Latest news with #NabilAl-Marsoumi
Shafaq News
4 days ago
- Business
- Shafaq News
Foreign oil experts exit Iraq amid Iran-Israel conflict
Shafaq News/ Several foreign technical experts working with oil companies in Iraq have recently withdrawn from the country due to escalating tensions from the ongoing Iran-Israel conflict, a senior industry source told Shafaq News on Thursday. The source noted that some foreign workers, particularly those who had entered Iraq on visas issued in Kuwait, are now unable to return after leaving, citing 'complex border procedures or disrupted coordination between the two countries.' As a result, many remain in their home countries, continuing to work remotely. 'Certain nationalities, especially British experts, have also exited Iraq,' the source added, 'yet continue to receive full salaries despite their absence from the field.' The Iraqi government has reportedly issued reassurances to remaining foreign workers through coordination with Kuwaiti authorities, promising safe exit routes if tensions worsen or direct threats emerge inside the country. Economist Nabil Al-Marsoumi warned that the remote work arrangement for absent foreign oil personnel could send 'misleading signals about the security situation in Iraq.'
Shafaq News
14-06-2025
- Business
- Shafaq News
Expert warns of energy disruptions after attack on Iran's South Pars field
Shafaq News/ Damage to Iran's Fajr refinery in the South Pars gas field could disrupt both domestic and international energy supplies, economic expert Nabil Al-Marsoumi revealed on Saturday. South Pars, one of the world's largest natural gas fields, spans Persian Gulf waters shared by Iran and Qatar. The field contains approximately 14 trillion cubic meters of Iran's gas reserves. Al-Marsoumi highlighted its critical role in supporting Iran's economy and providing gas to regional markets, especially amid ongoing electricity shortages and shifting global energy dynamics. He also warned that severe damage to the field could impact Iran's domestic energy consumption as well as its gas exports, with Turkiye and Iraq expected to be the most affected. The remarks came after an Israeli drone strike targeted the refinery, triggering a large explosion. Consequently, production from the Phase 14 platform, which delivers 12 million cubic meters of gas, was temporarily halted. Repairs are underway, with operations set to resume once the platform is restored.
Shafaq News
12-06-2025
- Business
- Shafaq News
Iraq ranks second among Arab seaborne oil exporters in May
Shafaq News/ Iraq ranked second among the largest Arab oil exporters by sea in May 2025, according to data from the Washington-based Energy Research Unit. The figures showed that seaborne crude oil exports from the top five Arab exporters rose in three countries on a monthly basis, while Iraq and Libya recorded declines. Saudi Arabia led the list in May, increasing its seaborne exports by approximately 266,000 barrels per day (bpd) from the previous month. Iraq followed in second place with an average of 3.27 million bpd, down by 32,000 bpd compared to April's 3.3 million bpd. Government reports indicated that Iraq aimed to keep exports below 3.2 million bpd in May and June to align with its OPEC+ production quota. On a year-on-year basis, Iraqi exports fell by 294,000 bpd compared with May 2024, when they reached 3.56 million bpd. The United Arab Emirates ranked third with exports rising to 3.02 million bpd, followed by Kuwait with 1.37 million bpd. Libya came fifth, with exports declining to 1.19 million bpd last month. Meanwhile, economist Nabil Al-Marsoumi warned of potential disruptions to maritime trade routes in the event of a regional conflict between the United States and Iran, which could negatively impact oil supplies. He urged the resumption of exports via the pipeline from the Kurdistan Region to Turkiye's Ceyhan port. In a social media post, Al-Marsoumi wrote, "If the US and Iran agree, the world will live in peace. If they disagree, the gates of hell will open.' He noted that in case of escalation, 'maritime trade routes will close, oil export platforms will be destroyed, transport and insurance costs will surge, and oil supplies will be negatively affected, pushing prices higher.' Al-Marsoumi added that Gulf oil-exporting countries would be severely impacted as export routes narrow or shut down, especially those lacking alternative outlets. 'The reviving the Ceyhan pipeline as more essential now than ever,' he concluded.
Shafaq News
27-05-2025
- Business
- Shafaq News
Iraq's April oil revenues barely cover salaries and licensing fees, economist says
Shafaq News/ Iraqi oil revenues for April are only sufficient to cover public sector salaries and oil licensing company expenses, economic expert Nabil Al-Marsoumi said on Tuesday. Al-Marsoumi stated that 'a drop in Iraq's oil exports and a decline in global oil prices—from $72.5 per barrel in March to $66.7 in April—led to a 15% decrease in revenues, from $7.716 billion to $6.738 billion.' The Iraqi Ministry of Oil confirmed these figures in a statement released Monday, outlining its final export and revenue statistics for April, based on data from the State Organization for Marketing of Oil (SOMO). According to the ministry, Iraq exported a total of 100,953,282 barrels of crude oil in April, generating $6.738 billion in revenue. The majority of exports—99,752,879 barrels—came from fields in central and southern Iraq. Additionally, 900,584 barrels were exported from the Qayyarah field in Nineveh province, while 299,819 barrels were exported to Jordan.
Iraqi News
26-05-2025
- Business
- Iraqi News
Can new Iraqi cities solve Baghdad's housing crisis?
Baghdad ( – For countless residents of Baghdad and across Iraq, the dream of owning a home has long been overshadowed by the burdensome reality of renting. A persistent housing crisis, fueled by years of instability and a growing population, has made property ownership a distant goal for many. In response, the Iraqi government has launched a series of ambitious new city projects, prompting a crucial question: Will these new developments finally end the rent dream for the average citizen? The government's strategy is ambitious. The Ministry of Construction and Housing recently opened sales centers for the new Al-Jawahiri and Ali Al-Wardi cities, which collectively promise to offer 150,000 housing units and 10,000 serviced land plots in the Abu Ghraib and Nahrawan districts. Another major initiative, the new Al-Sadr City project, aims to provide an additional 90,000 housing units. These projects signal a massive state-led effort to increase housing supply. However, the question of affordability remains at the heart of the debate. For instance, serviced land plots in the new cities are priced at 900,000 IQD per meter. For constructed units, the financial commitment is substantial. According to Ministry spokesperson Istabraq Sabah, a horizontal unit can require a 30 million IQD down payment, with the total price reaching up to 200 million IQD on an installment plan. This pricing structure has drawn criticism. Economic expert Nabil Al-Marsoumi argues that the prices in these new suburban complexes are double what was expected and nearly match real estate prices within Baghdad itself, despite being on the city's outskirts. He suggests a lack of meaningful government support for citizens within these payment schemes, questioning their accessibility for middle and low-income families. The government has stated that a portion of these projects will target specific demographics. For example, 10,000 serviced land plots are set to be distributed through a competitive process among 21 categories of citizens, including families of martyrs, the wounded, widows, and those with special needs. Similarly, the new Al-Sadr City project allocates 11,000 units for residents of informal settlements at a subsidized and almost free price. While these social allocations are vital, they represent a fraction of the total units being built. The challenge remains whether the broader pricing models for the majority of these new homes are truly attainable for the citizens currently trapped in a cycle of renting. The government's large-scale developments offer a glimmer of hope, but their success in resolving the housing crisis will ultimately depend on their true affordability and whether they can bridge the gap between market prices and the financial reality of the average Iraqi family.
