Baghdad, Iraq- Oil prices extended their recent gains on Tuesday, supported by a report revealing that Russian oil production had fallen short of its OPEC+ quota. However, the rise in prices was somewhat limited by growing concerns over escalating trade tariffs that could negatively impact global economic growth.
By 0447 GMT, Brent crude futures had risen by 24 cents, or 0.32%, reaching $76.11 per barrel....
Baghdad, Iraq- Iraqi PM Mohammad Shia al-Sudani, announced that the salaries for the Kurdistan Region will be transferred in a "coordinated manner" in the coming months, ensuring that the federal Ministry of Finance addresses the issue promptly. He also emphasized that the salary delay was a technical problem rather than a political issue.
Al-Sudani further clarified that despite some disagreements...
Baghdad, Iraq- Iraq is grappling with a potential energy crisis after the recent revocation of its exemption from US sanctions on Iranian gas and electricity imports. This decision by President Donald Trump threatens to cut off nearly 40% of Iraq’s power supply, leaving the country scrambling to secure alternative energy sources and avoid widespread blackouts.
For decades, Iraq has relied...
Baghdad,Iraq- Iraq has signed an $800 million contract to develop and expand the Al-Diwaniyah refinery, a move aimed at enhancing the country’s refining capacity and modernizing the oil sector.
Prime Minister Mohammed Shia Al-Sudani, who oversaw the signing ceremony, stated that the project involves adding a new atmospheric distillation unit with a capacity of 70,000 barrels per day (BPD), increasing...
Baghdad, Iraq- The exchange rate of the US dollar against the Iraqi dinar saw a slight decrease in Baghdad on Thursday, while it remained steady in Erbil, the capital of the Kurdistan region.
In Baghdad, the rate dropped in both the Al-Kifah and Al-Harithiya stock exchanges, reaching 1,503.5 Iraqi dinars per US dollar, down from 1,505 dinars earlier in the...
Baghdad, Iraq– Finance Minister Taif Sami announced on Wednesday that the restructuring of Al-Rafidain and Al-Rasheed banks, along with insurance companies, is a key initiative aimed at enhancing financial stability and aligning state-owned banks with international standards.
During an extensive meeting with officials from the Insurance Bureau, state-owned banks, insurance firms, and international auditing firm Ernst & Young, Sami reviewed...
Baghdad, Iraq- Basrah crude oil prices dropped by more than 2% on Wednesday, following a broader decline in global oil markets.
Basrah Heavy crude fell by $1.95, or 2.62%, to settle at $72.38 per barrel, while Basrah Medium crude declined by the same amount, down 2.51% to $75.63 per barrel.
The global oil market saw a dip in prices as...
Baghdad, Iraq- The exchange rates of the US dollar against the Iraqi dinar recorded a slight decrease on Wednesday in both Baghdad and Erbil markets.
In Baghdad, the opening rate at the central Al-Kifah and Al-Harithiya stock exchanges stood at 150,200 IQD per 100 USD, down from 150,300 IQD recorded on Tuesday.
At currency exchange shops in the capital, the selling...
Baghdad, Iraq- Gold prices saw an increase on Wednesday in both Baghdad and Erbil markets, according to market data.
In Baghdad’s Al-Nahr Street market, the price of 21-carat gold, including Gulf, Turkish, and European varieties, reached 600,000 IQD per mithqal (equivalent to five grams) for selling, while the buying price stood at 596,000 IQD. Meanwhile, 21-carat Iraqi gold was...
Baghdad, Iraq— A delegation from the International Road Transport Union (IRU) visited Iraq last week to lay the groundwork for the country’s first cross-border transit under the International Road Transport (TIR) system.
With the first TIR movement expected soon, Iraq is set to achieve a major milestone in cross-border trade, marking a significant step toward full integration into the globally...