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The U.S. sanctions waiver allowing Iraq to import Iranian gas remains valid, according to Iraqi Prime Minister advisor Farhad Alaaldin. However, the U.S. has ended the waiver for Iraqi imports of Iranian electricity, urging Iraq to seek alternative gas sources amidst geopolitical tensions. A recent five-year agreement extends Iranian gas exports to Baghdad and Basra, highlighting the strategic energy ties between Iraq and Iran. As Iraq faces electricity shortages, it must diversify energy sources and invest in renewables while navigating its complex relationships with Iran and the U.S. to ensure energy security and economic stability.
The Economic Cooperation Organization (ECO) interior ministers will meet in Tehran on October 27-28, marking a significant return to cooperation after a 15-year hiatus. With a population of around 500 million, the ECO region is rich in geopolitical, energy, and industrial potential. Iran’s Interior Ministry spokesperson, Ali Zeinivand, highlighted proposals for special free trade zones to promote trade liberalization. The meeting aims to address barriers to trade and investment, fostering economic growth through collaboration in trade, energy, and industry. This gathering is expected to reshape future economic cooperation in the region, benefiting all member states.
The IMF projects Iran’s economy will grow by 3.1% in 2025, below the regional average, with GDP rising to $463 billion. Key highlights include a 2.3% expansion in the non-oil sector, oil production of 3.1 million bpd, and gas production of 5.2 million bpd. Oil exports are expected at 1.6 million bpd, while gas exports will reach 0.4 million bpd. Despite a forecasted decline in inflation to 29.5%, challenges remain. Iran is expected to maintain a $13.9 billion current account balance and has accessible foreign assets of $33.8 billion, reflecting resilience amid sanctions.
Touraj Dehghani, CEO of Pars Oil & Gas Company, announced the launch of a new well in Phase 12 of the South Pars gas field, aimed at boosting Iran’s gas production. This well will add 2 million cubic meters (mcm) of gas daily, part of a plan for 35 infill wells to increase efficiency. With two additional drilling rigs deployed, total output is expected to rise by 36 mcm per day, up from the current 716 mcm. The Iranian government has contracted four domestic firms for pressure-boosting projects worth $17 billion, reinforcing its commitment to enhancing energy infrastructure amid rising demands.
Mazandaran province has emerged as a key player in the mineral export sector, with exports reaching 1.101 million tons valued at over $33.18 million from March 21 to December 22, 2024. The main exported minerals include cement, gypsum, and barite stone, primarily to Kazakhstan, Iraq, Russia, and Turkmenistan. Overall, Iran exported approximately 16.190 million tons of minerals worth over $476 million during the same period. This growth highlights Mazandaran’s rich mineral resources and strategic position in international trade, suggesting significant potential for economic development and partnerships as the demand for these resources continues to rise globally.
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