BAGHDAD: Iraq’s new oil minister Thamer Ghadhban said on Wednesday the current price of crude was “fair,” and that OPEC’s second-largest producer would be responsible in providing ample oil supplies to the market.
Ghadhban also said the oil ministry aimed to increase output capacity and will support foreign energy companies by helping them overcome any bureaucratic hurdles.
“We will do our best to stabilize the market,” Ghadhban told reporters after officially taking over the oil portfolio from Jabar Al-Luaibi.
“The oil price at the moment is at a fair price,” he said in response to a question about an upcoming OPEC meeting in December.
“It’s not too high, it’s not 100 dollars per barrel and it’s not 30 dollars.
“We will look after our country as a first priority but will not put aside the interests of the consumers.”
Oil prices rose on Wednesday, with benchmark Brent crude up 35 cents at $76.26 a barrel by 1115 GMT. The contract fell 1.8 percent on Tuesday, at one point touching its lowest since Aug. 24 at $75.09. US light crude was 25 cents up at $66.43. It hit a two-month low of $65.33 a barrel on Tuesday.
Ghadhban, who was nominated by Prime Minister Adel Abdul Mahdi and confirmed as minister in a parliamentary vote last week, said he would look at ways to reform the oil ministry, including by eliminating nepotism.
The new minister replaced Jabar Al-Luaibi, who had held the oil portfolio since 2016 in the government of former Prime Minister Haider Al-Abadi.
At a ceremony officially transferring the oil portfolio to Ghadhban, the new minister said he would seek to develop oil refineries by increasing their production capacity and reducing gas flaring.
Iraq has continued to flare some of the gas extracted alongside oil at its fields because it lacks the facilities to process it into fuel. Iraq has said it hopes to end gas flaring by 2021.
Iraq is OPEC’s second-largest producer after Saudi Arabia and pumps around 4.6 million bpd. The majority of its crude exports go to Asia.
The bulk of Iraq’s oil is exported via its southern terminals, which account for more than 95 percent of the OPEC producer’s state revenue.
Iraq’s southern oil exports averaged 3.488 million barrels per day (bpd) in October, two oil executives told Reuters on Wednesday.
Exports were down from the September average of 3.560 million bpd owing to bad weather, which slowed shipments on some days, the executives said.
Iraq is seeking to increase crude production capacity to 7 million bpd by 2022 from 5 million bpd now.
Ghadhban said Iraq also planned to increase exploration, especially in its western desert and along border areas.
Iraq oil minister says crude price ‘fair,’ aims to hike output capacity
Iraq oil minister says crude price ‘fair,’ aims to hike output capacity
- ‘We will do our best to stabilize the market’
- ‘We will look after our country as a first priority but will not put aside the interests of the consumers’
PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025
RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.
According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.
Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries.
The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.
AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.
AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.
Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”
He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”
Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.
AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance.
Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.
