OPEC+ Decisions Aim to Maintain Stability Across Global Energy Market, Says Iraqi Minister

A Liberian oil tanker in the port of Havana (AFP)
A Liberian oil tanker in the port of Havana (AFP)
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OPEC+ Decisions Aim to Maintain Stability Across Global Energy Market, Says Iraqi Minister

A Liberian oil tanker in the port of Havana (AFP)
A Liberian oil tanker in the port of Havana (AFP)

Iraqi Oil Minister Hayan Abdulghani said that OPEC and OPEC+ issued several decisions that target oil prices, stabilize the global oil market, and protect the interests of producers, consumers, and investors.

The Iraqi News Agency quoted him as saying that the voluntary reduction in oil output will boost stability across the global energy market, considering that adding new OPEC members aims to bolster efforts to ensure the strength of the worldwide market and benefit all member countries and investors.

The minister confirmed that Iraq seeks to achieve self-sufficiency in gas within five years through the sixth round of licensing contracts.

The Arab World News Agency quoted him as saying that Iraq has plans to boost its gas output by 1,500 million cubic feet over the next five years through its recent initiative to license exploration operations across ten oil and gas fields in western Iraq and 13 sites on the country's western border.

He explained that this round provides more than 800 million cubic feet of gas, saying that the sixth round, which has already been launched, includes gas exploration patches located on the western borders of Iraq.

Meanwhile, oil prices rose slightly on Friday and were on track for their second straight weekly gain, as resilient demand resulted in a larger-than-expected fall in US oil stocks, offsetting fears of higher US interest rates.

Brent crude futures were up 20 cents, or 0.3 percent, at $76.72 a barrel, while US West Texas Intermediate (WTI) crude gained 19 cents, also 0.3 percent, to $71.99 a barrel.

Both benchmarks were set to gain about two percent for the second straight week.

"The crude demand outlook is starting to look better as we enter peak summer travel in the US and as the Saudis were able to raise prices to Europe and Asia," said Edward Moya, an analyst at OANDA.

The Energy Information Administration announced that US crude stocks fell more than expected on solid refining demand, while gasoline inventories posted a large draw after an increase in driving last week.

Saudi Arabia and Russia announced a fresh round of output cuts for August.

The total cuts now stand at more than five million barrels per day (bpd), equating to five percent of global oil output.

However, oil price gains were capped by strengthening expectations that the US central bank will likely raise interest rates at its July 25-26 meeting after holding rates steady at 5 percent-5.25 percent in June.

Data showed that the number of US filing new claims for unemployment benefits increased moderately last week, while private payrolls surged in June, raising the likelihood of a Federal Reserve rate hike this month.

Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

OPEC will likely maintain an optimistic view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase, sources close to OPEC said.



The Future of Revenues in Syria: Challenges and Opportunities for the Interim Government

A money changer conducts a transaction in US dollars and Syrian pounds for a client on a street in Damascus (AFP)
A money changer conducts a transaction in US dollars and Syrian pounds for a client on a street in Damascus (AFP)
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The Future of Revenues in Syria: Challenges and Opportunities for the Interim Government

A money changer conducts a transaction in US dollars and Syrian pounds for a client on a street in Damascus (AFP)
A money changer conducts a transaction in US dollars and Syrian pounds for a client on a street in Damascus (AFP)

Syria faces significant challenges as discussions intensify about the post-Bashar al-Assad era, particularly in securing the necessary revenues for the Syrian interim government to meet the country’s needs and ensure its sustainability. The widespread destruction of the economy and infrastructure poses a dual challenge: rebuilding the nation while stimulating economic activity and ensuring sufficient financial resources for governance.

Currently, the interim government relies heavily on international and regional support during the transitional phase. Donor countries are expected to provide financial and technical assistance to help rebuild institutions and alleviate the suffering of the Syrian people.

However, as the country transitions, external support alone will not suffice. The government must identify sustainable revenue sources, such as managing natural resources, imposing taxes, and encouraging foreign investments.

Opportunities from the Syrian Diaspora

The Syrian diaspora is seen as a significant economic resource, contributing through remittances or involvement in reconstruction projects. However, realizing these opportunities requires the establishment of strong, transparent institutions, effective resource management, and a clear strategic plan to rebuild trust with both local and international communities.

Securing revenues for the interim government is not merely a financial challenge but also a test of its ability to lead Syria toward stability and prosperity.

Securing Economic Resources

Nasser Zuhair, head of the Economic and Diplomatic Affairs Unit at the European Policy Organization, stated that the interim government, currently led by Mohammed al-Bashir, may replicate its revenue-generating models from Idlib. Resources in Idlib were drawn from temporary measures that are insufficient for sustaining a national economy like Syria’s.

In an interview with Asharq Al-Awsat, Zuhair explained that these resources included taxation, fuel trade with Syrian Democratic Forces (SDF)-controlled areas, international aid for displaced persons in Idlib, remittances from the Syrian diaspora, and cross-border trade facilitated by Turkiye.

“The interim government believes that sanctions relief is a matter of months, after which it can begin to establish a sustainable economy. For now, it will rely on the same resources and strategies used in Idlib and other controlled areas,” Zuhair added.

Challenges and Opportunities

Despite the former regime’s reliance on illicit revenues, such as drug trafficking and Captagon production—estimated to account for 25% of government revenues—the interim government has several potential avenues for generating revenue.

International Aid

Zuhair emphasized that cross-border humanitarian aid indirectly supports local economies. “The current government understands that international and regional aid will be substantial in the coming period, particularly for refugee repatriation and infrastructure development,” he noted.

He added that efforts to secure funding from the Brussels Conference, which allocates about $7 billion annually to support Syria, will be critical. Strengthening ties with regional and European countries, such as Saudi Arabia, Kuwait, Germany, and the UK, is also a priority. However, securing such aid depends on establishing a political framework where Hayat Tahrir al-Sham (HTS) does not dominate governance.

He further noted that international and regional support will likely remain a key revenue source for the interim government, including humanitarian and developmental aid from organizations such as the United Nations and the World Bank.

Taxes and Tariffs

Zuhair highlighted taxes and tariffs as essential components of the government’s revenue strategy. This includes taxing local economic activities, customs duties on cross-border trade, and fair taxes on merchants and industrialists in major cities like Damascus and Aleppo.

“The government can also impose income, corporate, and property taxes while improving border management to maximize revenue from customs and tariffs,” he added.

Agriculture and Natural Resources

Syria’s vast and fertile agricultural lands present an opportunity for revenue generation, Zuhair underlined, explaining that taxes on agricultural products could contribute to state income. However, this sector faces logistical challenges and high production costs. By directing the agricultural sector toward self-sufficiency, the government could reduce dependence on imports and create surplus revenue, he remarked.

Additionally, managing natural resources such as oil and gas could provide a significant revenue stream if the government gains control over resource-rich areas like northeastern Syria, the official noted.

Reconstruction

Reconstruction presents another potential revenue source. International companies could be encouraged to invest in rebuilding efforts in exchange for fees or taxes. Public-private partnerships with local and foreign firms in sectors such as infrastructure and housing could also generate significant funds.

Remittances from the Diaspora

Zuhair stressed the importance of remittances from Syrians abroad, estimating that these transfers could reach $2 billion annually by 2025. Encouraging the diaspora to send funds to support family members and rebuild properties will be a key priority for the government.

Domestic Investments

The interim government has shown its ability to attract domestic investments in real estate, industry, commerce, and agriculture, despite international sanctions. According to Zuhair, leveraging Türkiye as an international gateway, the government could expand this model across Syria, taking advantage of the challenging economic conditions left by the previous regime to draw reasonable investments in its first year.

Tourism and Small Businesses

Revitalizing the tourism sector could directly contribute to revenue, he added, noting that restoring historical and cultural sites, once security and stability are achieved, will attract visitors and generate income.

In addition, encouraging small and medium-sized enterprises will help revive the economy and create jobs, Zuhair emphasized, pointing that supporting manufacturing industries could provide a sustainable revenue stream.