Oil confirms its commitment to the OPEC+ agreement: We exported nearly 4 million barrels per day during January
The Iraqi Ministry of Oil confirmed, Monday (February 24, 2025), its commitment to the OPEC+ agreement, while indicating that Iraq exported 4 million barrels per day during last January.
The ministry said in a statement that it “affirms its full commitment to the OPEC+ agreement, the additional agreed-upon cuts, and compensation for accumulated quantities,” stressing that “the ministry will take the necessary measures to ensure the implementation of these agreements, including submitting an updated plan to compensate for the surplus production during the previous period.”
She added, “These assurances came during a joint phone call between Deputy Prime Minister for Energy Affairs Hayan Abdulghani Abdul Zahra, Abdulaziz bin Salman Al Saud, Minister of Energy in the Kingdom of Saudi Arabia, Alexander Novak, Deputy Prime Minister of the Russian Federation, and Haitham Al Ghais, Secretary General of OPEC.”
The ministry stated that “Iraq’s crude oil production in January 2025 amounted to 3.999 million barrels per day, which is a positive indicator that reflects Iraq’s commitment to the specified production levels.”
The ministry stressed that “the Iraqi Ministry of Oil will continue its efforts to compensate for the accumulated surplus, taking into account the recent developments expected for the federal government to receive the oil produced in the Kurdistan region and resume exports through the Iraqi-Turkish pipeline while adhering to Iraq’s share stipulated in OPEC agreements for voluntary reduction and the required compensation quantities.”
She pointed out “the pivotal role of these agreements in achieving stability in global oil markets, and the importance of the contribution of OPEC+ member states in supporting this stability.”
Iraq announces offering ‘new security agreement’ to Trump administration
The Iraqi Minister of Defense, Thabet Al-Abbasi, announced on Tuesday that a new security agreement with the United States has been presented to the Donald Trump administration, stressing that the agreement is still “under study.”
Al-Abbasi said in press statements reported by Al-Arabiya Al-Hadath channel, “The new security agreement with the United States stipulates a sustainable security partnership and extensive intelligence cooperation.”
He added that “the vacuum that occurred in Syria after the recent events forced Baghdad to reinforce the entire border strip,” adding: “We will not withdraw Iraqi reinforcements until the Syrian side fully controls its borders.”
Al-Abbasi pointed out that “Al-Hawl camp and the prisons controlled by the SDF are a source of concern for Iraq, and the reinforcements on the Syrian border took into account the security vacuum if the SDF or American forces withdrew, noting that Baghdad prefers the American forces to remain in Syria until a strong army is built or an agreement is reached with the SDF.”
Regarding the relationship with the new Syrian administration, the Iraqi Minister of Defense pointed out that there is no communication between the Iraqi and Syrian Ministries of Defense, indicating that “the meeting of the head of the Iraqi Intelligence Service with the Syrian side conveyed purely security messages.”
US pressure on Iraqi government to resume Kurdistan oil exports
A report by the Investor Idea website revealed on Tuesday that the Trump administration is exerting unusual pressure on the Iraqi government to resume oil exports from the Kurdistan Region under the implicit threat of imposing economic sanctions.
The report, translated by /Al-Maalomah/ agency, stated that “for the United States, this step is part of the maximum pressure campaign on the Islamic Republic, which aims to reduce Iranian crude oil exports to zero. Although the Iraqi authorities denied receiving direct threats, various sources indicate that American pressure was decisive in Baghdad announcing a possible reactivation of the flow of Kurdish crude oil to Turkey.”
He continued, “However, the resumption of these exports faces many challenges. Tensions between the Iraqi central government and the Kurdish region, especially regarding payments and control of crude oil revenues, have hindered the progress process. In addition, the condition of the pipeline, which requires urgent maintenance, further complicates the restart of operations.”
The report explained that “another major obstacle comes from international oil companies operating in the Kurdish region, as these companies demand explicit payment guarantees before resuming shipments, fearing delays or defaults by Baghdad. The lack of trust between the two parties has created an atmosphere of uncertainty that could derail any short-term progress.”
It indicated that “even if the flow of oil is successfully resumed, its impact on the global market will be limited, as Iraq is subject to production commitments set by OPEC+, which limit its ability to significantly increase exports. These limits aim to maintain the stability of global oil prices by preventing oversupply that could destabilize markets.”
It pointed out that “however, the partial revival of Kurdish exports may help ease some regional geopolitical and economic tensions. For the United States, achieving this goal would enhance its strategy against Iran, while for Iraq, it requires a delicate balance between meeting international demands and maintaining internal stability.”
Rashid Bank announces the launch of the credit plan in its various types
Rashid Bank announced today, Tuesday, the launch of the credit plan in its various types, and the application can be submitted exclusively through the bank’s branches.
The bank stated in a statement received by / Al-Maalouma /, “Rasheed Bank announced the launch of the credit plan for the year 2025, which includes loans of all types and for all sectors.”
The statement indicated that “the bank directed its branches to take the necessary measures to obtain credit ceilings to promote the applications of those wishing to obtain loans.”
He warned citizens against “dealing with fake entities and pages, and that promotion should be exclusively through the bank’s branches in Baghdad and the governorates.”
Iraq records 1898 earthquakes in 5 years.. These are their locations
The Iraqi General Authority for Meteorology and Seismic Monitoring announced, on Tuesday, the recording of 1,898 earthquakes from 2020 to 2025.
The Authority stated in a statement received by Shafaq News Agency, “The Seismic Monitoring Department issued a map of seismic activity in Iraq for five years from 2020 to 2025.”
She explained that “seismic activity was concentrated on the northern and northeastern borders of the country along the Zagros seismic zone, which is characterised by the presence of a number of active reverse and normal faults and faults in the areas of the Kurdistan Region and the governorates of Kirkuk, Mosul, Diyala, Wasit and Maysan to a higher degree than the rest of the governorates.”
She explained, “1,898 earthquakes were recorded during this period.”
On February 3, the Seismic Monitoring Department of the Iraqi Meteorological Authority revealed that 62 earthquakes were recorded in the country during the month of January, while confirming that the strength of the earthquakes ranged between 1 and 5 degrees.
A report issued by the Authority, received by Shafak News Agency, stated that “its observatories recorded seismic activity in Iraq and neighboring countries for the month of January 2025, with 92 earthquakes, 62 of which were inside Iraq, distributed between Diyala, Erbil, Nineveh, Sulaymaniyah, Maysan, Kirkuk and Dohuk.”
The report added that “Khanaqin district in Diyala recorded the highest number of earthquakes,” indicating that “22 earthquakes were recorded inside Iran and 8 inside Türkiye.”
According to the report, the strength of the tremors ranged between (1-5) degrees, and at a depth of between 4 and 38 kilometers.
The Director of the Seismic Monitoring Department, Ali Abdulkhaliq, told the agency earlier that “the Halabja, Kalar and Khanaqin triangle became active after a strong earthquake was recorded in Halabja in the Kurdistan Region in 2017, which caused the movement of the ground faults, and when they moved, the region became seismically active.”
Improving financial culture in Iraq is a necessity for economic development
The European Union – EU confirmed on Tuesday its commitment to supporting Iraq in enhancing financial culture as a necessity for development, noting that launching the “Our Bank” application represents a major step in developing future financial plans for Iraqi families.
“Enhancing financial awareness contributes to improving financial services. This is what we are working on by developing financial culture and its applications in Iraq,” said the co-country director of the German Development Agency – GIZ, Lutz Zimmermann, during the launching of the “Our Bank” application and the smart robot for financial awareness – attended by the reporter of the Iraqi News Agency – INA.
He added, “Launching this application constitutes an important station in facilitating access to financial services and reducing hesitation in dealing with banking affairs,” stressing the importance of “having effective tools and guidelines for using the application, as they play a role in reducing financial problems and achieving more efficient financial management.”
In turn, the Head of the EU Cooperation Department and Representative of the German Embassy, Lennart Deridder, explained that “access to financial services is no longer a luxury, but a vital necessity,” noting that “the European Union pays great attention to the financial inclusion project, especially with technological developments that require enhancing digital banking services.”
“EU, in cooperation with the German government and the Central Bank of Iraq, seeks to enhance financial transparency and develop government knowledge in this field; to ensure the success of financial systems and their proper preparation,” he explained.
Deridder considered that “the launch of the (Our Bank) application represents an essential step in supporting the Iraqi economy, as it is a pivotal tool for disseminating financial information and enhancing financial awareness, which contributes to enabling individuals to access banking services accurately and efficiently.”
He concluded by saying, “We are committed to supporting Iraq financially and enhancing financial culture, as achieving progress in this field is essential for the sustainability of economic development in the country.”
