on August 1, 2025, we will charge Iraq a tariff of only 30% on any and all Iraqi products sent into the United States, separate from all sectoral tariffs.”