The Weaker Position”… Expert: Iraq Faces Economic And Energy Challenges Until 2028
Time: 2025/05/25 Read: 1,650 times {Economic: Al Furat News} Oil expert Furat al-Moussawi warned that Iraq‘s economic and energy challenges will continue until 2028, attributing this to the country’s
near-total reliance on a rentier economy and the
lack of radical strategic solutions to date.
During his appearance on the program “Free Talk” on Al Furat TV, Al-Moussawi said,
“Iraq still suffers from a single-source rentier economy that is out of step with global market developments, and this has caused significant harm to the national economy.”
He pointed out that “all current projects rely on oil revenues without any real diversification in the productive sectors.”
He added, “The country is currently exporting approximately 3.4 million barrels per day, 200,000 barrels more than the limit permitted under the OPEC agreement.
This has alarmed the organization and prompted some countries, led by Saudi Arabia,
to seek to reclaim their market share.”
Al-Moussawi pointed out that “the price of a barrel of oil approved in the three-year budget is $70,
which poses a major challenge in light of market fluctuations,
while the budget will not regain balance unless the price of a barrel reaches at least $55.”
He emphasized that “Iraq does not yet have a sovereign wealth fund, which increases the fragility of its financial situation.”
In the energy sector, Al-Moussawi explained that
“gas investment is still contingent on increasing oil production,
which limits development potential.”
He added that “the Karbala refinery has not yet been completed, as has an investment project in Al-Faw, at a time when the country does not have enough refineries to qualify it for regional competition.”
He continued, “The only clear project currently is the agreement with Total, Qatar Energy, and Basra Oil, which includes four strategic projects, including
exploiting seawater for oil fields,
producing the first 100 megawatts of solar energy, and
investing in four gas fields.”
He pointed out that “the government realizes that the current strategy is ineffective, as
evidenced by the lack of effective investments and radical solutions to the energy crisis,”
warning of “the difficulty of achieving gas self-sufficiency before 2028.”
Al-Moussawi emphasized that “geopolitical turmoil, including the Russia-Ukraine war and sanctions on Iran and other countries, has contributed to oil price volatility, prompting OPEC to emphasize its study of market developments before making any decision to increase production.”
The oil expert concluded by saying, “Iraq remains in the weakest position among oil-producing countries due to its complete dependence on oil revenues, lacking any real tools to ensure long-term economic stability.”
https://alforatnews.iq/news/الموقف-الأضعف-خبير-العراق-يواجه-تحديات-اقتصادية-وفي-الطاقة-حتى-2028
The Iraqi Stock Exchange Traded Shares Worth 6 Billion Dinars In One Week
Stock Exchange Economy News – Baghdad The Iraq Stock Exchange announced on Monday that shares worth more than 6 billion dinars were traded last week.
The market stated in a report reviewed by Al-Eqtisad News that “the number of companies whose shares were traded last week reached 63 joint-stock companies, while the shares of 33 companies were not traded due to the failure of buy and sell orders to match prices, while 8 companies remain suspended due to failure to provide disclosure, out of 104 companies listed on the market.”
He added that “the number of traded shares reached 3 billion, 792 million, and 400 thousand shares, an increase of 76.76% compared to the previous week, with a financial value of 6 billion, 388 million, and 419 thousand dinars, an increase of 1.71% compared to the previous week, through the execution of 2,208 transactions.”
The market indicated that “the ISX60 index closed at 898.41 points, recording a 1.62% decrease from its closing price in the previous session,” noting that “the number of shares purchased by non-Iraqi investors last week amounted to 73 million shares, with a financial value of 294 million dinars, through the implementation of 64 transactions.”
The number of shares sold by non-Iraqi investors amounted to 41 million shares, with a financial value of 187 million dinars, through the implementation of 49 transactions.
It’s worth noting that the Iraq Stock Exchange holds five trading sessions per week, from Sunday to Thursday, and lists 104 Iraqi joint-stock companies representing the banking, telecommunications, industry, agriculture, insurance, financial investment, tourism, hotels, and services sectors. https://economy-news.net/content.php?id=55860
Globally, Oil Prices Rise To $61.73 Per Barrel
Economy | 05/26/2025 Mawazine News – Follow-up: Oil prices rose today after Washington extended the deadline for trade talks with the European Union, easing concerns about tariffs on the bloc that could harm the global economy.
US West Texas Intermediate (WTI) crude futures for July delivery rose 0.32% to $61.73 a barrel,
while global Brent crude futures for the same month rose 0.34% to $65.01 a barrel.
US President Donald Trump announced his agreement to extend the trade negotiations with the European Union until July 9, after European Commission President Ursula von der Leyen confirmed that the EU needs more time to reach an agreement. https://www.mawazin.net/Details.aspx?jimare=261915
The Dollar Exchange Rate Fell In Iraq
Economy | 05/26/2025 Mawazine News – Baghdad – The exchange rate of the US dollar against the Iraqi dinar witnessed a significant decline today, Monday.
The selling price of the dollar in the local markets in Baghdad today reached 142,000, while the buying price reached 141,000. The selling price of the dollar in Erbil reached 142,000 and the buying price: 141,600. Finally, in Basra, the selling price reached 142,000 and the buying price: 141,500. https://www.mawazin.net/Details.aspx?jimare=261921
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