The Ministry Of Commerce Discusses Developments Regarding Iraq’s Accession To The World Trade Organization With The British Embassy+
Tuesday, August 5, 2025 | Economic Number of reads: 351 Baghdad / NINA / Director General of the Department of Foreign Economic Relations at the Ministry of Trade, Riyadh Al-Hashemi, discussed with the Head of the Commercial Section at the British Embassy in Baghdad the latest developments in Iraq’s accession to the World Trade Organization and ways to enhance partnership and cooperation between Iraq and the United Kingdom.
Al-Hashemi reviewed the most prominent developments and achievements made by the Ministry in coordination with the relevant Iraqi ministries and authorities to complete the requirements for accession to the World Trade Organization.
Al-Hashemi stressed the Iraqi government’s keenness to benefit from the forms of support provided by the United Kingdom in this field, especially with regard to the technical and technological aspects, as it has an impact on enhancing Iraq’s opportunities to join, improving the investment climate and developing the business environment.
The two sides also discussed ways to expedite the completion of the necessary procedures for the entry into force of the Partnership and Cooperation Agreement between Iraq and the United Kingdom.
For her part, the Head of the Commercial Section at the British Embassy renewed her country’s support for Iraq’s accession to the organization, noting the United Kingdom’s readiness to provide the required support through cooperation and partnership programs, and contribute to the development of institutional competencies.
At the end of the meeting, the two sides praised the level of coordination and joint cooperation, and stressed the importance of continuing communication to achieve progress on issues of common interest and contribute to developing economic and trade relations between the two countries. /End https://ninanews.com/Website/News/Details?key=1244712
Iraq Regains Part Of Its Market Share With A Measured Increase In Production
August 5, 2025 Baghdad – Qusay Munther The Ministry of Oil confirmed that it has not dealt with any suspicious tanker within Iraqi territorial waters, while noting that the Kurdistan Region has not yet committed to delivering any of its oil production in accordance with the agreement concluded with Baghdad.
“Iraqi ports are secure and are managed in close coordination with security and operating agencies,” said Ali Nizar Faiq, director general of the Iraqi Oil Marketing Company (SOMO).
He added that “the leaked document in circulation is real, but it is a normal routine procedure aimed at controlling oil tanker loading schedules.” He pointed out that “the document was directed exclusively to the relevant security agencies, in a high-level format, to ensure tight control over export operations.”
Faiq explained that “any suspicious tanker will be located by the competent authorities.” He pointed out that “the four tankers mentioned in the document have been monitored, and may be loaded with industrial materials unrelated to oil.”
He stressed that “there are no current or future dealings with companies or entities subject to sanctions, and measures are being taken to remove any suspicious tanker from Iraqi territorial waters.”
He went on to say that “Iraqi daily oil exports range between 3.35 million and 3.4 million barrels, 78 percent to 80 percent of which go to Asian markets, as they are developing markets with high consumption.”
“The increase decided by OPEC for Iraq through oil production is a well-studied increase, as the market conditions were studied in terms of production, demand, and the extent of balance in the global oil market between supply and demand,” Faiq said.
“The increase only comes after ensuring that the market can bear it through OPEC experts and the countries allied with it,” he explained, explaining that “the increase came from the voluntarily reduced quantities, not from the original reduced quantities, according to the agreement between these countries.”
He added that “this increase serves these countries and restores their market share somewhat, including Iraq in the global markets, except that…” Prices are also rising, supported by existing demand during the third quarter of this year.
Oil prices were unchanged after falling for three days, due to growing concerns about oversupply after OPEC+ agreed to another large production increase in September, but the possibility of further disruption to Russian supplies supported the market.
Brent crude futures settled at $68.76 per barrel, while US West Texas Intermediate crude fell two cents, or 0.03 percent, to $66.27 per barrel. Both crudes fell more than 1 percent in the previous session, reaching their lowest levels in a week at settlement.
Meanwhile, the Southern Electricity Transmission Company confirmed that the operation of a new power transmission line will strengthen the power system in Dhi Qar and Muthanna governorates.
The Director General of the Southern Electricity Transmission Company, Hazem Lafta, said in a statement yesterday that “the operation of the Dhi Qar-Muthanna 400 kV combined power transmission line with a capacity of 2,000 megawatts, with 237 towers and a length of 90 kilometers, came based on the directives of Prime Minister Mohammed Shia Al-Sudani and the Minister of Electricity, Ziyad Ali Fadel,” stressing that “this line will contribute to strengthening the energy system and improving the performance level of the national grid in the provinces of Dhi Qar and Muthanna.”
He pointed out that “the work was completed in record time by the national staff of the Ministry of Electricity and the supporting and contracting parties.” LINK
The Dollar Price Stabilized In Local Markets As The Stock Exchange Closed
Tuesday, August 5, 2025, | Economic Number of reads: 123 Baghdad/NINA/ The dollar exchange rates stabilized in the markets of Baghdad and Erbil governorates, with the closing of the stock exchange on Tuesday evening.
The dollar prices maintained their stability in the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where the exchange rate recorded 139,950 dinars per 100 dollars, the same prices recorded this morning.
The selling prices in exchange offices in the local markets in Baghdad reached 141,000 dinars for every 100 dollars, while the purchase price reached 139,000 dinars.
In Erbil, the dollar prices also recorded stability, as the selling price reached 139,850 dinars, and the purchase price 139,750 dinars per 100 dollars. https://ninanews.com/Website/News/Details?key=1244791
Gold Rises, Supported By A Weaker Dollar And Lower US Treasury Yields
Tuesday, August 5, 2025 | Economic Number of reads: 189 Baghdad/ NINA /Gold prices rose for the fourth consecutive session on Tuesday, supported by a weaker dollar and lower US Treasury yields, as weaker-than-expected US jobs data reinforced bets on an interest rate cut in September.
Spot gold rose 0.1 percent to $3,375.89 per ounce, while US gold futures also rose 0.1 percent to $3,430.40. The dollar index hit a near one-week low, making gold more accessible to holders of other currencies, and the yield on the benchmark 10-year Treasury note fell to a one-month low.
Among other precious metals, spot silver rose 0.1 percent to $37.44 an ounce, platinum gained 0.1 percent to $1,330.31, and palladium rose 0.2 percent to $1,204.25 . https://ninanews.com/Website/News/Details?key=1244721
Due To Increased Supply, Global Oil Prices Stabilize.
Economy | 05/08/2025 Mawazine News – Follow- up Oil prices were little changed on Tuesday after three days of declines due to mounting concerns about oversupply after OPEC+ agreed to another large production increase in September, but the possibility of further disruption to Russian supplies supported the market.
Brent crude futures were steady at $68.76 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 2 cents, or 0.03%, to $66.27 a barrel. Both contracts fell more than 1% in the previous session and settled at their lowest levels in a week.
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