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SAMA to Host 43rd IFSB Council Meeting

The meeting, attended by esteemed members of IFSB, will discuss recent developments in the Islamic Finance Industry.
The meeting, attended by esteemed members of IFSB, will discuss recent developments in the Islamic Finance Industry.
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SAMA to Host 43rd IFSB Council Meeting

The meeting, attended by esteemed members of IFSB, will discuss recent developments in the Islamic Finance Industry.
The meeting, attended by esteemed members of IFSB, will discuss recent developments in the Islamic Finance Industry.

Governor of the Saudi Central Bank (SAMA) and Chairman of the Islamic Financial Services Board (IFSB) Ayman Al-Sayari will chair the 43rd Council meeting of the Board scheduled to take place in Jeddah on December 29.

The meeting, attended by esteemed members of IFSB, will discuss recent developments in the Islamic Finance Industry and the role of the Islamic finance sector in supporting sustainable economic growth and financial inclusion.

Secretary-General of the IFSB Dr. Bello Lawal Danbatta noted: “We eagerly anticipate the positive outcomes from this meeting that will significantly contribute to enhancing governance and results within the IFSB. Our heartfelt appreciation goes to Ayman Al-Sayari for his admirable stewardship as the Chairman of the Council, and to SAMA for their support and dedication, which have led to successful collaborations.”

The IFSB is an international standard-setting body that seeks to promote the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles.

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Iraq Oil Exports Down 8.5% to 95,148 Million Barrels

An Iraqi flag is seen in front of oilfields (Reuters)
An Iraqi flag is seen in front of oilfields (Reuters)
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Iraq Oil Exports Down 8.5% to 95,148 Million Barrels

An Iraqi flag is seen in front of oilfields (Reuters)
An Iraqi flag is seen in front of oilfields (Reuters)

Iraq exported 95,148 million barrels of oil in February 2025, down 8.5% compared to January exports, according to data released by the State Organization for Marketing of Oil (SOMO).

The total quantities of crude oil exported during February from the oil fields in central and southern Iraq reached 94,375,012 barrels, SOMO said.

Iraq’s oil exports to Jordan reached 419,846 barrels, and the quantities exported from the Qayyarah field reached 353,309 barrels.

In January, Iraq said it exported 103 million barrels of oil.

Starting this month and until June 2026, Iraq must voluntarily cut its crude oil production by an average of 125,000 barrels per day, as part of efforts to compensate for exceeding an OPEC+ quota during the previous months.

The country is the second-largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia. Iraq's economy heavily relies on crude oil exports, which account for about 90 percent of the country's revenues.

On Wednesday, BP said it has received final government approval for the redevelopment of Iraq's giant Kirkuk oil fields, with an initial plan to produce 3 billion barrels of oil equivalent.

The project is a breakthrough for Iraq, where output has been constrained by years of war, corruption and sectarian tensions, and a cornerstone of BP's drive to refocus on its oil and gas business and away from renewables.