SOMO: We Are Moving To Add New Crude Oils, And Our Exports Exceed 40 Countries
Economy | 09:06 – 09/15/2025 Mawazine News – Baghdad – Ali Nizar Al-Shatri, Chairman of the company, revealed efforts to diversify export markets for Iraqi crude oil, in addition to increasing investments in liquefied petroleum gas (LPG) infrastructure. He confirmed SOMO’s move to add more new crude oils in the coming period.
Al-Shatri said, according to the Energy Platform, that “Asian markets have the highest growth in energy demand; therefore, Iraq is keen to meet this demand and strengthen its presence there. However, at the same time, we are keen to maintain a balanced export to other markets in a way that serves Iraq’s strategic interest.”
He added, “Iraq always deals with the European market with interest, but our policy is based on sustainable exports linked to our production capabilities, away from momentary decisions. We seek a long-term presence in Europe, not merely exploiting a temporary circumstance.”
He continued, “We are constantly monitoring developments in global markets, and there are already studies to open new outlets in Africa and Latin America. However, any step will be well-thought-out and serve Iraq’s long-term interest. Iraq exports to a wide range of countries, exceeding 40, which reflects the diversity of the markets we deal with and confirms the flexibility of our exports.”
He pointed out that “Iraq is open to all initiatives that contribute to diversifying export routes, but any step of this kind is linked to technical, security, and political conditions.
Therefore, the matter is still under study and discussion, and we are always looking for practical alternatives that ensure continued exports and serve the national economy. Negotiations and options are available, but they are dealt with within a framework that guarantees common interests and maintains transparency.”
He explained that “there are efforts to add new raw materials, reflecting the geographical diversity of Iraqi production.
This enhances marketing flexibility and gives consumers more options. Iraq has promising potential in this field, and there are plans to increase investments in gas infrastructure, enabling a gradual increase in export rates and contributing to maximizing national revenues.” https://www.mawazin.net/Details.aspx?jimare=266844
Iraqi Oil Prices Fall In Global Markets
Economy | 09/15/2025 Mawazine News – Baghdad – Iraqi oil prices recorded a decline on Monday during weekly trading in the global market.
According to data, Basra Medium crude recorded $66.84 per barrel, while Heavy crude recorded $63.29 per barrel, a change of -1.76 for both.
The data also showed stability in global oil prices, with British Brent crude recording $67.34 per barrel, while US West Texas Intermediate crude recorded $63.06 per barrel, with a change of +0.37 and -0.35, respectively. https://www.mawazin.net/Details.aspx?jimare=266801
An Economic Expert Outlines The Most Prominent Solution To Free Iraq From Oil Price Fluctuations.
Buratha News Agency3242025-09-14 Oil and economic affairs expert Ahmed Askar confirmed on Sunday (September 13, 2025) that Iraq’s financial and economic situation will remain subject to “global fluctuations,” while offering solutions to address this issue.
Askar said in a press interview, “The economic situation in Iraq will remain directly linked to fluctuations in global oil prices, and any decline in prices could put pressure on the general budget and the ability to finance services and investment projects.”
He explained that “the near-total dependence on oil revenues makes the Iraqi economy vulnerable to these fluctuations, which requires the adoption of flexible, pre-planned fiscal policies, not just immediate reactions.”
The expert added that Iraq could face challenges related to financing expenditures, stabilizing the exchange rate, and rising inflation rates if oil prices decline.
Proposed solutions to enhance economic stability
Askar pointed out that the next phase requires real reforms, most notably:
Develop budgets based on multiple oil price scenarios.
Establish a savings fund or financial stability mechanism to cover expenses when revenues decline.
Diversifying sources of income by developing non-oil sectors.
Enhancing transparency in spending and directing resources towards economically viable projects.
Askar concluded by saying, “Iraq urgently needs clear policies that ensure economic stability in the near term and pave the way for sustainable diversification that reduces dependence on oil as the primary source of revenue.”
Iraq’s seaborne oil exports varied in the first quarter of this year. Exports rose by 29,000 barrels per day (bpd) year-on-year in January, but declined by 57,000 bpd in February. March saw the largest decline, declining by 200,000 bpd compared to the same month last year. https://burathanews.com/arabic/economic/465137
With The Closure, The Dollar Exchange Rate In Iraq Declined.
Economy | 09/15/2025 Mawazine News – Baghdad: The dollar exchange rate against the dinar fell on Monday afternoon in four Iraqi governorates. The dollar exchange rate at market close was as follows:
Baghdad: 142,950 dinars to buy — Erbil: 142,850 dinars to buy — Basra: 142,900 dinars to buy
Mosul: 142,900 dinars to buy https://www.mawazin.net/Details.aspx?jimare=266830
Gold Prices Stabilize Amid Anticipation Of A US Decision
Monday, September 15, 2025 09:36 | Economic Number of reads: 265 Baghdad / NINA / Gold prices stabilized on Monday, as investors awaited the US Federal Reserve’s interest rate decision this week, while the dollar’s strength and profit-taking limited gains.
Spot gold rose 0.1% to $3,644.98 an ounce, after rising 1.6% last week to a record high of $3,673.95. US futures for December delivery fell 0.1% to $3,682.62 an ounce.
Investors expect the Fed to cut interest rates by a quarter percentage point on Wednesday, despite inflation data for August coming in above expectations.
Gold, considered a safe haven in times of uncertainty, tends to perform well in a low interest rate environment.
The Fed’s meeting comes amid controversy over its leadership and pressure from US President Donald Trump to increase his influence over monetary policy.
Among other metals, silver rose 0.3% to $42.29 an ounce, platinum rose 0.9% to $1,403.77, and palladium rose 0.2% to $1,199.35. https://ninanews.com/Website/News/Details?key=1251941
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