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Iraq Says Oil Prices Above $80 is 'a Positive Indicator'

A policeman is seen at West Qurna-1 oil field, which is operated by ExxonMobil, in Basra, Iraq January 9, 2020. REUTERS/Essam al-Sudani/File Photo
A policeman is seen at West Qurna-1 oil field, which is operated by ExxonMobil, in Basra, Iraq January 9, 2020. REUTERS/Essam al-Sudani/File Photo
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Iraq Says Oil Prices Above $80 is 'a Positive Indicator'

A policeman is seen at West Qurna-1 oil field, which is operated by ExxonMobil, in Basra, Iraq January 9, 2020. REUTERS/Essam al-Sudani/File Photo
A policeman is seen at West Qurna-1 oil field, which is operated by ExxonMobil, in Basra, Iraq January 9, 2020. REUTERS/Essam al-Sudani/File Photo

Iraq's oil ministry spokesman said that an oil price above $80 is "a positive indicator" but needs long-term stability.

The oil ministry cited Asim Jihad on its Telegram channel as also saying that Iraq aims to achieve the highest financial revenues by committing to the OPEC+ agreement.

He added that the challenges of the global oil market are still present due to not fully containing the coronavirus and its variants.

Earlier this month, OPEC+ stuck to its agreement of increasing production by 400,000 bpd a month as it unwinds production cuts.

In the meantime, Minister of Oil Ihsan Abdul-Jabbar “emphasized the importance of working on increasing transparency and sharing information on oil activity between the government and the Kurdistan Regional Government regarding oil activity and the revenues generated from it."

During his meeting with Kurdistan’s Minister of Natural Resources Kamal Atroshi, Abdul-Jabbar emphasized the importance of “working together for an optimal investment of natural and hydrocarbon resources throughout Iraq to support and promote the national economy,” according to a statement issued by the Iraqi oil ministry.

Abdul-Jabbar also said that both sides should work together to invest in clean energy and reduce emissions.

For his part, Atroshi said that Kurdistan and the ministry are willing to cooperate with the federal government to boost cooperation for the sake of developing the oil industry.

Iraq’s Ministry of Oil announced the conclusion of maintenance at the Khawr Al Amaya Oil Terminal (KAAOT), at a time when Basrah Oil Company inaugurated a new ship specialized in dealing with oil leakages.

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Saudi Arabia Raises its Non-Oil Economic Growth Forecast to 6.2% in 2026

A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)
A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)
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Saudi Arabia Raises its Non-Oil Economic Growth Forecast to 6.2% in 2026

A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)
A view of a logo during the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 19, 2024. (Reuters)

Saudi Arabia has raised its forecast for non-oil economic growth in 2026 to 6.2%, marking a jump from previous estimates of 5%.

Saudi Minister of Economy and Planning Faisal Alibrahim revealed that the Kingdom is targeting 4.8% non-oil economic growth in 2024, increasing to 6.2% by 2026, while emphasizing the long-term importance of investing in human capital.

Speaking during a panel discussion titled “The Future of Growth” at the World Economic Forum 2025 in Davos, Alibrahim stated that economic transformation and sustainable growth require bold, inclusive leadership and a long-term vision. He cited Saudi Arabia’s Vision 2030 as a model for reducing dependency on oil and diversifying investment portfolios.

Global economic growth rates currently stand at 3.2–3.3%, significantly below the historical average of 4%, he noted.

He stressed the importance of building institutional capacities and investing in human capital as foundational elements for sustainable economic growth, emphasizing that these factors are essential for any successful economic strategy.

On US economic policies with Donald Trump returning for a second term as president, the minister stated they would not have an immediate impact on the global economy, as they involve long-term restructuring. He added that Saudi Arabia maintains strong relations with the United States.

Saudi Finance Minister Mohammed Al-Jadaan reiterated the need to improve global methodologies for measuring gross national income (GNI) to better reflect the realities of emerging economies. He emphasized that enhancing measurement frameworks would improve the efficiency of international institutions, support sustainable development in emerging markets, and contribute to global economic equity.

Meanwhile, Saudi Tourism Minister Ahmed Al-Khateeb outlined plans to transform Riyadh into a global business hub by hosting around 25 major international conferences, including the Future Investment Initiative and the LEAP Technology Conference.

Al-Khateeb also announced the launch of the largest travel and tourism event of its kind, set to take place in November. He invited global stakeholders to participate, describing the forum as a significant attraction for the international tourism sector.

Speaking during a panel discussion titled “The Role of Tourism and Travel in Building Trust” at Davos, Al-Khateeb highlighted the rapid growth of Saudi Arabia’s travel and tourism sector, which outpaced global growth rates last year with an increase of over 70%, the highest among G20 nations.

This growth, he explained, is linked to Saudi Arabia’s efforts to open its borders to encourage tourism, a key part of Vision 2030, which aims to diversify the Kingdom’s economy.

The minister noted that Saudi Arabia offers a wide range of attractions, from the scenic mountains of the south to the Red Sea coastline in the west. He emphasized that the Kingdom is investing in human capital to strengthen the sector, pointing to the ambition of young Saudis eager to join the tourism industry.