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How the U.S. controls Iraqi oil revenues
Since 2003, the United States has effectively controlled Iraq's oil revenues, which gives Washington a powerful influence over Baghdad, and can have implications for regional dynamics that involve Iran. How does the U.S. control Iraqi oil revenue? The U.S. control of Iraq's oil revenue is primarily due to the Federal Reserve Bank of New York's management of the oil income of Iraq. The U.S.-led 'Coalition Provisional Authority (CPA)' established the Development Fund for Iraq, which was housed at the New York Fed, after the 2003 invasion. The DFI's purpose was to collect Iraqi oil revenues and use those funds for the reconstruction and development of Iraq. The DFI was created to protect Iraqi oil revenue from lawsuits or claims related to Saddam Hussein. George W. Bush, then president, signed an executive directive that has been renewed every year since. This was the order which set up this arrangement. The DFI became a Central Bank of Iraq account at the New York Federal Reserve. This is still the case today. What is the leverage that this gives to the U.S.? Iraq's main source of revenue, oil, accounts for 90% of its budget. Washington has a significant influence over Iraq's political and economic stability. Baghdad eventually relented when Washington threatened to stop allowing Iraq to access New York Federal Reserve money. The Iraqi government has gained greater control over its finances since the U.S. invasion, but the relationship continues to show the U.S.'s influence on Iraqi economics, even as the country tries to assert its independence and sovereignty. Why has this arrangement lasted so long? Anonymous Iraqi officials said that the system was a key factor in stabilizing Iraq's finances and protecting state finances. The system provides international confidence in managing oil revenues, facilitates easy access to U.S. dollar needed for imports and trade, and protects revenue from external claims, financial shocks and claims, including lawsuits and claims by creditors, said the officials. They said that the arrangement supported exchange rate stability, underpinned confidence in Iraqi economics, and worked to strengthen and assert greater economic autonomy. The arrangement also allows the government a way to fight back against certain actors, such as Iran-allied groups who want less restrictions on dollar access. Last year, the U.S. imposed sanctions against Iraqi banks and individuals it accused of laundering money to Iran. What impact has this agreement had on Iraq? Due to the heavy restrictions placed on U.S. dollars entering Iraq, a parallel informal market developed, resulting in a spread between the official rate of exchange set by the central banks and the price on the blackmarket. This price difference is basically a premium for trading outside of the formal system. Since Donald Trump was re-elected for a second time, he has been pursuing a maximum pressure campaign against Iran. Iraq has often found itself caught in the middle of this as Tehran uses it as an economic lung. What is the status of Iraqi oil revenue management today? Iraqi oil revenue?remains under the custody of Federal Reserve Bank of New York. CBI has traditionally used dollar auctions - also known as foreign currency windows - as its main method of supplying dollars. Private banks and exchanges could bid every day to buy U.S. Dollars using Iraqi dinars. Iraq officially ended the auction system in 2025, after U.S. pressure. This was part of an overall crackdown against alleged dollar siphoning to sanctioned entities such as Iran. (Reporting and editing by Frank Jack Daniel; Yousef Saba is the reporter)
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Gold closes on $5,000 as silver reaches record high.
On 'Friday, silver prices surpassed $100 per ounce for first time in history. Gold also hit another record on its way to $5,000/oz. Investors piled into safe-haven investments amid geopolitical uncertainty and expectations of U.S. rate cuts. Spot silver rose 4.5%, to $100.49 per ounce at 1649 GMT. Silver should benefit from the same factors that support gold investment demand, said Philip Newman. He is a director of Metals Focus. The London market is still experiencing low physical liquidity and ongoing tariff concerns. The metal's price has risen by more than 200% over the last year. This is also due to a persistent shortage of metal and ongoing challenges with refining the metal. "Traders have been pushing for the $100 milestone and achieved it; investors will watch to see if the price can continue through the end of the day or if there will be profit-taking by recent speculators," said Tai Wong an independent metals dealer. Gold spot was 0.8% higher, at $4,976.49 per?ounce. It had previously reached a record high of $4,988.17. U.S. Gold Futures for February Delivery increased by 1.3%, to $4978.60. Gold's role in providing a safe haven and diversifier during highly uncertain political and economic times makes it an essential part of strategic portfolios. Wong said that it is more than just a perfect storm which will not last. It is a sign of fundamentally shifting times. The demand for safe haven assets has risen since the beginning of 2026 due to friction between the U.S., NATO, and Greenland over Greenland. Gold's increase has also been attributed to central bank purchases and a general move away from the dollar. The Fed is expected hold interest rates steady at its meeting on January 27-28, but the markets are still expecting two more rate cuts in 2026's second half. Gold is a popular investment during low-interest rates because it doesn't yield any income. Gold reached significant milestones such as $3,000/oz in March last year and $4,000/oz in October. Platinum reached a record-high of $2,749.2 per?ounce, and was the last to rise 4%, at $2,735.00. HSBC stated that this metal was attracting investor interest as a cheaper gold alternative. It also predicted a structural shortage in this market of 1.2 million ounces for this year. Palladium prices, on the other hand, rose by 4.3%, to $2,002.22. Ashitha Shivaprasad, Kavya Baliaraman and Susan Fenton in Bengaluru contributed to the report.
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Senator: Congress must investigate TikTok Deal, criticizes lack of detail
Ed Markey, a Democratic Senator from Massachusetts, said that Congress should look into a deal made by ByteDance to establish a joint venture with a majority American ownership. This would allow the U.S. to secure its data. Markey said that the deal finalized on Friday left many questions unanswered. The White House has not provided any details on this agreement including whether TikTok algorithm is free from Chinese influence. Markey said that the lack of transparency "reeks". Congress has a duty to investigate the deal, demand transparency and ensure any arrangement protects national safety while keeping TikTok on line. Markey's criticism was not immediately addressed by the White House or TikTok. More than 200 millions Americans use TikTok. ByteDance stated that TikTok USDS Joint Venture LLC will secure U.S. users' data, apps and algorithms using data privacy and cybersecurity. It revealed few details about the divestiture. After years of battles, the deal marks a "milestone" for the social media company. The fight began in August 2020 when President Donald Trump tried unsuccessfully to ban the app due to national security concerns. Trump chose not to enforce the law passed in April of 2024 that required ByteDance?to sell its U.S. Assets by January the following year or face a banning - a measure?upheld?by the Supreme Court. ByteDance owns 19.9% of the venture. The agreement states that American and international investors will hold 80.1%. TikTok USDS 'JV's three Managing Investors - Cloud Computing giant Oracle, Private Equity group Silver Lake and Abu Dhabi based Investment?firm MGX – will each hold 15%. The Chinese Embassy in Washington stated that its "position regarding the TikTok matter has been consistent and clear", but it did not say whether or not they had approved the deal. Trump said last year that the deal met the terms of the divestiture requirements set out in the 2024 law. The White House said in September that the venture would operate TikTok’s U.S. application. TikTok reported that investors in the venture include Dell Family Office – the investment firm founded by Michael Dell, the founder of Dell Technologies –?plus Vastmere, Alpha Wave Partners and Via Nova. (Reporting and editing by Franklin Paul, Alex Richardson, and David Shepardson from Washington)
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Gold closes on $5,000 as silver reaches record high.
The price of silver rose to $100 an ounce on Friday for the first ever time, and gold reached a new record on its way to $5,000/oz. Investors are flocking into safe haven assets due geopolitical unrest and expectations that U.S. rates will be cut. Spot silver rose 4.05% at $100.1 per ounce as of 1547 GMT. Metal prices have risen by more than 200 percent in the last year. This is also due to ongoing challenges with scaling up the refining of the metal, and a persistent shortage on the market. Silver should benefit from the same forces that support gold investment demand, said Philip Newman. He is a director of Metals Focus. The London market is still experiencing low liquidity and ongoing tariff concerns. This will provide additional support. Gold spot was 0.48% higher, at $4,959.98 an ounce. This is after hitting a record high of $4,967.03 in the morning. U.S. Gold Futures for February Delivery grew by 0.98% to $4,961.20. Gold's role in providing a safe haven as well as diversification during highly uncertain political and economic times makes it an essential part of strategic portfolios. "It's not just a perfect hurricane that won't last; it's an indication of fundamentally changing circumstances," said Tai Wong. Friction between the U.S. The tension between the?U.S. Gold's increase has also been attributed to central bank purchases and a move away from dollars. The?U.S. On the policy front, it is expected that the Fed will hold interest rates at its meeting on January 27-28, but the markets still expect two further rate reductions in the second half 2026. Gold is often a preferred asset during low-interest rate periods because it's a non-yielding investment. Spot platinum rose 4.21%, to $2.740.25 per ounce. In a recent note, HSBC stated that platinum was "attracting investor interest as a more affordable alternative to gold." "We expect the production/consumption deficit to widen to over 1.2 moz in 2026," the note added. Palladium meanwhile jumped 4.79%, to $2012.11. Ashitha Shivprasad, Kavya Baliaraman and Susan Fenton in Bengaluru contributed to the report.
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US Targets Iran's "Shadow Fleet" over Crackdown on Protesters
The United States imposed sanctions Friday on 'nine vessels from what is called 'the shadow fleet' and eight firms related to them, according to the United States. The Treasury Department issued a statement as Washington sought to increase pressure on Iran for the recent killings of protesters. Treasury stated that the vessels, their owners, or management companies, including?entities located in India, Oman, and the United Arab Emirates have collectively "transported hundreds millions of dollars worth of Iranian petroleum and oil products to foreign markets." The sanctions imposed today are aimed at a key component in how Iran raises funds to suppress its own citizens. Treasury will continue, as previously stated, to "track" the tens and millions of dollars the regime has stolen that it is desperately trying to wire to foreign banks," Treasury Secretary Scott Bessent explained in the statement. Human rights groups claim that thousands of people were killed, including bystanders, during the unrest which occurred in Iran. They describe this as the largest crackdown since Shiite Muslim clerics seized power in 1979. Trump repeatedly threatened to intervene against Iran for the recent killings there. But protests have dwindled in recent weeks and President Donald Trump’s rhetoric towards Iran has 'eased. Shadow fleets are ships that transport oil under sanctions. They are usually old, have an opaque ownership and sail without top-tier insurance coverage needed to meet the international standards of oil majors and ports.
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India looks for better oil deals, as Russian imports are slowing down, says minister
Hardeep Singh Puri, the Oil Minister, said on Friday that India could leverage its increasing energy demand to secure better deals for oil and gas supplies, while its refiners are still looking for alternatives to 'Russian oil. India was the largest buyer of Russian crude oil after Moscow invaded Ukraine in February 2022. However, Western sanctions forced Indian refiners eventually to import more from other sources. Puri, a senior Indian official, said that Indian officials had avoided directly mentioning Russian oil imports. However, he added that the supply from "one source", which had surged following February 2022 is now decreasing. Data from trade sources revealed that India's Russian imports in December fell to the lowest level for two years, bringing OPEC imports up to a '11-month high. Puri says that India's increasing oil demand gives it a "little bit of a position inside the world" for better deals. Brazil, Guyana, Suriname, and the United States, which are among the world's largest oil producers and importers, should be able to meet their needs, given that global supplies are plentiful and production is on the rise. Indian refiners are buying more oil in Middle Eastern, African, and South American countries to compensate for the drop in Russian oil imports. This is expected to help India negotiate with Washington a tariff agreement. Puri stated that Bharat Oil Corp. Ltd. had doubled its annual contract with Brazil's Petrobras. Trade sources say that Indian Oil Corp., the country's largest refiner, purchased 7 million barrels of oil from Brazil's Petrobras for March loading in order to replace Russian oil. IOC bought its first Colombian crude oil last month and also for the first time, Ecuadorean Oriente.
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Data shows that Russian oil exports to China increased in January, as India and Turkey reduced their purchases.
China will increase its imports of Russian crude oil in January. This will absorb barrels that were previously going to?India or Turkey. As tougher Western sanctions forced Moscow to redirect the flow, LSEG data and traders reported. The United States, the European Union, and other countries imposed sanctions on Russian oil sellers, shippers and energy giants, Rosneft, and Lukoil in 2025. This impacted global buyers' purchases and increased scrutiny of Russian crude exports. According to preliminary LSEG figures, China will receive 1.5 million barrels of Russian oil per day by sea in January, compared to 1.1 million bpd last month. Beijing, a 'key consumer of Russian Far East ESPO Blend oil, increased imports of Russian Urals Oil to a record high in January of 405,000 bpd, the highest level since mid-2023. Data provided by energy consulting firm Kpler. LSEG data shows that India, which was formerly 'the largest buyer of Russian Urals oil by sea, since the EU embargo against?Moscow’s oil in 2022', slashed its purchases in December to less than 1 million bpd, down from a previous average of 1.3million bpd, LSEG said. Indian refiners will likely keep Russian oil imports at around 1 million bpd during January, as they seek to diversify their supply sources. Turkey, another major Russian oil purchaser, has reduced Urals imports to 250,000 bpd from 275,000 bpd on average in 2025. This is well below the 400,000 bpd record reached in June last year. A trader in Russian oil sales said that some Urals cargoes were destined for China as Indian and Turkish buyers reduced their purchases. He said that the excess of Urals barrels was weighing on prices. According to two traders in the Asian markets, discounts for Urals crude to be delivered to China by late '2025 have widened up to $12 per barrel. The traders said that the EU's ban on fuels made from Russian crude has caused a slump in demand for Urals, particularly in India and Turkey. Both are major diesel exporters to Europe.
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Ukraine's grid operator claims that the energy situation in Ukraine has'significantly worsened'
Kyiv's grid operators said that Ukraine's energy situation has "significantly worsened" since the recent Russian air attacks, which triggered emergency power outages across most regions. Denys Schmyhal, Ukraine's Energy Minister, said on Thursday that the country's power grid had experienced its worst day since November 2022 when Russia began attacking it. In recent weeks, Moscow has intensified its strikes. This has further damaged the already damaged?infrastructure. It also left a large swathe of the population with no power or heating during an icy cold snap. As a result, several power generation facilities have undergone emergency repairs. This was announced by?Ukrenergo on the Telegram messaging application. The equipment was operating at its 'limits,' it stated. It also said that the power?blocks carried a "tremendous overload" due to damage caused by?Russian attacks. Last week, President Volodymyr Zelenskiy declared a?energy crisis. Ukrenergo stated that it hoped to complete repairs in the "near future" so as to allow planned outages. (Reporting and writing by Yuliia Dyesa, Anna Pruchnicka and Dan Peleschuk; editing by Daniel Flynn).
What one year's Trump's climate censorship has revealed
EPA reportedly removes a climate page that mentions "human-caused"
Data preservation and tracking changes are a priority for groups
The future of climate reporting is in the air
By David Sherfinski
The administration has removed all references to climate justice and environmental change from government resources. It even deleted or blocked access to data and information which could contradict or undermine his agenda.
The implications of this are huge - and they could be even more severe during his remaining term.
There is a perception among some that scientists who don't support the agenda will be muzzled, and that findings that are misrepresented or incorrectly found out, in order to promote the agenda, will be published. This was said by Jonathan Gilmour of the Public Environmental Data Partners.
Trump has called climate change a "con-job" and his administration is working to reopen coal plants that have been closed, increase oil and gas production and eliminate tax incentives for renewable resources such as wind and solar.
The White House has not responded to any requests for comments.
Gilmour stated that "it undermines the very premise of democracy" to try to hide what's happening inside and outside the government, and to silence scientists. He also said it was a mistake to stop data streams which tell us about our world and public health as well as the environment.
"I am afraid that we may be less safe and healthier and will not understand the risks affecting our lives and livelihoods."
"NATURAL" CLIMATE CHANGE
In December, the Environmental Protection Agency began removing references to "human-caused" climate change from their online resources.
Izzy Pacenza, a member of the Environmental Data & Governance Initiative (EDGI), a group that tracks changes on federal sites, reported the removal of about 80 pages. Many of these pages were related to climate change and its causes and effects.
She said that "on certain pages that are still accessible, what was removed is very specific information that discusses the anthropogenic cause of climate change."
She said that the EPA page on climate change causes still has the same information, but the part about human-caused changes being impossible to explain by natural events is gone. All the remaining information is about the natural factors for Earth's climate variations.
In a report released by the Energy Department in July, a few climate scientists who were against global warming downplayed its dangers.
A spokesperson for the EPA said that the agency no longer "takes marching orders" from the "climate cult."
The spokesperson stated that "At Trump EPA we adhere to gold-standard science and total transparency. We are also committed to fulfilling our statutory duties."
The public can access previous versions of the site that did not meet the standards.
The administration also stopped adding information to the database of natural catastrophes that caused damages totaling at least $1 billion.
It has also limited public access to the National Climate Assessment (NCA), a report mandated by Congress that is released every four years. The NCA documents the human impact on global warming.
Pacenza stated that "the biggest thing I learned is that there's no rhyme or reason for the changes we see on federal websites."
She said that "targeted removal of facts" will "lead a lack in trust".
Fight Back
Pacenza and Gilmour's groups are members of Public Environmental Data Partners. This group is working on preserving or moving some climate data that the administration has limited.
Gilmour stated that "this crisis has forced community to mobilise in a manner it likely would not have",
"And this means more exchange of ideas. This means that funders will be re-energized and pay more attention to the project. We can engage in these big questions, and we can engage with each other.
Last year, the Public Environmental Data Partners and the research group Climate Central released their own versions of the billion dollar disaster database.
Gilmour is concerned that the job cuts may also be causing major damage. As the administration cuts the federal workforce, many climate experts have lost their jobs. Their knowledge is not replaced.
He said: "What we see is that the human infrastructure is... being cut, reassigned and intimidated."
He added, "It has downstream effects we haven't yet understood." "There is so much work that won't get done, because offices are now empty."
'HATCHET'
Rachel Cleetus remembered receiving an email last year saying that her contributions to the National Climate Assessment were no longer required. The administration had stated last year they were in the process of reviewing the scope.
The initiative was formed in 1990 and due to publish its sixth report by?2027. The report was not completed after Trump cut funding, and the experts who wrote it were fired last year. The website that hosted past reports has been taken down.
"This kind of science is not prescriptive. It is the kind we really need." It's not political. Cleetus, of the Union of Concerned Scientists (a nonprofit advocacy organization), said that it is not partisan.
The assessment is a key policy tool that helps the government and private sector prepare for climate change.
It's... factual information you can use. To cut this off, it's a scandal."
(source: Reuters)