گەڕان بۆ baban

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Analysis

Oil Contracts and Production Costs in the Kurdistan Region

Mahmood Baban

The cost of producing a barrel of oil varies by country, field, and management model. For instance, it costs $24 per barrel in the United States and $21 in Norway. In Nigeria, recent contractual changes have increased production costs from $28.90 to $48 per barrel.

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Analysis

The Lack of Foreign Investment in Iraq and the Kurdistan Region

Mahmood Baban

There is daily talk in Iraq and the Kurdistan Region about projects costing millions of dollars, as foreign investors have shown their full readiness to invest in these projects. Still, in reality, these projects have nothing but names. Even projects that have already signed their contracts have not been yet constructed like the project of Faw Port, Total Energy Deal, building the headquarters of the Central Bank of Iraq, and also the Chinese project in the Kurdistan Region named “Happy City”.

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Analysis

Budget Surprises: Iraq's Annual Revenues and Expenditures Differ from Estimates!

Mahmood Baban

An annual budget consists of the collection of revenues and their redistribution towards expenditures. The main principle of budgeting is to maintain a balance between revenues and expenditures by increasing revenue sources and reducing expenditures. However, in Iraq, this has been the opposite. Over the past two decades, for example, expenses have increased 29-fold, while revenues have increased only eight-and-a-half times.

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Rudaw Research Center Participates in the Kurdish Studies Conference in the UK

Rudaw RC

On May 22 and 23, 2024, Mahmoud Baban, a research fellow at Rudaw Research Center, speaker at the Second Kurdish Studies Conference, organized by the London School of Economics and Political Science (LSE), the University of Sheffield, Atlantic Fellows for Social and Economic Equity (AFSEE), and Bloomsbury Publishing in Sheffield.

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Analysis

Baghdad's Push and Erbil's Silence: KRG Gas Sales to Iraq

Mahmood Baban

The Iraqi Ministry of Electricity has reiterated its intention to purchase gas from the KRG in the upcoming months. Dana Gas previously announced the completion of an additional 250 million cubic feet of gas production, slated for availability in the second quarter of this year. However, it remains uncertain whether this supply will be allocated for power plants within the Kurdistan Region or Iraq at large.

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Analysis

Iraq's Financial Transparency: The 2023 Budget Figures and Ministry of Finance Reports on Expenditures and Revenues

Mahmood Baban

In terms of revenue, the budget projected Iraq's total revenue in 2023 to reach 134.5 trillion dinars, comprising 117.2 trillion dinars from oil revenue and 17.3 trillion dinars from non-oil revenue. However, according to the Ministry of Finance's annual report, Iraq's total oil and non-oil revenues amounted to 135.6 trillion dinars, with oil revenues at 125.8 trillion dinars and non-oil revenues at 9.7 trillion dinars.

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Analysis

Chinese Trade and Investment in Iraq: Risk or Opportunity?

Mahmood Baban

China's trade with Iraq has consistently expanded year after year, with recent figures nearing $50 billion, representing over two-thirds of Iraq's exports to China. Moreover, China's investments in Iraq's energy and real estate sectors have surpassed those of neighboring countries over the last two decades.

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Analysis

Kurdistan Region's Oil Production and Revenues in 2023

Mahmood Baban

Last year, based on IOC reports and gathered data, oil production in the Kurdistan Region fell short of 100 million barrels, marking a significant decline from the 158 million barrels produced across all fields in 2022. This represented a staggering 42 percent decrease in oil production and a corresponding 67 percent reduction in revenues compared to the previous year.

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Analysis

Oil Revenue Figures in Iraq: One Income, Two Varied Numbers

Mahmood Baban

Despite SOMO's preliminary and final data on export oil revenues showing a $48 million difference, there remains a staggering billion-dollar gap between the Iraqi Finance Ministry's report and that of SOMO and the Iraqi Oil Ministry. This disparity exceeded $4 billion in 2023.

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Analysis

Consequences of Currency Issuance, Increased Expenditures, and Dollar Supply in Iraq

Mahmood Baban

This issue has broader implications, including US-Iraq relations and US economic sanctions against other countries. Actions and warnings from the Americans alone depreciated the Iraqi dinar against the dollar, despite efforts by the Iraqi government and the central bank to increase the dinar value. Despite adjustments, it still trades above 1,540 dinars per dollar in the markets, highlighting the significant impact of American statements on Iraq's economic situation.