Iraqi oil minister expects prices to rise over time

Iraq’s Energy Minister of Oil Thamer Abbas Al Ghadhban (C) speaks to journalists as he attends the 175th OPEC Conference of Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria on December 06, 2018. (File/AFP)
Updated 10 December 2018
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Iraqi oil minister expects prices to rise over time

  • Ghadhban said the recent fall in Iraqi exports was due to weather conditions
  • “Our goal is to reach an export capacity of 6.5 million barrels per day but over several stages,” he said

BAGHDAD: Iraqi Oil Minister Thamer Ghadhban said on Monday he expected the fall in oil prices to stop and for prices to rise over time, adding that if OPEC had not cut production, prices would have dropped to $45-50 per barrel.
Speaking at a ministry event in Baghdad, Ghadhban said the recent fall in Iraqi exports was not due to technical reasons, as Iraqi oil fields have high capacity, but rather because of weather conditions.
“Our goal is to reach an export capacity of 6.5 million barrels per day but over several stages,” he said.
Speaking about the recent Kirkuk oil deal with the semi-autonomous Kurdistan Regional Government (KRG), Ghadhban said state oil marketer SOMO had received preferential prices, albeit for low quantities.
Iraq last month restarted exports of Kirkuk oil, halted a year ago due to a standoff between the central government and the KRG, after a new government in Baghdad agreed a tentative deal with Irbil.


Saudi Arabia and UAE launch a new joint cryptocurrency

Updated 20 January 2019
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Saudi Arabia and UAE launch a new joint cryptocurrency

  • The cryptocurrency will be limited to banks during its first stages
  • The program will also help the two countries evaluate the monetary policies of a centralized currency

Saudi Arabia and the UAE have launched a joint cryptocurrency during the first meeting of the Saudi-Emirati Coordination council Saturday in Abu Dhabi, UAE’s national press agency WAM said.

The cryptocurrency will be limited to banks during its first stages, until the governments have a better understanding of how Blockchain technology operates cross-borders.

The currency operates on the use of a “distributed database between the central banks and the participating banks from both sides,” aiming to protect customer interests, set technology standards and assess cybersecurity risks. The new program will also help evaluate the impacts of a central currency on monetary policies.

During the meeting, representatives of Saudi Arabia and the UAE also signed the Joint Supply Chained Security Cooperation program, which tests the two countries abilities to provide vital supplies during times of crisis and national emergencies, as well as share expertise and knowledge in the field.

All 16 members of the executive committee of the council followed up on the execution of the initiatives mentioned in the Strategy of Resolve.

Representatives also set five other initiatives to enhance the cooperation between the two countries, such as facilitating the traffic between ports, improving airports to make it easier for people with disabilities to travel, creating a financial awareness program for children aged 7-18, starting a joint platform to support local SMEs, and the integration of civil aviation markets,

The committee was headed by Mohammad bin Abdullah Al-Gergawi, minister of cabinet of affairs and the future of UAE, and Mohammed bin Mazyad Al-Twaijri, minister of economy and planning in Saudi. The committee will also monitor the implementation of the initiatives.