Iraq To Be OAPEC’s Second-Largest Oil Exporter By 2025
Energy Economy News – Baghdad The Organization of Arab Petroleum Exporting Countries (OAPEC) announced on Tuesday that Iraq ranked second among member states as a crude oil exporter during the first quarter of 2025.
According to a report, Iraq’s exports reached 3.35 million barrels per day, placing it second after Saudi Arabia, which topped the list with exports reaching 5.89 million barrels per day. The UAE came in third place with a total of 2.86 million barrels per day, followed by Kuwait with exports of 1.32 million barrels per day.
He added that “Libya ranked fifth with average exports of 1.18 million barrels per day, while Qatar came in sixth with 605,000 barrels per day, and Algeria ranked last with exports of 378,000 barrels per day.”
Regarding global oil trade, the report indicated that the United States maintained its position as a net importer of crude oil, but continued to be a net exporter of petroleum products, with its net exports of crude oil and its derivatives reaching approximately 2.7 million barrels per day during the first quarter of the year.
In contrast, China’s net oil imports fell by approximately 385,000 barrels per day, settling at 10.7 million barrels per day, while India’s imports rose by 3.3% quarter-on-quarter, reaching 4.6 million barrels per day.
It is worth noting that OAPEC was established on January 9, 1968, by agreement between Saudi Arabia, Kuwait, and Libya. Its headquarters are in Kuwait, and its founding members include Algeria, Iraq, Qatar, the United Arab Emirates, Bahrain, Syria, and Egypt. https://economy-news.net/content.php?id=55897
Iraq’s Oil Exports To The US Reached 5 Million Barrels In A Month.
Energy Economy News – Baghdad The U.S. Energy Information Administration announced on Tuesday that Iraq exported more than 5 million barrels of crude oil and its derivatives to the United States during February 2025.
A table from the administration showed that “Iraq exported 5,427,000 barrels of oil and its products during February, down from 7,136,000 barrels in January.”
The US Energy Information Administration reported that “the total crude oil exported from Iraq to the US in the same month amounted to 4,446,000 barrels, while the remaining 981,000 barrels were petroleum derivatives, which are non-condensate oils.”
Iraqi oil exports to the United States have increased significantly in recent years, with export figures reaching record levels in some months, partly due to Iraq’s ability to increase its oil production. https://economy-news.net/content.php?id=55899
Basra Crude Oil Rises Despite Falling Global Oil Prices
Tuesday, May 27, 2025 | Economic Number of reads: 144 Baghdad / NINA / Basra Heavy and Basra Medium crude prices rose on Tuesday, despite the decline in oil prices in global markets.
Basra Heavy crude prices rose 88 cents, or 1.45%, to reach $61.46, while Medium crude prices rose 88 cents, or 1.39%, to reach $64.41.
Oil prices fell as market participants assessed the possibility of OPEC+ deciding to increase its crude oil production at a meeting later this week.
Brent crude futures fell to $64.62 a barrel, while West Texas Intermediate crude fell to $61.38 a barrel. / End https://ninanews.com/Website/News/Details?key=1229220
Gold Prices Head To Highest Level In Two Weeks
Tuesday, May 27, 2025 | Economic Number of reads: 169 Baghdad / NINA / Gold settled near its highest level in two weeks on Tuesday, supported by a weaker dollar and concerns about the US fiscal outlook, while investors awaited more US economic data, seeking more clarity on the path of interest rates.
The price of spot gold settled at $3,339.99 per ounce.
US gold futures fell 0.8% to $3,339.80.
Among other precious metals, the price of spot silver rose 0.1% to $33.38 per ounce, platinum settled at $1,084.28, and palladium fell 0.3% to $984.25. / End https://ninanews.com/Website/News/Details?key=1229203
The Dollar Price Fell In Baghdad.
Time: 2025/05/27 Read: 2,340 times {Economic: Al Furat News} The exchange rate of the US dollar against the Iraqi dinar fell on Monday morning in Baghdad markets.
The prices are as follows:
The selling price was 141,250 dinars per $100, and the purchase price was 139,250 dinars per $100. LINK
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