Iraq Economic News and Points to Ponder Saturday Afternoon 11-22-24
Because It Contains A Political Aspect.. Parliamentary Wealth: The Oil And Gas Law Faces Difficulties
November 21 17:58 Information / private.. Member of the Parliamentary Oil, Gas and Resources Committee, Ali Abdel Sattar, confirmed today, Thursday, that the Oil and Gas Law has been facing difficulties since 2008.
Abdel Sattar told the Maalouma Agency, “The oil and gas law faces difficulties within the House of Representatives because it contains a political aspect between the region and the center.”
He added, "The law regulates financial matters and oil management for all governorates, especially the governorates that produce oil and gas," noting that "the reason the law was suspended was because it contained controversial points with the region."
He explained that "the law is still included in the government and has not been sent to the House of Representatives despite the ongoing dialogues and discussions between the Baghdad government and the regional government."
He continued, "The dispute still exists between Baghdad and Erbil over the oil file, and we are waiting for it to be resolved and for the law to be sent to the House of Representatives in order to discuss and approve it."
https://almaalomah.me/news/83244/politics/لاحتوائه-جنبة-سياسية-الثروات-النيابية:-قانون-النفط-والغاز-يو
Census Results In Karbala Show The Oldest Woman In Iraq
Friday 22 November 2024 | General Number of readings: 169 Census results in Karbala show the oldest woman in Iraq (Pic 144 years old) Karbala/ NINA / The results of the general population census in the holy Karbala governorate showed the oldest person from the governorate’s residents, born in 1880, who is 144 years old Shocked . She is the citizen Anoud Mazyan Hadi. https://ninanews.com/Website/News/Details?Key=1170450
Economist: The Total Cost Of The General Population Census Amounted To 951 Billion Dinars
Money and business Economy Economic expert Nabil Al-Marsoumi revealed, today, Friday (November 22, 2024), the financial and economic cost of the general population census.
Al-Marsoumi said in a post on Facebook that “the total financial and economic cost of the general population census amounted to 951 billion dinars.”
He explained that "the direct financial cost of the census amounted to 459 billion dinars, while the cost of suspending official work amounted to 492 billion dinars."
Al-Marsoumi added, "The economic cost is increasing due to the halt of public and private economic activities, and many individuals and local communities are harmed as a result, especially the poorest groups who depend on earning their living on a daily basis in normal times and do not save any resources to use during the curfew."
The economic expert pointed out that "the population census could have been conducted without the need to impose a comprehensive curfew in the country, even if that led to extending the data collection period for several more weeks, in order to save costs and take into account vulnerable groups and workers in the private sector." https://economy-news.net/content.php?id=50106
Iraqi Exhibitions Participate In The UFI Conference In Germany
Friday 22 November 2024 14:40 | Economic Number of readings: 203 Baghdad / NINA / The Iraqi General Company for Exhibitions and Commercial Services participated in the World Congress of the International Federation of Exhibitions "UFI" in Cologne, Germany, which started last Wednesday and will continue until tomorrow, Saturday.
A statement by the company indicated that "Mustafa Nizar Juma, General Manager and Chairman of the Board of Directors of the company, participated in the activities of the summit of the union, which includes 870 members of the organization from 87 countries around the world. The statement stated
that the conference is held at "Cologne Messe Confex", which is one of the largest trade fair centers in the world, and provides a unique platform for exclusive communication, professional development and exchange of ideas between members of the International Federation of Exhibitions and leaders of the exhibition industry in the world.
On the sidelines of the conference, the Director General of Iraqi Exhibitions met with a group of international exhibition organizers, the head of the regional office in the Middle East and North Africa in the UFI, and reviewed with them the exhibition activities of the Iraqi General Company for Exhibitions and Commercial Services, and discussed preparations for the upcoming 48th session of the Baghdad International Fair, in addition to discussing the criteria that must be taken into account regarding the company's membership in the UFI. / https://ninanews.com/Website/News/Details?key=1170441
Economist: Government Should Exploit Rising Oil Prices And Implement Sound Financial Management
Time: 2024/11/22 13:54:37 Read: 1,313 times {Economic: Al Furat News} An economic expert called on the government to exploit the circumstances of rising oil prices and implement sound financial management.
Rashid Al-Saadi told Al-Furat News Agency: "The rise in global oil prices is due to the impact of political circumstances. With the intensification of the Russian-Ukrainian war and the challenges facing the region, in addition to the decision of the International Criminal Court regarding Netanyahu and his Minister of War, and Israel's threats to Iraq and the pressure in the region, oil importing companies are being prompted to take precautions and be careful, and the political and security factor is the decisive and influential factor in the rise in oil prices."
He explained that "Iraq's benefit from this rise is that every dollar in which oil rises serves Iraq by no less than a billion dollars annually and strengthens its budget according to the size of its production."
Al-Saadi stressed, "The government must exploit the circumstances and the rise, because as soon as there is stability in the near or distant future, oil prices may drop significantly. This is a call for the government to manage the state's finances in a rational manner." LINK
Oil Prices Rise More Than 6% In A Week.. Brent Exceeds $ 75 Per Barrel
Energy Economy News - Follow-up Oil prices jumped about 1% at settlement on Friday, hitting a two-week high as geopolitical risk premiums rose in the market amid an escalation in the war in Ukraine this week.
Brent crude futures rose 94 cents, or 1.3%, to $75.17 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose $1.14, or 1.6%, to $71.24 a barrel.
Crude prices rose more than 6% during the week, their highest settlement since November 7, as Russia intensified its campaign in Ukraine after the United States and Britain allowed Kiev to strike deep inside Russia with weapons provided by the two countries, according to Reuters.
“The escalation in Russia and Ukraine has raised geopolitical tensions beyond the levels seen during the year-long conflict between Israel and Iranian-backed militants,” said Ole Hansen, analyst at Saxo Bank.
Russian President Vladimir Putin said Moscow would continue to test new hypersonic Oreshnik missiles in combat and had a stockpile ready for use.
Russia fired the missile at Ukraine after Ukraine used US ballistic missiles and British cruise missiles to strike Russia.
"What the market fears is that inadvertent destruction of any part of the oil, gas and refining sector could not only cause long-term damage but accelerate the spread of the war," said John Evans, an analyst at PVM.
In a related context, the United States imposed new sanctions on the Russian Gazprom Bank at a time when US President Joe Biden is intensifying sanctions measures on Moscow over its invasion of Ukraine before leaving office on January 20.
The Kremlin said the new US sanctions were an attempt by Washington to hinder Russian gas exports, but indicated that Moscow would find a solution.
The United States has also banned food, minerals and other imports from nearly 30 Chinese companies over their alleged use of forced Uighur labor.
China, the world's largest importer of crude, on Thursday announced policy measures to boost trade, including subsidies for energy product imports, amid concerns about threats by U.S. President-elect Donald Trump to impose tariffs.
Analysts, traders and ship-tracking data suggest China's crude oil imports are set to rise in November.
Oil imports in India, the world's third-largest oil importer, rose as domestic consumption increased, according to government data.
Limit Price Increases
The price rise was capped today by a sharp decline in business activity in the euro zone this month as the region's dominant services sector contracted and manufacturing remained stagnant.
In contrast, S&P Global said the composite flash purchasing managers' index, which tracks the manufacturing and services sectors, rose to its highest level since April 2022, with the services sector recording the largest share of the increase.
The US dollar jumped to a two-year high against a basket of other currencies as business activity gauges moved in opposite directions in the US and Europe.
A stronger dollar makes oil more expensive in other countries, which could reduce demand.
The economy in Germany, Europe's largest, grew less than previously estimated in the third quarter, the Federal Statistical Office said. https://economy-news.net/content.php?id=50117
The European Union Organizes A Workshop In Basra On Central Administration And The Wealth Distribution System
Saturday 23 November 2024 15:29 | Economic Number of readings: 116 Basra / NINA / The European Union organized a workshop in Basra on central administration and the wealth distribution system.
Basra Governor Asaad Al-Eidani stressed during the workshop that the distribution of wealth has limitations for the poorest areas as well as areas with high population density, in addition to areas that were damaged by the wars that Iraq witnessed.
He added that Basra has three resources for distributing wealth in the budget, which are: regional development, border crossing revenues, and petrodollars.
Basra may not be given its full revenues, which are according to the constitution, due to the financial situation and challenges facing the country. He pointed out that during the past two years there are debts owed to the governorate that must be given those entitlements.
Al-Eidani explained that "the infrastructure projects being implemented in the governorate have contributed significantly to improving the economic situation in various housing units, noting that house prices in the governorate have witnessed a noticeable doubling during the past few years, reaching ten times their previous value.
Al-Eidani pointed out that these improvements reflect the impact of development projects on improving the standard of living and enhancing the value of real estate assets in Basra." / End
https://ninanews.com/Website/News/Details?key=1170624
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