Iraq Says Iran Used Forged Iraqi Documents on Oil Tankers, Tehran Denies

FILE PHOTO: A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi//File Photo
FILE PHOTO: A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi//File Photo
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Iraq Says Iran Used Forged Iraqi Documents on Oil Tankers, Tehran Denies

FILE PHOTO: A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi//File Photo
FILE PHOTO: A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005. REUTERS/Raheb Homavandi//File Photo

Iraq's oil minister Hayan Abdel-Ghani has said told state television that Iranian oil tankers stopped by US forces in the Gulf were using forged Iraqi documents.

US President Donald Trump's administration has restored his earlier "maximum pressure" policy on Iran, reviving a policy that seeks to isolate the country from the global economy and eliminate its oil export revenue in order to slow Tehran's development of a nuclear weapon.

"We received some verbal inquiries about oil tankers being detained in the Gulf by US naval forces carrying Iraqi shipping manifests," Abdel-Ghani said on state television late on Sunday, adding there had been no formal written communication.

"It turned out that these tankers were Iranian ... and were using forged Iraqi documents. We explained this to the relevant authorities with complete transparency and they also confirmed this."

Iran's oil ministry on Monday denied that Tehran had used forged official documents and said allegations that they had done so came from US officials, the ministry's Shana news agency reported.

"It's obvious that these allegations by US officials fold into the illegal... pressure on the nation of Iran and have no basis or credibility," Shana said.

Iran views neighbor and ally Iraq as vital to keeping its economy afloat while under sanctions. But Baghdad, a partner to both Washington and Tehran, is wary of being caught in the crosshairs of Trump's policy to squeeze Iran, sources have said.

Reuters reported in December that a sophisticated fuel oil smuggling network that experts believe generates at least $1 billion a year for Iran and its proxies has flourished in Iraq in the past few years, including by using forged documentation.

Abdel-Ghani said state marketer SOMO sold crude exclusively to companies that own refineries and does not supply trading firms.

"SOMO operates with full transparency and has committed no wrongdoing in the oil export process," he said.



Egypt Approves $91 Billion Budget for 2025/26

 The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
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Egypt Approves $91 Billion Budget for 2025/26

 The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)

Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF program.

Expenditures will rise by 18% and revenue by 19% over the current 2024/25 budget. Revenue is expected to hit 3.1 trillion pounds, working out to a deficit of about 1.5 trillion pounds ($30 billion).

The increased expenditure partly reflects elevated headline inflation, which was running at an annual 12.8% in February.

Financial reforms under an $8 billion financial reform program signed in March 2024 with the International Monetary Fund have helped Egypt bring inflation down from a peak of 38% in September 2023.

The IMF this month approved the disbursement of $1.2 billion to Egypt after its fourth review of the program.

The new budget targets a primary surplus of 795 billion pounds, equal to 4% of GDP, up from the 3.5% primary surplus originally targeted in the 2024/25 budget.

The IMF granted the government a waiver in the fourth review after the surplus came in 0.5% of GDP lower than Egypt's earlier commitment.

In its third review in June, the IMF praised Egypt for its "strict control of spending".

The new budget also lowers public debt to 82.9% of GDP from an expected 92% in 2024/25, the cabinet statement said.

The cabinet said 732.6 billion pounds in spending in the new budget would be allocated for subsidies, grants and social benefits, an increase of 15.2%.

The budget increases commodities and bread subsidies by 20% to 160 billion pounds. It will also include 75 billion pounds to subsidize petroleum products, 75 billion pounds to subsidize electricity and 3.5 billion pounds to subsidize natural gas deliveries to households, the statement added.