SOMO reveals increase in revenues from oil exports

The State Oil Marketing Organization (SOMO) announced on Sunday that it had achieved an increase in its revenues after the voluntary cut was ended. The company’s general manager, Ali Nizar Al-Shatri, told the official news agency that “Iraq has achieved an increase in its oil exports after the voluntary cut was gradually ended by the OPEC and allied countries.”

He also explained that “Iraq has been able to increase its oil production, which has enabled it to raise the volume of its exports, based on a study of the oil market balance by OPEC and non-OPEC experts, who approved the possibility of making this increase.”

He added, “Oil exports are the main source of funding for the general budget, with current prices ranging between $65 and $68 per barrel, and an annual average of approximately $70,” adding, “With an increase in production estimated at approximately 200,000 barrels per day – equivalent to approximately 6,000,000 barrels per month – this will contribute to additional revenues estimated at hundreds of millions of dollars annually, as additional revenues that can be invested to support budget requirements.”

He pointed out that “the Oil Marketing Company, through commercial agreements and profit-sharing projects with foreign companies, is working to generate greater revenues from the sale of conventional oil through ports. This is achieved by reselling a portion of the barrels on global markets when commercial opportunities arise or when certain companies demand it, thus generating additional profits above the official price.”

He also explained that “the company has also activated a mechanism for selling spot shipments, which has enabled the sale of a number of barrels at price premiums commensurate with the volume of demand and opportunities available in the global oil market.”

Burathanews.com

Electoral Commission: “Vote buying is an electoral crime, and any candidate who commits it will be referred to the judiciary.”

The Independent High Electoral Commission confirmed on Sunday that the punishment of the candidate who “buys votes” may occur even after his victory if the crime is proven, while indicating that some candidates deceive voters by intimidating them by saying that they “are able to know where their votes went and who they voted for.” The commission confirmed that “even it cannot know who the owner of the vote is and for whom he voted.” Assistant media spokesman for the Electoral Commission, Nibras Abu Souda, stated that “buying votes is an electoral crime and not a regulatory violation, and the candidate who practices it will be referred to the competent judiciary for investigation and trial. If vote buying is proven, the criminal penalties stipulated in the law will be applied and the candidate will be disqualified from running.”

She explained that, “If a candidate ran in the elections and obtained purchased votes, then upon proof of the crime, those votes will be withdrawn and deemed as if they had never been awarded to him. If the results are ratified and the accused is transferred to Parliament, the accountability mechanisms and dealing with him will remain subject to the provisions of parliamentary law and applicable legislative procedures, and may require subsequent measures taken by the competent authorities.”

She stressed that “the biometric card is a secure card, subject to strict security and protection measures implemented by the Commission at all levels of registration and data, and it is (practically) impossible for another person to use the biometric card because it is linked to its original owner and the biometric measurements stored in it,” according to the government newspaper.

She also explained that “the process of offering money to a voter in exchange for their biometric card does not give the candidate the ability to vote on behalf of the cardholder. Rather, it essentially represents bribery, bribery, or illegitimate influence over the voter’s will by enticing them with money.”

She also pointed out that “the voting process is strictly confidential, and no one, whether an employee of the commission or outside it, can ascertain the will of the voter or know which candidate their vote went to,” explaining that “this process is technically protected, as there is no indication on the ballot paper of the voter, nor does their name, electoral number, or any other indication that could identify them appear. Therefore, it is impossible to know where the voter’s vote went or for whom they voted.”

The spokesperson concluded by saying, “We mention the above because some candidates are trying to mislead voters by claiming that ‘the commission can determine their vote by examining the ballot paper.’ This is false and impossible, and is merely an attempt to intimidate and influence voters.”

Burathanews.com

Iraqi traders discuss developing import and export at the Tradex Summit in Erbil.

The Kurdistan Region Importers and Exporters Union held the Tradex Summit in Erbil Governorate, with the participation of a large number of businessmen, investors, and experts in the field of trade and economics.

The summit, held today, Saturday, aims to develop the digital trade system, strengthen the position of the local market, and connect it to regional and international markets.

A Shafaq News Agency correspondent reported that the summit provided an important platform for discussing the latest innovations and technological solutions in the field of trade, as well as reviewing successful experiences in digital transformation, which contributes to raising the efficiency of the private sector and opening new horizons for investors.

He added that the summit’s activities included extensive discussions on ways to enhance the business environment in the Kurdistan Region and expand trade cooperation networks, thus consolidating the region’s presence on the global economic map and giving it a greater role in keeping pace with rapid economic developments.

Shafaq.com

US report: Iraq needs $95 oil price to balance its budget

S&P Global Commodity Insights revealed on Saturday that Iraq needs an oil price of $92 per barrel to balance its budget this year.

According to the agency’s report on the oil prices needed by the Middle East and North Africa region to balance its national budgets for 2025, which was reviewed by Shafaq News Agency, “Iraq needs an average price of $95 per barrel to balance its national budget.”

He added , “The highest average oil price required by oil-producing countries to balance their national budgets was Iran’s, at $122 per barrel, followed by Bahrain at $107 per barrel, and then Algeria at $93 per barrel.”

She continued, “Kuwait needs an average price of $89 per barrel, followed by Oman at $80, Saudi Arabia at $77, Qatar at $64, and the UAE is the lowest-priced country with an average price of $47.”

According to the agency, “Iraq is selling heavy crude oil at $66 and medium crude oil at $68.”

Shafaq.com

Avoiding a life-or-death choice, Iraqis may lose the blessing of air conditioning and their last hope in the Gulf.

Demand for electricity is doubling in the Middle East, particularly Iraq, threatening to exacerbate social and political unrest. Governments unable to secure a reliable source of electricity to power cooling systems, desalinate water, and keep the lights on during the summer months, risk losing legitimacy with the public.

However, The National newspaper proposes expanding the role of Gulf states in interconnecting electricity with countries in the region experiencing electricity shortages to address these challenges.

The newspaper report, translated by Shafaq News Agency, indicated that in countries where electricity is available 24/7, turning on the lights, cooking a hot meal, or enjoying the cool air are considered normal things. This is in contrast to countries where electricity is rationed, expensive, or unavailable for long periods, where electricity shortages exacerbate a host of other social, political, and economic problems.

He explained that without reliable electricity, critical facilities such as hospitals, water treatment plants, and telecommunications falter. He added that when energy costs rise, the prices of everything from transportation to basic goods increase, creating frustration and sometimes unrest. He noted that industries slow down or shut down during power outages, exacerbating unemployment and poverty.

“Even more damaging is that failure to ensure a consistent supply of energy undermines public confidence in government, as authorities that cannot even keep the lights on risk losing their legitimacy,” the report added. “Many Middle Eastern countries have suffered from this cascading effect, with those experiencing conflict or emerging from war being the most affected. Syria, Iraq, Lebanon, Yemen, and Sudan are among the countries affected.”

Regarding Iraq specifically, the report stated that more than 20 years after the war that toppled Saddam Hussein’s regime, the country remains without a stable energy supply. It noted that in August 2022, the oil-rich city of Basra witnessed days of angry protests after power line failures and a fire at a power plant caused power outages amid temperatures reaching 50 degrees Celsius.

The report also cited Lebanon as another example, explaining that years of intermittent power outages have led to reliance on polluting private generators, which has empowered criminal groups that profit from black market fuel.

He warned that these problems will worsen, pointing to a new report issued by the International Energy Agency, which reveals that electricity demand in the Middle East and North Africa has tripled since 2000 and is expected to rise by 50% by 2035, due to rapid population growth, urban expansion, and industrial growth.

The report quoted the Executive Director of the International Energy Agency, Dr. Fatih Birol, as saying, “Everyone is talking about China and India as the epicenter of global electricity demand growth, but the Middle East and North Africa region is a dark spot in these discussions.”

He continued, “The narrative presented by the IEA report represents a tale of two regions. There are countries in the Gulf that are investing billions in reliable and renewable energy sources such as nuclear power, wind farms, solar power plants, and gas, while nuclear reactors are under construction in Egypt and Iran. But the second story concerns countries that face different challenges in terms of providing energy to meet growing demand.”

The report returned to Iraq, stating that “the International Energy Agency estimates that the energy shortage in Iraq between 2014 and 2020 alone cost the economy more than $95 billion.”

In Syria, according to the report, available power generation capacity in 2022 fell to just 38% of pre-war levels, far below what the country needs. Meanwhile, conflict-affected Libya has suffered similar problems, with power generation capacity halved during the civil war.

Therefore, the report concluded, countries with high electricity generation and transmission capacities can make a difference. It explained that Iraq, for example, has an agreement with its Gulf neighbors to import electricity through the Gulf Cooperation Council’s Electricity Interconnection Authority. It believed that expanding such an agreement could support other countries trying to secure energy supplies for their economies and citizens.

According to the report, these long-term technocratic solutions could replace temporary efforts such as Iraq’s use of power ships, which provide electricity for only weeks, not years.

He continued, “With rising global temperatures, the Middle East is on the front lines of global warming,” stressing that “without a reliable source of electricity to power cooling and water desalination plants, vulnerable populations will suffer.”

The report concluded by saying, “Solutions are present in the IEA report, such as expanding renewable energy options, developing grids to handle increased loads, and investing in energy storage facilities.” He noted that these are worthy ideas, but that it is up to the region’s leading countries to work in partnership with those struggling to reach the stage where running air conditioning in the summer is no longer a choice between life and death.

Shafaq.com

Iraq’s holdings of US bonds have fallen to less than $30 billion.

The US Treasury Department announced on Saturday that Iraq is not among the top 20 countries holding US bonds, while two Arab countries are among the top holders.

The Treasury stated in its latest table for September 2025, which Shafaq News Agency reviewed, that “Iraq did not enter the top twenty largest holders of US bonds, as its holdings declined from $40.8 billion in 2023 to less than $30 billion in 2024.”

She added that both Saudi Arabia and the UAE were among the 20 countries holding the largest amounts of US bonds, with $131.7 billion and $107.8 billion, respectively.

She pointed out that “the countries with the largest holdings of bonds were Japan, with $1.151 trillion, followed by the United Kingdom, which holds $899 billion, followed by China, with $730 billion, the Cayman Islands, with $438 billion, and Belgium, with $428 billion.”

In August 2023, the US Treasury announced that Iraq had dropped one place among the largest foreign holders of US bonds.

The Treasury said at the time that “Iraq dropped one rank despite increasing its bond holdings for June by $300 million, reaching 37th place among the 38 countries with the largest holdings of US Treasury bonds listed in the table,” indicating that “Peru increased its bond holdings to rank 36th, replacing Iraq.”

She added, “Iraq’s holdings of these bonds reached $33 billion in June, a 0.92% increase from last May, when Iraq’s holdings of bonds reached $32.7 billion. However, they increased by 3.12% from June 2022.”

The Treasury also noted that “Iraq is the fourth largest Arab country after Saudi Arabia, the UAE, and Kuwait, while Japan tops the list of countries holding the most of these bonds, at $1.105 trillion, followed by China in second place with $835 billion, the United Kingdom in third place with $672 billion, Belgium in fourth place with $332 billion, and Luxembourg in fifth place with $331 billion.”

Shafaq.com

Kurdistan: The region has become a hub for supplying the Iraqi market with Japanese cars.

Kurdistan Region President Nechirvan Barzani said on Saturday that Japan is using the region as a base to supply other Iraqi cities and regions with cars.

This came in a speech he delivered during his attendance at the opening of the Toyota Quality Testing and Experimental Center in Dohuk Governorate.

In his speech on the sidelines of his attendance at the opening ceremony, Masrour Barzani said, “It is a pleasure to see a country like Japan, which has great confidence in automobiles, give the Kurdistan Region a special status, so that all Japanese cars destined for the Iraqi market are prepared here and later distributed to other cities.”

He added, “The Kurdistan Regional Government has always supported this project and will continue to do so. It is undoubtedly a major commercial and industrial project that will help boost the economy in the region and give its residents the opportunity to learn more skills in this field.”

Shafaq.com

A deputy criticizes the Iraqi parliament: The current session failed to question any government officials.

MP Haitham al-Fahd of the Basis bloc confirmed on Saturday that parliament had collected signatures to question Prime Minister Mohammed Shia al-Sudani’s government, including al-Sudani himself and all his ministers. However, what he described as “political quotas and bribery” had stalled the process.

Al-Fahd told Shafaq News Agency, “The House of Representatives’ oversight role is obstructed by political partisan quotas and the bribery of officials who are being questioned.”

He explained that “members of Parliament have collected signatures to interrogate most of the government’s executive officials, including the Prime Minister, ministers, agency heads, general managers, and others. Unfortunately, no corrupt government official has been investigated or held accountable.”

Al-Fahd pointed out that “partisan and political quotas are what are disrupting and sabotaging the House of Representatives’ oversight work,” adding that the House is nearing its end and the parliamentary session has not been able to question any official in the current government.

It’s worth noting that MP Mustafa Al-Karawi confirmed on Tuesday, September 2, that the parliamentary process for questioning Prime Minister Mohammed Shia al-Sudani over his failure to submit the federal budget had been completed.

Al-Karawi said in a Facebook post, “After I filed a lawsuit against the government with the Public Prosecution, which in turn referred the matter to the House of Representatives to assume its constitutional role, we followed the necessary legal and political steps, followed by submitting an oral question to the Minister of Finance in the House.”

He added, “We have completed the procedures for questioning the Prime Minister, along with our fellow representatives from the Central and Southern Fronts. We approached the Speaker of Parliament to set an official date for questioning the Prime Minister, due to his failure to submit the budget schedules and final accounts, in addition to the delay in the draft federal civil service law.”

A few days ago, the Supreme Judicial Council sent an official letter to the House of Representatives regarding the government’s delay in sending the general budget schedules, considering that this delay constitutes a breach of the constitutional and legal obligations stipulated in Article 62/First of the Constitution.

In the same context, MP Hadi Hassan Al-Salami submitted an official request to the House of Representatives Presidency to table the interpellation of the Prime Minister during the next parliamentary session, stating that the failure to submit the budget tables represents a clear breach of the government’s constitutional obligations.

Al-Salami explained, according to an official document that reached Shafaq News Agency, that the request is based on the provisions of Article (61/Seventh-C) of the Constitution, Articles (27, 29, 31) of the Council of Representatives Law, and Internal Regulations No. (13) of 2018, pointing out that the budget issue is one of the most important topics of the interpellation that the Parliament Presidency must set a date for a special session regarding it.

Shafaq.com

Parliamentary Finance Committee calls for the formation of a revenue monitoring body.

Amid rumours circulating by malicious parties regarding the security of civil servant salaries, the Finance Committee of the House of Representatives, represented by its member, MP Moeen Al-Kadhimi, confirmed that salaries are fully secured and that the government is working intensively to boost non-oil revenues alongside oil revenues to ensure financial stability. He stressed the need to enact a law to establish an independent body responsible for monitoring financial revenues, with the aim of achieving transparency and protecting public funds.

In an interview with Al-Sabah, Al-Kadhimi said, “State employees’ salaries are secured until the end of the current year,” noting that “the government and relevant authorities are working to increase non-oil revenues alongside oil revenues to support the state treasury.” He denied rumors about salaries not being secured, stressing that they “will be paid on the specified dates.”

The Finance Committee member stressed the “need to enact a law to establish a specialized body to monitor oil and non-oil revenues,” explaining that “control of these revenues is currently distributed between the Ministry of Finance, within the Audit Bureau, and the Council of Ministers, which necessitates the existence of an independent body to directly monitor and control.”

He explained that “the Finance Committee presented the first amendment to the Law of the General Authority for Monitoring the Allocation of Federal Revenues No. (55) of 2017 to the House of Representatives,” stressing “the importance of this amendment in establishing a special authority whose mission is to control the state’s financial revenues and follow up on violations in government institutions, in a way that ensures the protection of public funds and the enhancement of revenues in an organized and transparent manner.”

On the other hand, member of the Parliamentary Security and Defense Committee, Ali Al-Bandawi, told Al-Sabah: “The Army Aviation College Law is one of the important laws that the Security and Defense Committee was keen to support, and it was presented to the House of Representatives for legislation during the current parliamentary session.” He pointed out that “the committee was able, during the past period, to legislate several laws that serve the security establishment, including the Intelligence Service Law and the National Security Law, in addition to the Popular Mobilization Law, which has made significant progress in the drafting stages.” Al-Bandawi stressed that “the Army Aviation College Law is a very important law and will provide real support to the security forces, including the Army Aviation and supporting forces, which reflects its essential nature in developing military capabilities.”

The House of Representatives has initially approved a draft law establishing the Army Aviation College, which aims to train male and female pilots, navigators, engineers, and technicians to bolster the armed forces’ capabilities in military aviation. The college seeks to develop specialized personnel capable of keeping pace with technological developments and reducing reliance on foreign missions.

The college’s objectives are to enhance the efficiency of the armed forces’ air force by providing specialized military and academic education and training in aviation sciences, including air command, navigation, maintenance, and technical engineering. It also works to provide students with the theoretical and practical knowledge that qualifies them to handle the latest aviation equipment and technologies, thus enhancing air defense and deterrence capabilities at the national level.

Alsabaah.iq

The Iraqi government issues financial, agricultural, investment, infrastructure, and avia

Iraqi Prime Minister Mohammed Shia al-Sudani chaired the 37th regular session of the Council of Ministers on Tuesday, during which the Council discussed the general situation in the country and issued a series of reform, administrative, financial, and service-related decisions.

According to a government statement, the Council agreed to oblige ministries, non-ministerial entities, and governorates not to dispose of tax collections, wages, and revenues for purposes other than those specified. The Council also rescinded all previous decisions that violated the resolution, and held officials accountable for any violations. The Federal Board of Supreme Audit and the Integrity Commission were tasked with monitoring implementation.

In support of the agricultural sector, the Council decided to postpone the payment of sprinkler irrigation system installments for farmers for one year, while granting an investment license for the project to construct a residential complex for the General Company for Communications and Power Equipment in Nineveh Governorate.

In the aviation sector, the Council approved the amendment and issuance of the necessary instructions, in accordance with the powers granted to the Civil Aviation Authority, in accordance with the requirements of the technical regulations and rules of the International Civil Aviation Organization.

The Council also approved several service projects, as well as road, bridge, pumping and desalination projects, while increasing the reserve amount and the total cost of the projects, and amending some project names in accordance with the implementation developments, and exempting Basra Governorate from including water purification and desalination projects in six districts and sub-districts.

In the oil sector, the Council voted to amend the Ministerial Energy Council’s recommendation to allow contracting oil companies to implement work within their jurisdiction, provided that the contract does not exceed the estimated costs, for a period of one year starting from the date of the decision.

The Council also approved the allocation of a real estate building in Baghdad as the headquarters of the World Bank branch. It ratified the recommendations of the Baghdad 2025 Summit to support the institutional implementation of outcomes and enhance Iraq’s regional role. It also authorized the Minister of Finance to negotiate and sign a double taxation avoidance agreement between Iraq and the United Kingdom. It also referred the draft law on the statute of the Organization of Islamic Cooperation’s labor center to the House of Representatives.

Shafaq.com