25% US tariffs hit Japan and South Korea
On Monday, US President Donald Trump announced the imposition of 25% tariffs on imports from South Korea and Japan, citing ongoing trade imbalances with the two key American allies in Asia.
According to official letters sent to his counterparts, Trump affirmed that the new tariffs will take effect on August 1, stressing the need to correct what he described as unfair trade practices.
He warned that any retaliatory measures—such as raising tariffs on American products—would be met with additional duties. 'If you choose for any reason to raise your tariffs, whatever percentage you decide will be added to the 25% we are imposing,' Trump stated.
The US President also posted messages on Truth Social addressed to countries affected by the new tariffs, reiterating his administration's firm stance on trade fairness.
Financial markets reacted to the announcement. The S&P 500 fell by around 1% in afternoon trading, while yields on US Treasury bonds rose to approximately 4.39%.
Earlier, Trump threatened
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Memri
2 hours ago
- Memri
Iranian Religious Establishment Declares Jihad Against President Trump For Threat To Khamenei That He Never Made, Calling For His Assassination: 'His Punishment Is Death'; 'His Blood Is Permitted'; Th
In his July 7, 2025 interview with Tucker Carlson,[1] Iranian President Masoud Pezeshkian said, when asked about the fatwa issued by two Iranian grand ayatollahs in late June about assassinating Trump,[2] that they "have not issued decrees or fatwas against any individual or against Donald Trump"[3] and that "first off, it has nothing to do with the Iranian government or to His Eminence the Supreme Leader of Iran."[4] He went on to say that "what they actually meant by the fatwa was in condemnation of an insult to a religion or religious personalities. And they were actually saying that this is deplorable, this is unacceptable. So it was not directed towards the U.S. president or any other individual... I can assure you that the meaning of this fatwa should not be construed or considered as a threat against an individual." However, in Iran in recent days there has been an increase in explicit calls for assassinating Trump, from the Iranian regime's religious establishment, due allegedly to a threat by Trump to assassinate Iranian Supreme Leader Ali Khamenei – even though Trump said he had actually prevented such a move. These calls are backed by fatwas issued in late June by Iranian grand ayatollahs.[5] The fatwas stated that the punishment for Trump is the same as for a muhareb – that is, an enemy of Allah and Islam – and that is death, and the permitting of his blood.[6] Iranian regime officials, among them Assembly of Expert members who are close to Supreme Leader Ali Khamenei, senior clerics and lecturers at the Howza-e Ilmiyya seminaries,[7] and the regime's Friday preachers, are explicitly calling for Trump's assassination. This regime religious elite has also called on young Muslims and on "cells of resistance" across the world to carry out this fatwa, presenting the fight against Trump as a religious obligation that will be greatly rewarded, including with entry into Paradise. Additionally, a new movement in Iran, called "Blood Covenant," that was announced under the aegis of the Iranian regime, claims to have raised, as of this writing, nearly $40.3 million for assassinating Trump.[8] Source: accessed July 9, 2025. It should be emphasized that grand ayatollahs are a supreme religious authority and a source for emulation, and that they guide the religious public. Thus, a fatwa issued by them is not only a declaration but also an order to be carried out.[9] The fact that these calls to assassinate Trump are coming from above and being echoed in the street and through all strata of society, including in the Iranian media, underlines the depth and uniformity of the regime's institutional incitement. It reflects a broad religious and regime consensus strengthened by reiterated emphasis of the reward anyone carrying out the punishment against Trump can expect to receive – in addition to the $40.3 million, also Paradise and the status of a defender of Islam. Most of the declarations are addressed directly to the younger generation of Muslims worldwide, exhorting them to act against Trump right now. As part of this, the struggle is depicted not as a political clash but as an all-out religious war between Islam and the "leader of apostasy" and the "enemy of Islam," and between the messengers of Allah and the enemies of Allah. This report will present statements and declarations by the Iranian regime's religious establishment calling for an operation to assassinate U.S. President Donald Trump. Iranian Assembly Of Experts Presidential Committee Member Ayatollah Mohsen Araki: "The Property And Life Of The American President Are Permitted [For Targeting]"; "All Muslims In The World Must Join The Fray In Order To Defend The Religion Of Islam And The Integrity Of The Islamic World"; " According to the Quran, he is assured Paradise"; "This Is A Clear Warning To America And To Those Who Support It" Ayatollah Mohsen Araki, a member of the presidential committee of Iran's Assembly Of Experts, said in a July 2, 2025 interview with the Tasnim news agency that, in the context of the fatwas against President Trump issued by Iranian grand ayatollahs last week, Trump's property and life, and those of all his supporters, are permissible targets for the Muslims. He added that it is obligatory to act immediately against the political, economic, media, and military interests of all those who threaten Iranian Supreme Leader Ali Khamenei until they regret having done so. Araki said that assassinating Trump, Israeli Prime Minister Benjamin Netanyahu, and U.S. and Israeli soldiers will be greatly rewarded, and any Muslim in the world who causes them damage will be defending the foundations of Islam and is entitled to enter Paradise. This, he said, is because Trump's and Netanyahu's war is not only against the Iranians, but also against the Quran, Islam, and Allah Himself. The following is a translation of the main points of Araki's statements in the interview: "Israel's existence is essentially that of a kafir harbi [a non-Muslim with whom war can be waged]. Even had it not committed crimes in Gaza, there is no haram [prohibition] against [targeting] its life, property, or anything that belongs to it, and thus it must be fought with full force. It was America that planned and is carrying out Israel's war against Iran, and therefore America too is defined today as a kafir harbi state, as are its president, its supporters, and its allies. Ayatollah Mohsen Araki (Source: Tasnim, Iran, July 2, 2025) "According to the recent fatwas [by the Iranian grand ayatollahs], the administration and the president of the U.S. are defined for all Muslims as a kafir harbi regime – that is, their property and lives are permitted to us, as are the lives of those who rely on the American government. Of course, the fate of those who do not see themselves as subservient to the Trump administration and America is different. Anyone who supports Trump, or supports the military, or who has supported and continues to support Trump's war decisions, will suffer the same fate. Regimes such as Britain, France, and Germany, which officially and openly support Trump and Netanyahu, are also considered kafir harbi. "The fact that there is a threat against Supreme Leader [Ali Khamenei] grants [the right of] and applies the law of muhareb to Trump, Netanyahu, and the U.S. There is an absolute and indisputable obligation to repel this threat. To repel it means that we need not wait for the threat to actually materialize – it is enough for the enemy to have planned, prepared its army, carried out mobilization, and prior to this even launched an attack. That is, it has already actualized its threat, and we must respond in a way that will make it regret having done so. "I ratify the fatwas of the grand ayatollahs, according to which anyone threatening the Supreme Leader is defined as a muhareb. All Muslims in the world must join the fray in order to defend the religion of Islam and the integrity of the Islamic world. There is a vital need for an operation against the political, economic, media, and military interests of the enemy who threatened the leader, and it must be made to regret having done so... Comprehensive operations must be undertaken worldwide against anyone threatening the leader of the [Islamic] revolution [Khamenei]. "Killing Trump, Netanyahu, and American and Israeli soldiers is considered a deed warranting enormous reward. Any Muslim, anywhere in the world, who can damage the Americans or the Zionists will be defending the foundations of Islam, and doing so is his practical and binding obligation. According to the Quran, he is assured Paradise. The war that Trump, Netanyahu, and their partners forced on Islam, on the Muslims, and on the messenger of Allah is not their war on us. It is a war on the messenger of Allah, the Quran, Islam, and Allah Himself... "In Western Asia [i.e. Middle East] and across the world, there are millions of people who are ready to act according to this Islamic fatwa. This is a clear warning to America and to those who support it. The recent fatwa by the grand ayatollahs and by various jurisprudents in the Islamic world, that is addressed to hundreds of millions of Muslims, is a warning and a severe message to America and the Zionist regime: All your interests are in danger. You must realize that with this threat against the Leader of the Revolution [Khamenei], they have decreed war on nearly a billion Muslims."[10] Ayatollah Najm Al-Din Tabasi, Member Of The Lecturers Union Of The Howza-e Ilmiyya Seminary In Qom: "Trump Is A Clear Enemy Of Islam, And Must Be Punished... The Same Hand That Sent The Arrow [i.e. Bullet] To [Trump's] Ear [in July 2024]... Can Today Accurately Strike The Target – The Bold Young People Of The Islamic World Will No Longer Allow This Criminal Any Sense Of Security On July 1, 2025, Ayatollah Najm Al-Din Tabasi, a member of the Lecturers Union at the Howza-e Ilmiyya seminary in Qom, called on the "bold young people of the Islamic world" to "punish" Trump and this time to "hit the target" – a reference to the failed assassination attempt in July 2024 in Pennsylvania. The following is a translation of the main points of his statements: Ayatollah Najm Al-Din Tabasi, (Mehr News, Iran, July 1, 2025) "Trump's hands were already stained with the pure blood of the martyrs of the resistance front [the January 2020 killing of IRGC Qods Force commander Qassem Soleimani]. Even before the recent threat [to Khamenei], he already deserved 'measure for measure' punishment. But the most recent threat proved once again that this man is a clear enemy of Islam and the Supreme Leader, and that he must be punished in accordance with his actions. "The same hand that once sent an arrow [i.e. bullet] to Trump's ear [in July 2024] can now accurately strike the target. Based on these fatwas, the bold young people of the Islamic world will no longer allow this criminal any sense of security, and will make him an example and a moral for the enemies of Islam."[11] Imam Ahmad Khatami In Tehran Friday Sermon: "As A Senior Jurisprudence Lecturer In Qom, I Say The Ruling To Punish Trump And Netanyahu Is The Death Sentence" In his July 4, 2025 Friday sermon, Tehran Friday prayer imam Ahmad Khatami attacked Trump and Netanyahu. He claimed that they threatened the institution of velayat-e faqih along with Iran's Supreme Leader, and that according to three jurisprudent rulings, their sentence is death. The following is a translation of the main points of his sermon: Tehran's Friday Sermon Imam, Ahmad Khatami, source: ASR-I (Iran), July 4, 2025. "Trump and his trained mad dog [Netanyahu] have threatened the Leader and our top jurisprudents [ayatollahs], with a statement that dwarfs even their initial threat against Iran, a statement too big for their mouths. This statement is really extremely stupid, and has no possible [other] interpretation. As a senior jurisprudence lecturer in Qom, I say the ruling to punish Trump and Netanyahu is the death sentence."[12] To view this clip of Khatami's statements on MEMRI TV, click here or below: Iran's "Blood Covenant" Movement Declares Jihad Against Trump; "We've Raised Over [$40] Million To Assassinate Trump" On July 4, 2025, the IRGC-affiliated Fars News Agency reported on the launch of a new movement in Iran, called The Blood Covenant, to "defend the jurisprudent leader," i.e. Khamenei. The movement's official statement, as quoted in Fars, said that according to the rulings of some jurisprudent ayatollahs, the latest threats from Trump (which, it will be recalled, he never made) are a clear case of muhareb and shari'a ruling must be implemented against Trump.[13] The movement's website featured a poster showing Trump in the crosshairs, with the constantly updated sum of over $40 million, as of this writing, and an appeal to donate to the movement in order to "help establish stable peace." The poster quotes Verse 41 from Surah At-Tawbah in the Quran: "Strive with your wealth and your lives in the cause of Allah [jihad]." This is a call to jihad, inviting believers to donate their money and sacrifice their lives. The poster lends religious legitimacy to assassinating Trump.[14] It states in English: "We pledge to award the prize to whoever can bring the militants and those who threaten the life of the Deputy of Imam Mahdi (may our souls be sacrificed for him) to justice for their actions. THIS CAMPAIN [sic] IS NOT FUNDING TERRORISM IT IS FUNDING THE FIGHT AGAINST US STATE TERRORISM." The "Blood Covenant" poster declaring jihad against Trump and featuring the growing reward for anyone who assassinates him. ( Iran, July 9, 2025) Quranic Expert Abdolmajid Kharqani In Interview With Iranian Broadcasting Authority: An Online Campaign Has Been Launched To Fund The Killing Of Trump And Netanyahu... Islamic Law States That The Leaders Of Unbelief Must Be Killed, And This Is A Religious Obligation Incumbent Upon All Muslims On July 3, 2025, Quranic expert Abdolmajid Kharqani said in an interview with the Iranian broadcasting authority that a fundraising campaign has been launched to assassinate Trump and Netanyahu. He underlined that the "leaders of unbelief" must be killed. Below are the key points from the interview: "There is an online fundraising campaign for the assassination of Trump and Netanyahu, and the sum collected is between $10 million and $20 million. This is so that whoever carries out this mission can kill these two individuals so that nobody in Iran will be harmed any more. The scene must be made unsafe for them. Islamic law determines that the leaders of unbelief must be killed. This is a religious obligation incumbent upon every Muslim."[15] Quranic expert Abdolmajid Kharqani in interview with Iran's broadcast authority. Source: 24 Nevis (Iran), July 3, 2025. Anti-Trump Declaration By Lecturers At Howza-e Ilmiyya Seminary In Tehran: "For Statements Like His, His Blood Is Permitted" On July 2, 2025, lecturers at the Howze-e Ilmiyya seminary in Tehran issued a statement of support for the grand ayatollah's anti-Trump fatwas. They wrote that the punishment for Trump's alleged statements is that "his blood is permitted." The following is a translation of the main points of the declaration: "There is no end to the vanity and hallucinations of the delusional American president. Recently he again, with unbridled vulgarity, issued threats against the ruler of the hearts of those who love freedom, the wise leader of the Islamic ummah, the courageous and beloved leader and marja [grand ayatollahs] of the Shi'ites worldwide, the supreme Ayatollah Khamenei. "Such a statement [Trump's alleged threats against Khamenei] not only openly violates the international laws and conventions, but is subject to clear and unambiguous fatwas: The punishment for those who commit such crimes is the same as the punishment for a 'spreader of corruption in the land' – and 'his blood is permitted'… "If the incitement emanating from the mouth of this American clown will, heaven forfend, be accompanied by a stupid act [i.e. killing Khamenei] (but this will never happen because 'Allah is the best of protectors and the most merciful') then, according to the laws of Islam, and thanks to the zeal and determination of thousands who offer up their lives for the leader of the Muslims, the entire region will become a burning hell for America's soldiers and diplomats, and there will be no safe place in the world for the American presence. Anti-Trump declaration by lecturers at Tehran Howza-e Ilmiyya seminary (Source: Mehr News, Iran, July 2, 2025) "We take this opportunity to express our profound thanks to the jurisprudents [the ayatollahs] who have already issued decisive fatwas in the matter of the American president's contemptible statements, and to those who are now working to issue clear fatwas and rulings for the Muslims worldwide who are awaiting their words. We appeal to all Muslims all over the world, and especially to the loyal, courageous, and zealous young people: Be alert, be attentive, and be loyal to the instructions that the leaders of Islam [ask you to carry out]."[16] The Howza-e Ilmiyya Seminary Center For Eminent and Outstanding Students: "We Are Prepared To Carry Out The Sentence Against Trump And Netanyahu" The Howza-e Ilmiyya Center for Eminent and Outstanding Students published a statement of support for the grand ayatollahs' fatwas defining Trump and Netanyahu as muhareb. It also declared its full readiness to carry out the punishment. The following is a translation of highlights of the announcement: "In the name of Allah, the destroyer of tyrants: 'Indeed, the penalty for those who wage war against Allah and His Messenger and spread mischief in the land is death' (Surah Al-Ma'idah, verse 33). On the eve of the Ashura of Hussein [the holiday marking the martyrdom of Hossein, Muhammad's grandson and the third Imam, at the hands of the Sunni Yazid bin Muawiya, at the Battle of Karbala in 680]], the Yazidis again seek to destroy the spirit, courage, and heroism of the Iranian people and of the free Muslims of the world, and with despicable stupidity dared to threaten the bearer of the great banner of freedom and honor in the world, the honor of Ayatollah Khamenei, the Imam Khamenei. "The immediate action of the senior jurisprudents [ayatollahs] of the Shi'ite world, who were quick to issue the muhareb sentence against any person or regime that harms the Supreme Leader [Khamenei] and the ayatollahs, attests to the unity of the revolutionary religious arena on its path to actualizing the ideal of a united world government. "The eminent and outstanding figures of the Howza-e Ilmiyya, together with teachers and scholars from Shi'ite seminaries around the world, express their gratitude and appreciation to [the grand ayatollahs, who issued the fatwa], the jurisprudents, and declare that they are inspired by their courageous move and are ready, wrapped in shrouds [i.e. willing to be killed for the sanctification of God's name], to carry out their sentence against the muharebs and the enemies of the Islamic Republic. They see obedience to their religious leaders as the supreme strategy in the current sensitive situation."[17] Ali Reza Panahian, Senior Cleric, Qom Howza-e Ilmiyya Lecturer, And Close Associate Of Khamenei: "I Kiss The Hands" Of The Grand Ayatollahs Who Issued The Muhareb Fatwa Against Trump On June 30, 2025, Ali Reza Panahian, a close associate of Supreme Leader Khamenei, a senior cleric, and lecturer at the Qom Howza-e Ilmiyya, said about the muhareb fatwa against Trump: "[The grand ayatollahs] have ruled that that if anyone threatens the Supreme Leader of the Muslims and the Supreme Islamic Leader [Khamenei], his punishment will be that of a muhareb. And, if such a sentence is given, every Muslim everywhere in the world is obligated to martyr himself and to act to kill him [the muhareb]. The satanic Trump has already been sentenced to death, so if he threatens again, there will be no more security for him. Those [grand ayatollahs] who issued this ruling have carried out a great and important action, and I kiss their hands. From now on, no one will be patient, or will delay in destroying them [Trump and the enemies of Iran]. The punishment for a muhareb is lofty and sublime."[18] Ali Reza Panahian (Source: June 30, 2025) Howza-e Ilmiyya Lecturer Amin Asadpour: Netanyahu And Trump Are Considered Kafir Harbi... Their Blood And Property Are Permitted For The Muslims, All The Resistance Cells In The Western Countries Are Obligated To Carry Out Their Sentences In a July 1, 2025 statement to the Didban Iran website, Howza-e Ilmiyah lecturer Amin Asadpour referred to the muhareb fatwa against Trump and Netanyahu, saying that these two are considered kafir harbi and that their blood and property are permissible for the Muslims. He emphasized that all the resistance cells in the Western countries are obligated to carry out Trump's and Netanyahu's sentences. The following is a translation of his remarks: "Currently, in the Islamic Republic under the rule of the jurisprudent [i.e. Khamenei], at a time when the Supreme Leader is under threat, the grand ayatollahs have entered the scene with all their energy. In this fatwa, threatening individuals – like Netanyahu and Trump – have been declared muharebs [enemies of God and Islam], and their countries and regimes have been declared muhareb states. A kafir harbi is one who is not bound by any peace or treaty, and the Quran sees him as one who is in a state of war with the Islamic nation. Howza-e Ilmiyah ecturer Amin Asadpour. Source: Didban Iran (Iran), July 1, 2025. "This fatwa underlines that all Muslims in the world must view these individuals as kafir and must implement the rulings that apply to them. Their lives, their property, and their honor is not sanctified, and the Muslims are permitted to punish them in accordance with their deeds. One of the central aspects of this fatwa is that it creates a price for every threat or harm against the Supreme Leader. Just like the fatwa by the late Imam [Ruhollah Khomeini against Satanic Verses author Salman Rushdie] transformed insults against Islam into a very costly matter for the arrogant governments [i.e. the West], so this fatwa by the supreme authorities of jurisprudence is meant to make the threats and actions of the hostile countries come at a heavy price. "Currently, in accordance with the historic fatwa of the grand ayatollahs, with the support of the Supreme Leader and the religious authorities, all the cells of the resistance, all the Muslims in the Islamic world, and even those in the Western countries are obligated to implement the ruling concerning muharebs against Netanyahu, against the plundering State of Israel, against U.S. President [Donald Trump], and against the U.S. government."[19] Religious Scholars Union Secretary-General Muhi Al-Din Taheri: Spilling The Blood Of Muharebs [Like Trump And Netanyahu] Earns Great Reward From Allah In an interview with the news agency of the Howza-e Ilmiyah, Shiraz Religious Scholars Union Secretary-General Muhi Al-Din Taheri was asked about the alleged threats against Khamenei by Western and Zionist figures. Taheri said that from a religious and historical perspective, this is a continuation of the conflict between the camp of truth – i.e. Muslims – and the camp of heresy – i.e. non-Muslims – and he cited Quran 5:30 as proof that a threat against Khamenei fits the definition of waging muharabeh – i.e. the action carried out by a muhareb – against Allah and His Messenger, Muhammad. Addressing the legal perspective, he also referred to Article 51 of the UN Charter, which discusses violations of national sovereignty that give nations the right to self-defense. Asked if this meets the Islamic legal definition of muharabeh, Taheri said that according to the rulings of Imam Khomeini and Ayatollah Mohammed Baqer Al-Sadr, strategic actions – and not only armed attacks – can be considered muharabeh. He said that it is a mistake to differentiate between a political response and a religious response, because Islam draws a correlation between the two. He anchored this assertion in Quran 8:60, Surat Al-Anfal, which underlines Islamic preparation to confront threats, and he gave the example of Imam Ali, who waged war using political, military, and religious means. Taheri called for three main responses: The first, a religious response, obligating every Muslim to defend Khamenei, the senior jurisprudent, including by spilling the blood of the muharebs, which he said is a permissible act meriting merits great rewards. The second, he said, is a social response, consisting of a widespread campaign exposing the intentions of the enemy, and the third is an international response, pressuring legal bodies to condemn the threats. At the end of the interview, Taheri warned the enemies of Iran that any attempt to undermine the status of the leadership will lead to their destruction and their punishment, and he referred to Quran 5:33 as a warning. He called on the Muslim ummah to rise to the occasion as the first Muslims had done, and he expressed confidence that ultimately, the Iranian people will be redeemed.[20] Appendix: MEMRI Reports About The Iranian Regime's Threats To Assassinate U.S. President Donald Trump MEMRI Special Dispatch No. 11956, Hossein Shariatmadari, 'Kayhan' Editor And Close Associate Of Supreme Leader Khamenei: 'The Day Is Not Far Off When A Few Bullets Will Be Fired Into Trump's Hollow Head To Avenge The Blood Of The Martyr [Qassem] Soleimani' – This Is A 'Religious And Islam, May 1, 2025. MEMRI Special Dispatch No. 11864, Iranian Regime Mouthpiece 'Kayhan' To Iranian President: 'Mr. Pezeshkian, Iran Has Planned, And Is Planning, To Assassinate Trump', March 4, 2025. MEMRI Special Dispatch No. 11717, Despite Iranian Foreign Ministry's Denials, Regime Mouthpiece Outlet 'Kayhan' Writes: Punishing The Murderers Of IRGC Qods Force Commander Qasem Soleimani Is Still On The Table; There Is No Guarantee That Trump Is Safe From Punishment, December 6, 2024. MEMRI Special Dispatch No. 11665, Reactions In Iran To Trump's Election Victory: 'The Return Of The Murderer'; 'The Sword Of Vengeance… Hovers Above Trump's Head'; 'America – The Great Satan'; 'Iran And The Resistance Axis Are Ready', November 8, 2024. MEMRI Special Dispatch No. 11454, Since The U.S.'s January 2020 Killing Of IRGC Qods Force Commander Qassem Soleimani, Iranian Regime Officials Have Reiterated Their Intent To Assassinate Trump In Retribution – But Today, Iran Denies Any Connection To The July 13 Assassination Attempt Against Him, July 17, 2024. MEMRI Special Dispatch No. 8960, 'Kayhan' Editor Shariatmadari To Trump: The IRGC Will Take Revenge Against You Personally For Your Involvement In Killing Of Qods Force Commander Soleimani, October 8, 2020.
Shafaq News
3 hours ago
- Shafaq News
Iraq's import procedures: Baghdad and Erbil seek unification
Shafaq News - Baghdad/Erbil The Central Organization for Standardization and Quality Control (COSQC) met with a delegation from the Kurdistan Region to unify import procedures across Iraq, the Ministry of Planning announced on Wednesday. The meeting, part of the implementation of Ministerial Order No. 79/S of 2024, follows a recent agreement between the Federal Government and the Kurdistan Regional Government (KRG) to align customs and quality control practices nationwide. Chaired by COSQC President Fayadh Mohammed Abd, the session brought together federal and regional officials to discuss practical steps for enforcing the agreement. 'The initiative aims to streamline trade at border crossings by standardizing product specifications and inspection protocols,' he stated. He also highlighted the need for continued coordination between Baghdad and Erbil to ensure effective implementation, enhance transparency, and protect consumers through consistent national quality standards. Meanwhile, the KRG delegation reaffirmed its commitment to the agreement and expressed its intent to deepen economic integration with the federal government, aiming to benefit citizens throughout Iraq. Issued earlier this year, the ministerial order seeks to harmonize technical requirements for imports and facilitate smoother trade between the Kurdistan Region and the rest of the country. The unified approach is expected to create a more transparent business environment and shield local markets from non-compliant goods.
Shafaq News
3 hours ago
- Shafaq News
Iraq's oil reserves top 145 billion barrels, minister confirms
Shafaq News – Vienna/Baghdad Iraq's proven reserves have surpassed 145 billion barrels of crude oil and 132 trillion cubic feet of natural gas, Iraqi Deputy Prime Minister for Energy and Oil Minister Hayan Abdul Ghani Al-Sawad announced on Wednesday. During a panel discussion at the Ninth International OPEC Workshop in Vienna, Al-Sawad emphasized the need for strong and consistent government commitments to finance energy projects across all sectors to ensure long-term energy security. He underscored the continued importance of fossil fuels in meeting global energy demands, describing them as a key driver not only for infrastructure growth but also for advancing clean energy efforts, especially in developing countries that require economic support to improve vital sectors such as healthcare, education, and essential services. Al-Sawad highlighted that 'sustained investment in oil and gas remains critical for both global energy stability and inclusive economic development.' However, he warned that current investment levels are insufficient to meet future demand, particularly as the global population and industrial activity continue to grow. Adequate financing, he stressed, is necessary to balance traditional energy supply with progress in clean energy technologies. The minister also outlined Iraq's role in the global energy transition, pointing to major initiatives aimed at capturing associated and natural gas that would otherwise be flared. 'These efforts align with Iraq's climate commitments and aim to strike a balance between economic development and environmental responsibility,' he affirmed. Iraq is currently advancing large-scale projects to convert flared gas into electricity, helping to cut carbon emissions, improve domestic energy security, and reduce dependence on imported fuels. He also noted Iraq's ongoing efforts to develop independent natural gas fields in partnership with leading international companies, a move intended to position the country as a future player in the global gas market.
