Iraq Economic News and Points to Ponder Thursday Afternoon 4-3-25
Al-Sudani's Advisor Clarifies: Are Iraqi Oil Exports Covered By Trump's Tariffs?
Money and Business Economy News – Baghdad The Prime Minister's advisor for foreign relations, Farhad Alaa Al-Din, confirmed on Thursday that Iraqi energy exports, including crude oil, are not covered by the tariffs imposed by US President Donald Trump, while noting that the economic impact on Iraq is very limited.
Alaa El-Din said, "In light of the recent announcement by US President Donald Trump regarding the imposition of reciprocal tariffs on a number of countries around the world, we would like to clarify that Iraqi energy exports, including crude oil, are not subject to these tariffs."
He added, "Iraq currently exports between 7 and 8 million barrels of crude oil and its derivatives per month to the United States. These exports constitute the backbone of Iraqi exports and have not been affected by the recent customs measures."
He continued: "As for the rest of Iraqi exports, they are limited in size and scope, which means that the economic impact of these tariffs on Iraq will be extremely limited."
He stressed that "the strategic partnership between Iraq and the United States remains solid and strong, and that these measures will not affect the essence of the economic or diplomatic relationship between the two countries." He noted that "Iraq continues its commitment to deepening cooperation with the United States in various sectors, particularly in the areas of energy, investment, and enhancing regional stability." https://economy-news.net/content.php?id=54050
Iraqi Oil Prices Decline On The Global Market
economy | 09:29 - 03/04/2025 Mawazine News – Baghdad Basra Medium crude oil reached $74.77 per barrel, while heavy crude oil reached $71.72 per barrel.
Data showed a slight increase in global oil prices, with British Brent crude reaching $73.12 per barrel, while US West Texas Intermediate crude oil reached $69.86 per barrel.
https://www.mawazin.net/Details.aspx?jimare=260503
Iraqi Oil Prices Decline On The Global Market
economy | 03/04/2025 Mawazine News – Baghdad Basra Medium crude oil reached $74.77 per barrel, while heavy crude oil reached $71.72 per barrel.
Data showed a slight increase in global oil prices, with British Brent crude reaching $73.12 per barrel, while US West Texas Intermediate crude oil reached $69.86 per barrel.
https://www.mawazin.net/Details.aspx?jimare=260503
Iraq Preempts OPEC By Reducing Its Oil Production
Time: 04/02/2025 Read: 2,205 times {Economic: Al Furat News} The Organization of the Petroleum Exporting Countries (OPEC) reduced its crude oil production last month, by reducing production from Iraq and Nigeria, just before the group began implementing long-delayed plans to restore previously suspended oil supplies.
Bloomberg reported that OPEC cut its production by 110,000 barrels per day, bringing it to 27.43 million barrels per day. OPEC leaders urged member states to adhere to the specified production quotas, a requirement some countries have not yet complied with.
Starting this month, the OPEC+ alliance, led by Saudi Arabia and Russia, intends to begin gradually increasing production after a significant portion of it had been halted for several years, as part of the alliance's efforts to support oil prices.
The change came after US President Donald Trump called on OPEC to "bring down the price of oil," and some delegates said the group's leaders had lost patience with countries like Kazakhstan, which repeatedly exceed their production quotas.
A Bloomberg survey showed that Nigeria made the largest production cut among the coalition countries last month, cutting 50,000 barrels per day to an average of 1.5 million barrels per day, in line with its quota. Shipments of Nigerian Bonny Light crude are facing delays due to a fire on the Trans-Niger pipeline.
Iraq came in second place after reducing its production by 40,000 barrels per day to 4.15 million barrels per day, bringing it closer to the agreed-upon ceiling. However, Baghdad still exceeds the four million barrel limit and has made only limited progress on the additional cuts it pledged to compensate for previous overproduction.
The United Arab Emirates increased its production by 30,000 barrels per day, reaching 3.33 million barrels per day, exceeding its agreed-upon ceiling, according to the survey.
Data used by the OPEC Secretariat, compiled from a range of external sources, shows that both Iraq and the UAE are approaching their agreed production levels.
OPEC+ is scheduled to add about 138,000 barrels per day this month, the first in a series of gradual additions that will continue until late 2026. The alliance is expected to decide in the coming days on the next tranche, scheduled for May, and several delegates said they expect to proceed with it.
The Bloomberg survey is based on ship-tracking data, information from officials, and estimates from consulting firms Rapidan Energy Group, FGE, and Rystad Energy. LINK
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