Oil Minister to Al-Zidi: Gas flaring to end by late 2029; agreement with the region is a major achievement

Oil Minister Bassem Mohammed Khudair Al-Abadi confirmed on Wednesday to Prime Minister Ali Al-Zidi that the ministry is proceeding with associated gas investment projects to end its flaring in Iraq by the end of 2029, pledging to intensify efforts to secure financial revenues from exports and activate export outlets, as well as provide oil derivatives to citizens despite the current challenges in the region.

During the meeting, Al-Abadi touched on the importance of licensing rounds in attracting global expertise to develop the oil sector, in addition to solar energy projects, most notably the “Basra Sun” project. He praised the recent oil agreement with the Kurdistan Region and considered it a major achievement, while he called for the allocation of a five-year budget to ensure the completion of vital strategic projects, according to an official statement issued by the ministry.

For its part, the media office of the Prime Minister stated that the meeting, which was held in the Ministry of Oil building, witnessed Prime Minister Ali Al-Zaidi reviewing with the Minister of Oil and senior staff the mechanisms for addressing the repercussions of the crisis of closing the Strait of Hormuz and the cessation of exports, as well as following up on the progress of work in associated gas projects and the most prominent challenges they face.

The meeting addressed finding diverse outlets and securing alternative routes for exporting crude oil, and the mechanism for implementing Cabinet decisions in this regard, in addition to discussing the Ministry of Foreign Affairs’ procedures regarding following up on agreements concluded with a number of neighboring countries for exporting oil by land.

Shafaq.com

For the fourth consecutive month, Iraq continues to suspend oil exports to Jordan amid anticipation of a renewed agreement.

An informed source revealed on Wednesday that Iraqi crude oil exports to Jordan have remained halted for the fourth consecutive month, according to data from the Iraqi Oil Marketing Company SOMO.

The source told Shafaq News Agency that data issued by SOMO showed that Iraq did not export any quantities of crude oil to Jordan during the first third of this year, as a result of the expiration of the memorandum of understanding signed between the two countries, with the export file remaining pending renewal of the agreement between the two sides.

He added that the resumption of oil exports is contingent upon the renewal of the official agreement that regulates the export mechanism and the approved preferential prices, explaining that the current halt is due to procedural reasons related to the expiration of the previous memorandum, and not a cancellation of the agreement or an end to oil cooperation between Baghdad and Amman.

The source indicated that Jordan imports between 10,000 and 15,000 barrels per day of crude oil from Iraq, at preferential prices lower than global prices, within the framework of joint oil cooperation between the two countries.

Shafaq.com

Dissidents from the Sudanese party form the “National Declaration Alliance” to support the framework.

The “National Contract Alliance” and the “Sumerian Movement,” along with a number of other MPs who defected from the “Reconstruction and Development” coalition led by Mohammed Shia al-Sudani, announced on Wednesday the formation of the “National Statement Alliance,” affirming its support for the government and the unity of the coordinating framework.

A statement issued by the new alliance, and received by Shafaq News Agency, stated that the signatory forces decided, after studying the Iraqi political arena and the requirements of political action and coordination with national political forces, to announce the formation of the new alliance.

The statement added that “the coalition takes upon itself the responsibility of continuing to support the government and the unity of the coordinating framework, and to adhere to the national and legitimate principles from which we proceed in all our political positions.”

According to the statement, the coalition indicated its commitment to “preserving national sovereignty and the independence of national decision-making, supporting state institutions, and standing against any attempt to weaken or compromise them.”

A few days ago, MP Ali Anhir Al-Sarai announced his withdrawal from the “Reconstruction and Development” bloc, confirming that he would continue to work as an independent MP within the House of Representatives.

This development came after a series of withdrawals from the Reconstruction and Development Coalition, most notably the withdrawal of the National Contract Bloc, affiliated with the head of the Popular Mobilization Forces, Faleh al-Fayyad, and the Sumerians Movement, headed by former Minister of Labor Ahmed al-Asadi, last week, “against the backdrop of what happened in terms of clear circumvention of political and organizational agreements, and breach of the covenants and agreements that were agreed upon, as well as the adoption of methods of exclusion and marginalization against a number of representatives of the people, according to what was stated in the statement of the two blocs.”

Shafaq.com

Putin: Russia and China conclude a broad package of agreements and shift almost all trade to rubles and yuan

Russian President Vladimir Putin announced the signing of a broad package of agreements with China covering governmental, trade and administrative areas, noting that the two countries have switched to conducting their trade transactions in national currencies. In a press conference following talks with Chinese President Xi Jinping in Beijing and the signing of the package of agreements between the two countries, the Russian president stated that relations between Russia and China have reached an unprecedented level and continue to develop.

He added that many of the agreements signed between Russia and China aim to deepen economic cooperation, and the Russian president noted that he discussed with his Chinese counterpart all the main areas of cooperation between Russia and China.

He also stressed that Russia and China are working hard to develop industrial cooperation and strengthen their partnership in the field of vital elements and minerals.

Putin: Russia and China are important trading partners

The Russian president described trade relations between Russia and China as a vital and strategic partnership, emphasizing that the two countries are important trading partners for one another. He also revealed a qualitative shift in the mechanisms for settling trade between the two countries, stating: “Almost all Russian-Chinese import and export transactions are conducted in rubles and yuan.”

The Russian president added that Russia and China are working together to develop transport routes and logistics services, stressing that this development will contribute to increasing the speed of transporting goods between the two countries.

Putin: Russia is close to completing the construction of nuclear power units in China

The Russian president stated that Russia is nearing completion of the power units at nuclear power plants in China, and that their operation will make a significant contribution to the energy supply of the Chinese economy. Putin said, “The construction of the Russian-designed power units at the Tianwan and Xudapu nuclear power plants is nearing completion. Their operation will make a significant contribution to the energy supply of the Chinese economy and will help provide energy to Chinese businesses and households.”

Putin: Russia is ready to guarantee uninterrupted energy supplies to China

The Russian president affirmed his country’s readiness to continue ensuring a reliable and uninterrupted supply of energy to China, while also noting the great potential for cooperation between the two countries in the field of renewable energy.

Putin said: “Russia and China are actively cooperating in the energy sector. Our country is one of the largest exporters of oil, natural gas, including liquefied gas, and coal to China. And we are, of course, ready to continue to ensure a reliable and uninterrupted supply of all these fuels.”

In addition to traditional energy sources, the Russian President pointed to the great potential of bilateral cooperation in the field of renewable energy, which opens up new prospects for partnership between the two countries.

Russian President Vladimir Putin also announced tangible positive results from the implementation of the visa-free regime between Russia and China, noting a significant and continuous increase in tourist flows between the two countries. Putin explained that this development opens new avenues for cooperation in the tourism and services sectors.

Burathanews.com

Central Bank Governor: No change in the exchange rate and employee salaries are guaranteed

The governor of the Central Bank, Ali Al-Alaq, confirmed on Tuesday that there is no intention to make a change to the exchange rate of the dollar against the Iraqi dinar.

Al-Alaq said in a brief statement published by the official newspaper Al-Sabah that “there is no intention to change the exchange rate of the dollar against the dinar.”

Al-Alaq also provided assurances regarding salaries, stressing in this context that they are “fully secured”.

Burathanews.com

Two oil tankers carrying 4 million barrels of Iraqi crude have crossed the Strait of Hormuz.

Two oil tankers carrying Iraqi crude oil have left the Strait of Hormuz, in a development that strengthens hopes for the stability of oil exports from Iraq, after the strait remained closed to commercial ships for a long time. According to maritime navigation data, two Chinese oil tankers carrying about 4 million barrels of Iraqi crude oil crossed the strait at dawn on Wednesday, May 20, 2026, making them among the few ships that have been able to cross it recently.

Iraq is among the countries most affected by the closure of the Strait of Hormuz, as it relies heavily on this vital waterway for most of its oil exports, especially Basra crude exports to Asian markets, specifically China.

Burathanews.com

An American perspective: Baghdad is an “Iranian province,” and its separation is a priority before the zero hour.

David Des Roches, a former Pentagon official and associate professor at the Near East and South Asia Center for Security Studies, confirmed that the United States views “Iraq’s sovereignty” as the most important objective in the next phase, warning against the country becoming a “state subservient to Iran,” while predicting a resumption of the “American-Israeli” military conflict against Tehran over the Strait of Hormuz.

Iraq First

Des Roches said in an exclusive interview with Shafaq News Agency that “Washington’s biggest concern is the possibility of Iraq becoming subservient to Iran, while Iraq’s independence and true sovereignty serve both American and Iraqi interests.”

He added that President Donald Trump is dealing pragmatically with regional issues, explaining that lifting sanctions on previously listed figures reflects Trump’s conviction that economic development serves American interests, and that Washington wants to see Baghdad succeed.

Regarding the relationship between Baghdad and Tehran, Des Roches described the required balance as a “real challenge,” noting that some armed factions within Iraq “take their orders from Iran,” which hinders the ability of Iraqis to pursue their national interests.

He continued: “Iraq must have its own electricity and should not remain dependent on importing electricity from Iran,” noting that Tehran uses the energy file “as a tool to obtain hard currency and maintain its influence.”

The former Pentagon official asserted that “Iran is treating Iraq as an Arab province under its control with a seat at the United Nations,” adding that “the Iraqi nation is strong, and its destiny is greatness, not subservience.”

Mosaic defense

In assessing the military escalation in the Gulf, the former US official said that Iran has shown, by targeting shipping and infrastructure in the Gulf states and Iraq, that it “does not view its neighbors as sovereign states but as its own sphere of influence.”

He added that Tehran is adopting what is called “distributed mosaic defense,” by giving advance instructions to missile and drone units before the outbreak of war, reflecting a readiness to strike countries in the region even if they do not participate directly in the fighting.

Des Roches argued that the Gulf states refused to allow the United States to use their air bases against Iran because they wanted to stay out of the conflict, but Iran decided to consider them enemies anyway.

Israel and Lebanon

Regarding the relationship between Washington and Tel Aviv, he explained that “Israel does not wait for an American green light when it sees a threat to its national security,” noting that the two sides agree militarily on “weakening Iranian offensive capabilities,” but they differ politically on the future of Iran after the war.

He added: “The United States does not want to impose a new regime in Iran, but wants the Iranian people to decide that, while Israel seeks to ensure that Iran does not become a future threat again.”

Regarding Lebanon, he considered the main problem to be Hezbollah, saying that the party “has turned itself into a state within a state” and weakened Lebanese governing institutions.

He added that the Lebanese government has begun to approach the stage of “extending sovereignty” through steps such as limiting the influence of the Iranian Revolutionary Guard and stopping the flow of weapons to Hezbollah, but he ruled out a “rapid radical change” on the ground.

Strait of Hormuz

Regarding the Strait of Hormuz, Des Roches predicted that the United States would resume military operations against Iran if the latter continued to disrupt international navigation.

According to the former Pentagon official, Trump does not want to return to war because of the economy and the elections, but he may find himself forced to do so “if Iran continues to use the Strait as a bargaining chip.”

According to his reading, the “Freedom Project” launched by Washington in the Gulf also aims to push European and Asian allies, especially China, Japan and South Korea, to become more involved in protecting international shipping lanes.

Des Roches concluded by saying that China is more dependent on the Strait of Hormuz than the United States, and that any precedent allowing Iran to impose tariffs or restrictions on navigation “represents a direct threat to the Chinese economy and global trade.”

Shafaq.com

MP: Al-Zidi’s government faces a difficult test in implementing its political and economic program

MP Ghaleb Muhammad Ali confirmed today, Monday, that Ali Al-Zidi’s government is facing major challenges in imposing its political and economic program in light of internal pressures and external interventions that affect the course of government decision-making.

Ali told Al-Maalomah News Agency that “the current government is facing a real test regarding its ability to implement its political and economic promises, especially in the files related to financial reform, improving the service situation, and addressing the accumulated crises.”

He added that “political pressures and disagreements between the forces participating in the government may hinder the implementation of many items in the government program, in addition to the existence of economic challenges that require bold decisions and solutions far removed from narrow partisan interests.”

He pointed out that “the success of the Al-Zidi government depends on its ability to impose the prestige of the state and take practical steps to address corruption, activate the productive sectors and reduce dependence on oil,” stressing that “the current stage requires a real political consensus that guarantees the stability of the country and supports the implementation of the required reforms.”

It is worth noting that the Iraqi public is awaiting tangible results on the ground, particularly in economic and service-related matters, after years of crises and political infighting.

Almaalomah.me

A member of the Democratic Party: Holding new elections in the region is the most likely option to resolve the Kurdistan issue.

On Monday, Mahdi Abdul Karim, a member of the Kurdistan Democratic Party, explained the reasons behind the delay in forming the regional government, despite the fact that about a year and a half has passed since the parliamentary elections were held in the region.

Abdul Karim told Al-Maalomah that “the Patriotic Union of Kurdistan linked the formation of the regional government to the formation of the federal government in Baghdad and the resolution of the presidency,” which “contributed to complicating the political scene within Kurdistan and pushing it towards a near-deadlock.”

He added that “political dialogues between the Kurdistan Democratic Party and the Patriotic Union have been stalled for months, and there are currently no new negotiating tracks or indications of any intention to reach political understandings between the Kurdish parties.”

Abdul Karim pointed out that “the only option currently on the table to get out of the crisis is to hold new elections, which seems to be the most likely to be implemented in the next phase after the negotiations reached a dead end.”

The Kurdistan Region parliamentary elections were held on October 20, 2024, after being postponed four times due to political disputes. The Kurdistan Democratic Party (KDP) won more than 40 seats, followed by the Patriotic Union of Kurdistan (PUK) with more than 20 seats, and the New Generation Movement with approximately 17 seats. However, disagreements over the distribution of positions and entitlements have prevented the formation of a government to date.

Almaalomah.me

Government advisor: Iraq’s natural resources are estimated at $16 trillion

The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stressed the importance of activating sovereign wealth funds as a strategic tool to revive and diversify the national economy, in conjunction with Iraq’s continued reliance on oil revenues as a primary source of funding for the general budget, and in light of the ongoing fluctuations in oil prices and the financial challenges facing the country.

Saleh said in a press statement followed by Al-Furat News that the government program that was recently approved by the House of Representatives indicated the importance of sovereign wealth funds and working to establish a generation fund by investing available unexploited national assets, indicating that estimates indicate that the next stage will be an appropriate opportunity to launch or expand the work of sovereign wealth and investment funds, benefiting from the reinvestment of natural resources that Iraq abounds in, as it is one of the richest countries in the world in natural resources and occupies the ninth international ranking in natural resources, whose current market value is estimated at more than 16 trillion US dollars, which allows for the conversion of the returns on investing these resources into financial surpluses and sustainable revenues during the coming years, within the strong economic policy adopted by the current government.

He added that the sovereign wealth fund is not just a “savings account,” but rather an investment institution that aims to invest a portion of the state’s revenues in productive projects, both domestic and foreign, that generate long-term returns and provide protection for the national economy from future crises and global financial fluctuations. He pointed out that the Iraqi economy still depends almost entirely on oil, and oil revenues constitute the largest share of the general budget, making the country vulnerable to any sharp decline in global prices or geopolitical crises affecting the energy market.

He pointed to the growing importance of sovereign wealth funds in financing vital sectors such as industry, agriculture, renewable energy, infrastructure, transportation and logistics, in addition to technology and communications, as well as supporting the private sector and creating new job opportunities, especially with the growing youth workforce within what is known as the “demographic dividend,” where young people are expected to constitute about 60% of Iraq’s population in the next few years.

He added that the experiences of the Gulf countries, especially Saudi Arabia and the UAE, as well as Norway, can be cited, which, through their sovereign wealth funds, have been able to transform oil surpluses into huge global investments that generate sustainable profits for future generations. He pointed out that Gulf investment funds are among the most prominent regional models that have expanded their investments within their countries and abroad, and have contributed to supporting economic diversification plans and reducing dependence on oil.

Saleh explained that Iraq has moved in recent years to establish the beginnings of development and investment funds aimed at attracting foreign capital and stimulating major projects, in an attempt to create a more stable economic environment. The government has also adopted a policy of providing sovereign guarantees to support private sector projects and investment, a step that may pave the way for expanding the role of investment funds in the future.

He stressed that the success of any sovereign wealth fund in Iraq remains contingent on the existence of an independent management with the highest levels of governance and transparency, because the absence of sound oversight may turn these funds into tools for short-term government spending, instead of being investment institutions that achieve long-term strategic returns.

He explained that improving the investment environment, banking reform, and developing economic legislation are key factors to ensure the success of the Iraqi experience, especially in light of the move towards establishing the “Generations Fund” which was included in the government program and was recently approved by the House of Representatives, in addition to the local market’s need for productive projects capable of driving the economy and reducing dependence on imports.

Saleh concluded by noting that, in light of global economic shifts and the challenges related to energy markets and trade routes, Iraq has a real opportunity to transform its future oil surpluses into a sustainable economic base if they are invested according to a long-term vision focused on development and production. He stressed that the country’s success in building a sovereign wealth fund that is transparent and independent could constitute a pivotal turning point in the Iraqi economy, and open the door to a new phase based on diversifying sources of income and enhancing financial stability for future generations.

Alforatnews.iq