JP Morgan: Iraq has the lowest oil storage capacity among Gulf countries

Data released by JPMorgan on Monday showed that Iraq has one of the lowest oil storage capacities among Gulf countries compared to other countries in the region.

According to the data, Saudi Arabia leads the Gulf countries in storage capacity, with a capacity of about 65 days in the event of redirecting exports and 36 days without redirection, which gives it great flexibility in managing oil supplies.

Next comes Qatar with a storage capacity of about 20 days, followed by the United Arab Emirates with a capacity of up to 19 days with the possibility of redirecting exports and 16 days without that, then Kuwait with a storage capacity of approximately 14 days.

In contrast, Iraq ranks last among the aforementioned countries with a storage capacity estimated at only about 6 days, reflecting the limited nature of its oil storage infrastructure compared to the rest of the Gulf countries.

These figures show a clear disparity in oil storage capacities among the countries of the region, with some countries having a wider infrastructure that allows them to keep larger quantities of oil for longer periods.

Shafaq.com

First official Iraqi comment on rising oil prices

On Monday, Mazhar Muhammad Salih, the financial and economic advisor to the Iraqi Prime Minister, commented on the significant rise in global oil prices against the backdrop of the military conflict in the region.

Saleh told Shafaq News Agency that the oil administration in West Asian countries, particularly the Arabian Gulf region, is facing two major shocks as a result of geopolitical shifts in fossil resource production areas.

He explained that the first shock is positive and is represented by the rise in global oil prices to levels exceeding $100 per barrel, which enhances oil revenues and the financial capabilities of producing countries, while the second shock is represented by logistical and geopolitical restrictions that affect the ability of those countries to market their oil, especially with the risks associated with the passage of exports through the Strait of Hormuz.

He added that the global oil market is witnessing something like a “zero-sum game” among producers, as some countries have alternative export outlets that do not depend on the Strait of Hormuz, which gives them greater flexibility in marketing and benefiting from higher prices, while other countries – including Iraq – face greater risks because their exports are linked to this vital maritime passage.

Saleh explained that about 20% of global oil demand may be disrupted as a result of geopolitical tensions in the Gulf states, noting that Iraq faces challenges related to limited export outlets in the short term.

He pointed out that continued demand from China, which is the largest importer of Iraqi oil at about one million barrels per day, contributes to supporting public revenues and helps the government meet its financial obligations, including servicing the public debt.

Saleh noted that there are indications of a possible relative breakthrough in the energy supply crisis, including reports that the United States has pledged to provide a group insurance policy for oil tankers to encourage shipping through the Strait of Hormuz and reduce the risks associated with the war.

He concluded by saying that the return of oil flows to their normal levels may lead to a halt in the global price surge and perhaps the start of a gradual correction phase, as the market approaches a new balance between supply and demand, stressing that the stability of global oil demand is closely linked to global economic growth and the stability of the production and marketing environment.

Shafaq.com

Following the selection of the new Iranian Supreme Leader… Who is Mr. Mojtaba Khamenei?

On Sunday, Iran witnessed the selection of Mr. Mojtaba Khamenei as the new Supreme Leader of the country, succeeding his father who was assassinated in Tehran days earlier in an American-Israeli operation.

Iran’s Assembly of Experts announced the selection of Mr. Mojtaba Khamenei as the country’s new Supreme Leader.

Who is Mr. Mojtaba Khamenei?

Mr. Mojtaba was born in the city of Mashhad in 1969, and he is the second son of Mr. Ali Khamenei, may God sanctify his secret.

He received his secondary education at the Alavi Religious School in Tehran, and in 1999 he moved to the city of Qom, one of the most important centers of Shiite studies in the world, to continue his religious studies at the seminary.

He continued his studies in Qom to become a religious scholar. Among his teachers there were Mohammad Taqi Misbah Yazdi, Ayatollah Lotfollah Safi Golpayegani and Sayyid Mohammad Baqir Kharrazi. He taught religious sciences in the Qom seminary.

In addition to his studies, teaching, and seminary activities, he maintained close relationships with a number of religious authorities and scholars in Qom and Mashhad.

He has extensive knowledge of major executive affairs in the country and relationships with senior officials, in addition to broad studies in multiple fields and holding sessions with elites to discuss solutions to governance issues, such as economic stability, commodity prices, rapid housing, agriculture, artificial intelligence and support for major scientific projects.

Burathanews.com

Iraq recovers more than nine million dollars from frozen assets in Italy

The Iraqi Funds Recovery Fund announced its success in recovering more than nine million dollars of Iraqi funds that had been frozen in Italy. This latest achievement reflects the effectiveness of the Fund’s legal and diplomatic efforts in recovering these assets. Mohammed Ali Al-Lami, Chairman of the Fund’s Board of Directors, stated that the Fund received information about Iraqi government accounts held at UniCredit Bank in Rome.

These accounts stemmed from contracts signed by Iraqi ministries with Italian companies before 2003 and had been subject to litigation since 1999. He added that the Fund, in cooperation with the Ministry of Foreign Affairs and relevant Italian authorities, initiated a series of legal and technical procedures that resulted in the recovery of more than nine million dollars, equivalent to 12,479,755,320 Iraqi dinars, and their return to government accounts. He confirmed that these funds were deposited into the accounts of the Iraqi embassies in Italy. The Vatican and the commercial attaché in Rome, then it was transferred to the embassy’s secure account at Intesa Sanpaolo bank, in preparation for sending it to a bank account inside Iraq in accordance with the approved legal frameworks.

He also pointed out that the completion of the recovery process involved diligent efforts by the Fund and the relevant Iraqi institutions, as these efforts culminated in lifting the seizure notice on those frozen balances, after continuous follow-up with the competent authorities in Italy. He noted that with regard to the balances belonging to Al-Rafidain and Al-Rasheed banks, the Embassy of the Republic of Iraq in Rome is waiting for the required powers of attorney to be sent from the general administration of the two banks, so that it can take the necessary action regarding the restricted amounts.

Burathanews.com

Trump: Mojtaba Khamenei is weak-willed and we will not accept him succeeding his father.

US President Donald Trump said on Thursday evening that he would not accept Mojtaba Khamenei, the son of the late Iranian Supreme Leader Ali Khamenei, assuming leadership of Iran, deeming his nomination to succeed his father “unacceptable.”

Axios quoted Trump as saying that Mojtaba Khamenei is the most likely candidate to succeed the Supreme Leader, but that this outcome is “unacceptable to him,” stressing that the United States wants an Iranian leader who “brings peace and harmony to Iran.”

He added that Khamenei’s son is a “weak figure,” noting that if any new Iranian leadership continues to follow Khamenei’s policies, it will lead to a return to war within five years.

Trump also stressed his desire to be personally involved in the selection of Iran’s new leader, asserting that Washington would not accept a leader who continues the previous approach of the Iranian regime.

Shafaq.com

Al-Araji: The coming days will end the disputes over the presidency.

The head of the Reconstruction and Development bloc, Bahaa al-Araji, confirmed on Thursday that the next few days will witness the resolution of the positions of President of the Republic and Prime Minister, noting that this step will contribute to ending the state of stagnation that the political process has reached.

Al-Araji told Al-Maalouma News Agency that “disagreements between the two Kurdish parties are still hindering agreement on a candidate for the presidency,” explaining that “achieving agreement between the Kurdish forces is a fundamental step before moving to the national arena to resolve this entitlement.”

He added that “the delay in deciding on the presidency has negatively affected the rest of the political and constitutional issues,” noting that “the next stage may witness a breakthrough in the political process after reaching an agreement on the candidates.”

Al-Araji indicated that “the House of Representatives is awaiting the completion of these constitutional requirements before moving on to other matters related to forming the government,” stressing that “resolving these issues is imminent and requires serious political will from all parties.”

Almaalomah.me

JP Morgan: Iraq’s oil production recovery process requires careful technical management.

JPMorgan Chase confirmed on Thursday that most of the oil fields in the region could be restarted within a few days, with the possibility of restoring full production capacity within two to three weeks, provided that security conditions stabilize and logistical services are available.

Regarding Iraq, the bank noted that Iraqi fields have clear operational flexibility, but the process of restoring production requires careful technical management, as reservoir pressure must be rebuilt gradually and in a controlled manner, given that a number of giant fields rely on water injection systems as a key pillar for maintaining pressure balance and sustaining extraction rates.

The report explained that the main constraint at the moment is not related to the nature of the reservoirs or the existence of permanent geological damage, but rather to the logistical challenges related to the movement of equipment, the availability of technical personnel, and the stability of storage and export operations.

This assessment is of particular importance to Iraq, which relies heavily on oil revenues to finance its general budget, making the speed of restarting the fields a crucial factor in reducing revenue losses and maintaining financial stability, especially in light of the current regional volatility.

Shafaq.com

The Central Bank of Iraq reveals a decrease in foreign currency reserves.

The Central Bank of Iraq revealed on Thursday that its foreign currency reserves will decrease by the end of 2025.

The bank said in an official statistic seen by Shafaq News Agency that its foreign currency reserves at the end of last year amounted to $97.433 billion, or the equivalent of 126.661 trillion dinars, down from 2024 when they amounted to $100.367 billion, or the equivalent of 130.347 trillion dinars.

He pointed out that the reserves for 2024 also decreased compared to 2023, reaching $111.736 billion, or the equivalent of 145.257 trillion dinars.

He indicated that the value of gold within these reserves amounted to 31.488 trillion dinars, while foreign investments amounted to 93.266 trillion, while the cash holdings in the Central Bank’s vaults amounted to 1 trillion and 907 billion dinars.

Shafaq.com

The Kurdistan Regional Government denies allegations of arming Kurdish parties to send them to Iran.

The Kurdistan Regional Government on Thursday denied reports that the region had armed Kurdish opposition parties and sent them into Iranian territory, stressing that these claims were “completely unfounded”.

The spokesman for the regional government, Peshwa Hawrami, said in a statement received by Shafaq News Agency, “The reports that speak about the role of the Kurdistan Region and the allegations that claim that we are part of a plan to arm and send Kurdish opposition parties into Iranian territory are completely false, and we deny them in their entirety.”

He added that these accusations are “being deliberately and maliciously disseminated,” stressing that the Kurdistan Regional Government and its political parties “are not part of any campaign to expand the scope of war and tensions in the region.”

Hormani noted that the region calls for “peace and stability in the region,” expressing his strong condemnation of “the cowardly attacks targeting the Kurdistan Region.”

He also called on the federal government and the international community to intervene to stop these attacks and to work to protect the region’s land and people.

Yesterday, Western reports spoke of Iranian Kurdish militants entering Iran from Iraqi Kurdistan in preparation for a ground operation in western Iran, but an opposition Kurdish official denied the validity of those reports. Aziz Ahmed, deputy director of the Kurdistan Regional Government Presidency’s office, confirmed that none of the Iraqi Kurds had crossed the border during the ongoing events in the region.

Shafaq.com

Al-Maliki: The incoming government must build regional and international partnerships and distance itself from axes of power.

On Thursday, Nouri al-Maliki, leader of the State of Law Coalition and prime ministerial candidate, called on the incoming government to build “solid” regional and international partnerships that would enhance Iraq’s security and development, stressing the need to adopt an “independent” approach away from “axes”.

Al-Maliki said in a post on the “X” platform, which was followed by Shafaq News Agency: “Iraq must be an active balancing element in its regional environment, believing that dialogue and economic integration are the shortest path to consolidating stability.”

He added: “Based on this, we hope that the future government will adopt an independent national approach that does not engage in axes, but rather works to build solid international partnerships in accordance with agreements that enhance Iraq’s security and development and respect its sovereignty.”

He stressed that “Iraq looks forward to balanced and strong relations with everyone without exception, in a way that serves its national interests and the stability of the region,” adding, “We believe that Iraq’s strength, economy and position lie in its ability to create a state of balance and interaction with partners with deep respect for its sovereignty and will.”

It is worth noting that Nouri al-Maliki, the leader of the State of Law Coalition, was one of the most prominent candidates for the next prime ministership, along with outgoing Prime Minister Mohammed Shia al-Sudani. However, the latter’s withdrawal from the race made al-Maliki the sole candidate for the position.

However, al-Maliki’s candidacy faced objections from several internal parties, most notably Sunni leaders, in addition to some Shiite parties and from within the same coordination framework. The candidacy also met with strong rejection from the American administration, reaching the point where US President Donald Trump threatened to stop aid to Iraq and not cooperate with it if al-Maliki assumed the premiership.

Against this backdrop, the Coordination Framework showed flexibility in reviewing its decision regarding the nomination of Nouri al-Maliki. An informed political source revealed to Shafaq News Agency on Tuesday that “the leaders of the Coordination Framework agreed during (Tuesday’s) meeting to withdraw the nomination of Nouri al-Maliki for the premiership.”

For his part, a source in the State of Law Coalition told Shafaq News Agency that “the coordination framework will hold a meeting in the coming days to discuss the issue of adhering to or withdrawing Nouri al-Maliki’s nomination for the premiership.”

The “coordination framework,” which includes ruling Shiite political forces in Iraq, is witnessing a division over the nomination of Maliki for the next government, amid American warnings of the repercussions of his selection, which prompted forces within the coalition to try to persuade him to withdraw in order to preserve the unity of the framework.

Shafaq.com