Latest news with #EcoIraq
Shafaq News
2 days ago
- Business
- Shafaq News
Iraq looks beyond Asia for oil sales
Shafaq News – Baghdad Asia remains the primary destination for Iraqi crude, absorbing nearly three-quarters of exports, according to official data. Eco Iraq quoted analyst Duraid Abdullah on Saturday as saying about 75% of shipments leave Basra for China and India, where freight is cheaper and transit faster than to other markets. US Energy Information Administration (EIA) figures put the Asian share at 72%, with South Korea also a key buyer. Europe, by contrast, accounts for about a fifth of Iraqi exports. Deliveries routed through the Red Sea and Suez Canal add more than $10 per barrel in transport costs compared with Asia, while flows to the United States make up roughly 7%. Another 5% is directed to smaller markets such as Tunisia and South Africa. Baghdad is considering ways to ease pressure on southern terminals and cut costs. Proposals include rehabilitating the Kirkuk–Baniyas pipeline through Syria, exploring a link to Lebanon's Tripoli terminal, and reviving the long-discussed Basra–Aqaba line. Officials are also examining upgrades to offshore loading facilities in Basra.
Shafaq News
06-08-2025
- Business
- Shafaq News
35 Iraqi banks hit by US sanctions, including Baghdad Bank
2025-08-06T13:40:31+00:00 Shafaq News – Baghdad 35 out of 72 banks operating in Iraq have been subjected to US sanctions, the Eco Iraq economic observatory revealed on Wednesday. The observatory stated that Iraq's banking sector comprises Iraqi, Arab, and foreign-owned banks, noting that sanctions imposed by the US Department of the Treasury prohibit these institutions from conducting transactions in US dollars. The report highlighted that the most recent bank targeted by sanctions was the Bank of Baghdad, allegedly due to a "tip-off" from its former managing director. According to the observatory, such measures typically begin with an email sent to the US Treasury, naming the bank in question and detailing alleged illegal dollar transactions or dealings with prohibited entities. The report further noted that the Central Bank of Iraq responds to these inquiries from the US Treasury. However, if the response is delayed or deemed insufficient, the Treasury proceeds to impose sanctions on the bank concerned.
Shafaq News
02-08-2025
- Business
- Shafaq News
Iraq consumes +59M liters of fuel daily
Shafaq News – Baghdad Iraq consumes approximately 31 million liters of gasoline and 28 million liters of diesel each day, according to the EcoIraq economic observatory. Sajad al-Sudani, a member of the observatory, told Shafaq News that Iraq continues to record high levels of fuel consumption. 'Gasoline consumption reaches 217M liters per week,' he said. He added that monthly gasoline consumption stands at about 930M liters, while annual demand exceeds 11.38B liters. Diesel consumption, meanwhile, surpasses 27M liters per day—189M liters weekly—amounting to 810M liters per month and more than 9.85B liters annually. Al-Sudani noted that Iraq's low fuel prices are largely the result of substantial government subsidies. 'Iraq ranks 19th globally and seventh in the Arab world for having some of the cheapest fuel prices,' he said, warning that maintaining this level of subsidy amid such high consumption poses a significant challenge to the national budget.
Shafaq News
26-07-2025
- Business
- Shafaq News
Turkiye seeks higher transit fees in new Iraq oil deal talks
Shafaq News – Baghdad/Ankara Iraq and Turkiye have begun preliminary discussions on a potential new agreement to resume crude oil exports through the Turkish port of Ceyhan, according to the Iraqi economic observatory Eco Iraq. The talks come amid Turkish demands to raise oil transit fees to $2.5 per barrel, significantly above the previous rate of $1 to $1.5. Ali Naji, a member of the observatory, told Shafaq News that before exports were halted in 2023, Iraq had been pumping around 500,000 barrels per day (bpd) through the Kirkuk–Ceyhan pipeline, sourced from fields in both Kirkuk and the Kurdistan Region. Exports were suspended after Iraq won an international arbitration case against Turkiye for violating the 1973 pipeline agreement. Naji said the current negotiations are still in early stages and have not yet reached formal talks or the drafting of a new agreement. He noted that the pipeline has a maximum export capacity of one million bpd, should it be restored to full operational levels. The pipeline, one of Iraq's oldest export routes to global markets, has faced repeated security and technical setbacks over the decades, including multiple sabotage attacks between 2004 and 2015 that caused extensive losses and disruptions. On July 21, Turkish President Recep Tayyip Erdogan formally signed the termination of the historic oil accord with Iraq, which had been in effect since 1973.
