Iraq increases oil production to more than 400,000 barrels per day.
OPEC+ member states have decided to increase oil production by 411,000 barrels per day in June.
The list of countries includes (Iraq, Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and the Sultanate of Oman).
The Saudi Ministry of Energy statement said: “In light of the current positive market fundamentals, represented by the decline in oil inventories, and in accordance with the decision agreed upon on December 5, 2024, regarding the commencement of the gradual and flexible restoration of the voluntary adjustments of 2.2 million barrels per day starting from June 1, 2025, the eight countries will implement a production adjustment of 411,000 barrels per day in June 2025, compared to the required production level in May 2025.”
According to the statement, this is equivalent to three monthly increases, as shown in the attached table. These gradual increases may be halted or reversed depending on market developments. This flexibility allows countries to continue supporting oil market stability.
Member States also noted that this measure would provide participating countries with the opportunity to expedite the process of compensation for past due periods.
The eight countries reaffirmed their full collective commitment to comply with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC) at its 53rd meeting on April 3, 2024. The countries also reiterated their intention to fully compensate for any excess production since January 2024.
The eight countries will hold monthly meetings to review market conditions, compliance levels, and compensation mechanisms. A meeting is scheduled for June 1, 2025, to set production levels for July.
CBI: Rafidain Bank’s Reserves Exceed 8 trillion and 540 billion dinars
The Central Bank of Iraq-CBI announced on Saturday the total reserve holdings of Rafidain Bank.
According to an official document obtained by the Iraqi News Agency (INA), the unused mandatory reserves of Rafidain Bank currently amount to 4.277 trillion dinars, while an additional 4.263 trillion dinars are classified as utilized reserves. This brings the total reserves held by Rafidain Bank at the Central Bank of Iraq to over 8 trillion and 540 billion dinars.
The Central Bank emphasized that these funds remain intact and untouched, affirming that the reserves “have not been accessed or affected in any manner or under any designation.”
Prime Minister: Iraq Will Not Only Host The Arab Summit, But Will Also Provide Solutions To Various Crises
Prime Minister Mohammed Shia Al-Sudani stressed on Friday that Iraq will not only host the Arab Summit, but will also provide solutions to various crises.
The Prime Minister said in a television interview, according to the official agency: “Iraq will not only host the Arab Summit, but will also be an initiator, providing solutions to the various crises and challenges facing the region.
The presence of the Syrian President at the summit is important, regardless of the political process and the method of change, in order to clarify to the Arab countries a vision for the new Syria,” noting that “most Arab countries are keen for Syria to overcome its decades-long ordeal, and we will spare no effort in supporting Syria and respecting its choices.”
He added: “We have distinguished relations with Iran and the United States, and the dialogue between them is an important step.
The success of the negotiations between Iran and the United States will not only reflect on the countries of the region, but also on Iraq, which has faced challenges due to the tense relationship between the two countries.
” He pointed out that “we have a successful experience in the security file between Iraq and the United States in leading the international coalition to confront ISIS, and it is hoped that the third round between Iraq and the United States will be in Baghdad to mature a joint security working formula.”
He pointed out that “the Palestinian issue will remain the root of the problem in the Middle East, and it is time for a radical solution to it,” stressing that “Iraq cannot be subordinate to any country. Iraq is a meeting point, not an arena for conflict. The democratic model in Iraq is unique, with freedom, a constitution, and a peaceful transfer of power. Iraq is experiencing its best situation since the founding of the modern state, as the previous regime executed my father and five members of my family during the Iran-Iraq war.”
Al-Sudani explained that “Iraq imported cars from America worth 4.5 billion during 2024, and the volume of investments inside Iraq amounted to more than 88 billion dollars, while Iraq ranks first in the world in sulfur reserves, and second in the world in phosphate,” noting that “our projects are continuing in the field of completing the infrastructure, and we have started talking with all friendly and sisterly countries to recover the smuggled funds.”
