Iraq Economic News and Points to Ponder Saturday AM 3-8-25
Central Bank: Enhancing Financial Inclusion Through Three Main Pillars
Economy Yesterday, 18:16 Baghdad – WAA – Wissam Al-Mulla The Central Bank of Iraq confirmed, today, Friday, its continued work to enhance financial inclusion through three main pillars, while indicating the launch of initiatives to enhance financial awareness and increase the integration of individuals into the banking sector.
The Director of the Financial Inclusion Department at the Central Bank, Hussein Abdul Amir, said in a statement to the Iraqi News Agency (INA): “The Central Bank seeks to achieve financial inclusion by increasing those involved in the banking sector through three main pillars, including ease of access, use, and cost,” indicating that “the Financial Inclusion Department will support any project that is consistent with these three pillars.”
He pointed out that “the Central Bank has launched many initiatives and activities at the level of all Iraqi governorates, the aim of which is to increase awareness, knowledge and financial capacity
of individuals, whether individuals or companies,” noting that
“efforts are being made to
accelerate the integration of individuals or the public with the financial sector and
obtain great benefit for both parties, whether individuals or financial institutions.”
He added that “the integration of individuals and financial institutions achieves great value in terms of providing
liquidity to financial institutions in addition to providing
lending means to the public, as well as
developing projects, thus achieving a significant increase in economic growth in Iraq.”
https://www.ina.iq/229516–.html
Parliamentary Oil Committee Rules Out Passing Oil And Gas Law During Current Session
energy Economy News – Baghdad The Parliamentary Oil and Gas Committee confirmed today, Friday, that there are disagreements over the management of resources, which led to the obstruction of passing the Oil and Gas Law, while it ruled out passing it in the current electoral cycle.
“The oil and gas law has been a demand since 2007, but attempts to legislate it have failed due to political differences and lack of agreement with the Kurdistan Region,” said Bassem Naghmish Al-Gharibawi, a member of the parliamentary oil and gas committee, in an interview with the Iraqi News Agency, followed by “Al-Eqtisad News.”
He explained that “the law was part of the current ministerial program, and it was supposed to be legislated during this parliamentary session, as committees were formed since 2023 to discuss it, and two drafts were presented: the first from the federal government and the second from the region, and joint committees were formed to hold meetings between the two parties.”
He pointed out that “most of the technical issues were agreed upon, but the differences focused on administrative aspects, powers, and representation of the region and governorates in the Federal Oil Council, in addition to how to manage and distribute resources, as well as previous and current rights.”
He explained that “the parliamentary oil committee has made intensive efforts with the leaders of the political blocs to clarify the importance of enacting the law, as it regulates the oil wealth that fully funds the state, and contributes to resolving the disputes between the federal government and the region, which contributes to achieving political and economic stability.”
He added that “the most prominent point of disagreement between Baghdad and Erbil is related to oil resources and the region’s commitment to the decisions issued by the Federal Court and the International Court,” noting that “this law is one of the laws that complement the constitution.”
Despite all the attempts, Al-Gharibawi stressed that “the committees that were formed were unable to reach a political consensus, which makes passing the law during this electoral cycle an unexpected matter.” https://economy-news.net/content.php?id=53206
Oil Prices Set For Biggest Weekly Loss In Months
energy Economy News – Baghdad Oil prices were little changed in early trading on Friday, but were set for their biggest weekly decline since October, as uncertainty over U.S. tariff policy raised concerns about demand growth at a time when major producers are preparing to boost output.
Brent crude futures rose 13 cents, or 0.19 percent, to $69.59 a barrel by 0217 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.08 percent, to $66.44 a barrel.
However, Brent crude is down 4.9 percent so far this week and is on track for its biggest weekly decline since October 14.
West Texas Intermediate crude is also heading for a 4.8 percent decline, also its biggest weekly drop since that period, according to Reuters.
Markets, including oil, have been volatile due to the volatile trade policy in the United States, the world’s largest oil consumer.
US President Donald Trump on Thursday suspended 25 percent tariffs on most goods from Canada and Mexico until April 2, while tariffs on steel and aluminum will go into effect on March 12 as scheduled.
The amended order does not include all Canadian energy products, which are subject to a separate 10 percent tax.
Tariffs themselves are a drag on economic growth and hence on oil demand growth. Policy uncertainty slows investment decisions, which also weighs on the economy.
Brent prices fell on Wednesday to their lowest levels since December 2021 after US crude inventories rose and following a decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, in the OPEC+ alliance, to increase production quotas.
The alliance said it had decided to go ahead with a planned production increase in April, adding 138,000 barrels per day to the market. https://economy-news.net/content.php?id=53200
Oil Prices Rise Slightly After 4 Sessions Of Decline
Thursday 06 March 2025 11:24 | Economic Number of readings: 140 Baghdad / NINA / Oil prices recorded a slight rise today, Thursday, after falling during the past four sessions.
Brent crude futures rose 42 cents, or 0.61 percent, to $69.72 a barrel, and US West Texas Intermediate crude rose 40 cents, or 0.6 percent, to $66.71 a barrel.
Brent crude fell 6.5 percent in the previous four sessions to reach its lowest levels since December 2021 on Wednesday, while West Texas Intermediate crude fell 5.8 percent during the same period to its lowest levels since May 2023. / End https://ninanews.com/Website/News/Details?key=1190275
New Decline In Basra Oil Prices
Friday 07 March 2025 13:58 | Economic Number of readings: 168 Baghdad / NINA / The prices of Basra Heavy and Medium crude oil recorded a new decline during morning trading in the global market.
Basra Medium crude oil recorded $ 70.84 per barrel, while Heavy crude recorded $ 67.79 per barrel, with a change rate of -0.86 for both, for May 2025 delivery.
The data also showed a decrease in global crude prices, as British Brent crude recorded $ 69.57, while US West Texas Intermediate crude recorded $ 66.42 per barrel, with a change rate of -0.11, respectively. / End https://ninanews.com/Website/News/Details?key=1190488
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