Iraq Economic News and Points to Ponder Tuesday Afternoon 4-1-25
Oil Prices Fall Due To Trade War Fears
Economy | 11:15 - 01/04/2025 Mawazine News – Baghdad Oil prices fell slightly on Tuesday, as concerns about the impact of the trade war on global growth outweighed worries about supply disruptions from U.S. President Donald Trump's threats to impose secondary tariffs on Russian crude and to bomb Iran. Brent crude futures were down 10 cents, or 0.1 percent, at $74.67 a barrel by 00:13 GMT.
U.S. West Texas Intermediate (WTI) crude futures fell 11 cents, or 0.1 percent, to settle at $71.37 a barrel, after hitting a five-week high the previous day. Slowing global growth is expected to dampen fuel demand, which could offset any supply losses caused by Trump's threats to bomb Iran and impose secondary tariffs on buyers of Russian oil. After news of Trump's threats initially sent prices higher on Monday, traders said they viewed the president's warnings to Russia, at least, as a bluff.
Trump told NBC News on Sunday that he was very angry with Russian President Vladimir Putin and would impose secondary tariffs of 25 percent to 50 percent on buyers of Russian oil. Moscow is trying to derail efforts to end the war in Ukraine. Imposing tariffs on oil buyers from Russia, the world's second-largest oil exporter, would disrupt global supplies and harm Moscow's largest customers, China and India. Trump has also threatened Iran with similar tariffs and bombing if Tehran does not reach an agreement with the White House on its nuclear program.
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Al-Fartousi: The Projects Launched By The Prime Minister In Maysan Will Be Completed By The End Of This Year
Maysan Governorate Reconstruction and construction Economy News – Baghdad Maysan Governor Habib Dhaher al-Fartousi confirmed on Tuesday that the projects launched by Prime Minister Mohammed Shia al-Sudani in Maysan province will be completed by the end of this year.
Al-Fartousi said, in a statement reported by the official news agency, and seen by "Al-Eqtisad News," that "collecting the projects announced by the Prime Minister, including the Maysan oil refinery and the refinery's additional points amounting to 70,000 barrels per day, will be completed before the end of this year."
He added that "among the projects included in the 2025 budget is the expansion project for the Amara-Baghdad road, noting that "the Directorate of Roads and Bridges in the Ministry of Construction, Housing and Public Municipalities informed the governorate that this project was included in the current year's budget."
Prime Minister Mohammed Shia Al-Sudani visited Maysan Governorate and launched several projects, including the implementation works for the Maysan Refinery Development Project, expanding its refining capacity from 40,000 to 110,000 barrels/day,
and the inauguration of the (Greater Amara Unified Water) Project with a capacity of 16,000 cubic meters/hour, as well as the inauguration of the (Martyr Hussein Attia) bridges and tunnel project in Maysan Governorate, and the launch of the implementation works for the College of Medicine project/Maysan University,
in addition to launching the implementation works for two rehabilitation projects: the (Amara-Al-Mashrah-Ghazaila-Al-Shaib) road, with a concrete bridge, and the (Amara-Al-Bateera-Al-Fajr) road, in addition to the inauguration of the Maysan Governorate Traffic Directorate building. https://economy-news.net/content.php?id=53989
Najaf: New Industrial Projects To Boost Investment
Money and Business Economy News – Baghdad Najaf's Deputy Governor, Karar Mahbouba, confirmed on Tuesday that a project to build state-of-the-art grain storage facilities to attract investment is imminent. He also indicated that the province is in the process of establishing an integrated industrial city that keeps pace with global modernity.
Deputy Governor of Najaf, Karar Mahbouba, said in a statement reported by the official news agency and reviewed by Al-Eqtisad News, that "the local government in Najaf Governorate is working to establish an integrated industrial city with multiple components and developments that keep pace with global modernity."
Regarding grain stores, he indicated that "a committee has been formed in the local government of Najaf Governorate, headed by him, with the aim of establishing modern and advanced warehouses to attract capital owners in Najaf and other governorates."
He explained that "the governorate suffers from the presence of random warehouses near residential areas, which has led to population migration towards them, which is inappropriate. Therefore, we resorted to establishing regular warehouses."
The deputy governor added that "the committee members reviewed some successful experiences, especially in northern Iraq, and these will be utilized in Najaf Governorate," stressing that "significant progress has been made in the project, and sufficient space has been allocated for it. It is expected that the major project, which includes many developments, will be announced in the coming months."
He pointed out that "the project has been approved by the relevant government agencies and departments, the necessary land has been allocated, and the start of project implementation is expected to be announced soon." https://economy-news.net/content.php?id=53998
Gold At Record High On US Tariff Fears
Tuesday, April 1, 2025 10:53 | Economic Number of reads: 257 Baghdad/ NINA /Gold prices reached an unprecedented level on Tuesday, as demand for safe-haven assets increased due to concerns that US tariffs could increase inflationary pressures and hinder economic growth.
Spot gold rose 0.6 percent to $3,143.05 an ounce, after hitting an all-time high of $3,148.88 earlier in the session.
U.S. gold futures rose 0.6 percent to $3,169.50, with gold prices recording their best quarterly performance since 1986.
Among other precious metals, spot silver fell 0.1 percent to $34.04 an ounce, platinum fell 0.1 percent to $991.41, and palladium rose 0.8 percent to $989.19.
U.S. President Donald Trump pledged to announce a broad tariff plan on Wednesday, imposing a series of new tariffs aimed at protecting U.S. industries and reducing the trade deficit.
Gold prices surpassed $3,100 an ounce for the first time on Monday, with a new wave of investments in safe-haven assets amid concerns about US tariffs and a potential economic slowdown. /End
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