Friday Evening Iraq Economic News Highlights 7-8-22

There Is No Financial Budget For 2022... And The Situation Is Deteriorating Further

Sumerian special   2022-07-08 | 05:05   Source: Sumerian   204 views   Failure to pass the 2022 budget law will push the wheel of growth back and affect job grades.

In light of parliamentary expectations that the current year’s budget law will not be passed, it will lead, according to observers, to a deterioration in the economic reality more than it is, especially with regard to allocating job grades and completing service projects

There is no financial budget for the year two and twenty-two, this is what the Parliamentary Finance Committee expected after the end of the first half of this year, and that the ideal work is to start a draft discussion of the next year’s budget, so that economists can talk about all the indicators that show Parliament’s inability to pass the current year’s budget In the presence of a caretaker government.

A negative reflection and a deterioration of the economic reality more than it is in the event that what the political circles have spoken regarding the adoption of the budget law is proven. Budgeting.   LINK

Oil Prices Are Back Up Slightly

Economie  2022-07-08 | 03:06   969 views  Oil prices rose slightly in volatile Asian trading on Friday, reversing earlier losses as the market weighed severe global supply concerns against recession fears.

Brent crude futures rose 48 cents, or 0.5 percent, to $105.13 a barrel by 0630 GMT, after rising nearly 4 percent on Thursday.

US West Texas Intermediate crude rose 3 cents to $102.76 a barrel, after settling up 4.2% the previous day.

However, both contracts are still set for their second consecutive weekly loss. Trade this week was marked by a sharp sell-off on Tuesday, when WTI fell 8% and Brent sank 9%.

Brent's $10.73 drop was the third biggest drop for the contract since trading began in 1988.    LINK

Dollar Exchange Rates In Local Markets

Economie   2022-07-08 | 03:16   Today, Friday, the dollar exchange rates witnessed stability in the local markets.

The selling prices of the dollar were 148,400 dinars per 100 dollars, while the purchase prices of the dollar were 148,300 dinars per 100 dollars.

Earlier, he decided Central Bank of Iraq Adjusting the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, while the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen was 1470 dinars per dollar.   LINK

Oil Prices Hit A New High

Economie| 10:09 - 07/08/2022 Follow-up- Mawazine News:  Oil prices rose slightly in volatile Asian trading on Friday, reversing previous losses as the market weighed severe global supply concerns against recession fears.

Brent crude futures rose 48 cents, or 0.5 percent, to $105.13 a barrel by 0630 GMT, after rising nearly 4 percent on Thursday.

US West Texas Intermediate crude rose 3 cents to $102.76 a barrel, after settling up 4.2% the previous day.

However, both contracts are still set for their second consecutive weekly loss. Trade this week was marked by a sharp sell-off on Tuesday, when WTI fell 8% and Brent sank 9%.

And Brent's decline of $10.73 was the third largest drop for the contract since it began trading in 1988.

https://www.mawazin.net/Details.aspx?jimare=198854

Trade Sets The Date For Completing The Farmers’ Entitlements And Announces The Prices Of Oil And Flour

Economie| 11:25 - 07/07/2022   Baghdad - Mawazine News  Today, Thursday, the Ministry of Commerce set the date for the completion of farmers' dues, while announcing the prices of oil and flour.

The ministry's spokesman, Muhammad Hanoun F., said that "the ministry has provided the farmers of 5 governorates with their full entitlements," noting that "the ministry will complete the farmers' entitlements in full after Eid al-Adha."

He added that "the ministry received an amount of $200 million to buy wheat from abroad, while more than 30 companies offered Iraq to supply it with wheat," noting that "Iraq imports one million tons annually of zero flour."

He added that "the price of a bag of flour increased from 35,000 dinars to 45,000 dinars," stressing that "the trade took the initiative to sell flour to bakeries at less than 5,000 dinars per bag."

He pointed out that "the price of oil does not exceed 2500 dinars per package." Ended 29 / p. 87

https://www.mawazin.net/Details.aspx?jimare=198842

Parliamentary Finance: The Oil Price Surplus Is Not Real

Economie| 11:07 - 07/07/2022   Baghdad - Mawazine News  Today, Thursday, the Parliamentary Finance Committee confirmed that the oil price surplus is not real.

Committee member Jamal Cougar said, "Iraq depends on oil by more than 94 percent, and this dependence will not feel its impact in the current year due to the lack of a budget that erodes revenues, but the real problem will be in the year 2023", pointing out that "any drop in prices Oil will affect Iraq after three months."

He added that "the amounts of internal and external loans amount to nearly 100 trillion dinars, and the surplus oil prices are not real."   He pointed out that "Iraq is financially safe until next year." Ended 29 / p. 87 https://www.mawazin.net/Details.aspx?jimare=198840

Distribution of wealth soon.. Planning talks about a new cohabitation of money

Posted On2022-07-08 By Sotaliraq   Minister of Planning Khaled Battal announced, on Monday, setting the last quarter of next year to implement the general population and housing census and conduct it electronically, while indicating that the census will contribute to addressing “many” problems, most notably the fair distribution of wealth among the governorates.

The media office of the Ministry of Planning said in a statement that a meeting was held for the Higher Population Census Authority in the Ministry of Planning, headed by Minister of Planning Khaled Battal, in the presence of Representative Muhammad Al-Baldawi, representing the House of Representatives, the head of the Statistics Authority in the Kurdistan Region, Sirwan Muhammad Mohi, and the representative of the United Nations Population Fund Mahdi Mahdi Al-Alaq, representatives of ministries and relevant authorities, in addition to the head of the operations room, Diaa Awad, and the Executive Director of the Census, Samir Khudhair Hadi.

The statement quoted Minister Battal as “announcing the date for implementing the general population and housing census in the last quarter of next year 2023 electronically and using internationally approved statistical standards.

The minister added, “The decision to set the date for conducting the census comes in light of the great importance of this national project, especially after half a century has passed in which Iraq has not witnessed a general population census,” noting that “the results of this census will contribute to addressing many problems, foremost of which is the distribution of the population.” Wealths equitably among the provinces.”

The Minister of Planning pointed out that “the ministry completed the electronic form for the census, after presenting it to all ministries and relevant authorities,” noting at the same time that “there is a national consensus on the necessity of implementing the census, and therefore it is the duty of the Minister of Planning to announce the date, according to the powers granted to him, adding that the financial aspect of the census has been fully secured after allocating 120 billion dinars within the investment budget.

The head of the High Population Census Authority revealed that "the staff of the Central Statistics Authority was able to prepare the electronic programs that will be adopted in the implementation of the census, after being examined by a specialized and discreet international company."

The statement continued, "The meeting of the Supreme Census Authority witnessed a discussion of many files, including the approval of the census form, as well as setting the initial date for its implementation in the last quarter of next year, while the participants in the meeting expressed a number of observations and ideas related to conducting the general population census. “.   LINK

Negotiations For Choosing The Two Presidencies Postponed Until After Eid, And The Oil Dispute Puts Pressure On The Kurdish Axis

Posted On2022-07-08 By Sotaliraq   Erbil - Baghdad - Abdul Hussein Ghazal   The political forces postponed their negotiations until after the Eid regarding the new Iraqi government and the appointment of the two presidencies, as it seemed New differences surround the path between Erbil and Baghdad in this regard.

Where On Wednesday, the Kurdistan Regional Government of Iraq condemned the “unfair pressure” that it considered the Federal Oil Ministry It is practicing it against it, days after a judicial decision that invalidated the contracts of oil companies with the region that enjoys subjectively.

Informed sources expected that the oil dispute would be an obstacle to the political rapprochement of the Kurdistan Democratic Party with the framework The Shiite coordination after he left the alliance with Al-Sadr, who resigned from the entire political process.

On Monday, a commercial court in Baghdad, following a lawsuit filed by the Iraqi Oil Ministry, annulled contracts signed between the Iraqi government. Territory and Canadian, British, American and Norwegian companies.

This decision is a new chapter in the conflict between the region and Baghdad over how to manage the oil file. And last February, the Federal Supreme Court obligated the region to hand over all the oil produced on its territory to the government Federal, granting it the right to review all oil contracts in the region and thus invalidate them.

Baghdad has since been trying to implement this decision, which is opposed by the Kurdistan region, which wants to maintain independence in the Gaza Strip energy

During a meeting on Wednesday, the Kurdistan Regional Council of Ministers reviewed “the constitutional, judicial and legal steps related to the Kurdistan Regional Government.” against the unjust and unconstitutional pressures exerted by the Iraqi Federal Oil Ministry,” according to a statement. The statement added that the council stressed “not to waive the constitutional rights and entitlements of the people of the Kurdistan region.” in any way.”

A senior official in the oil sector in Baghdad told AFP that the canceled contracts are for Western Zagros Canada , DNO of Norway , HKN Energy , which is also located in Texas, and Genel, which has a presence in the stock exchange in London.

The source, who preferred not to be identified, explained that “the Commercial Court invalidates all contracts concluded that the It does not comply with the decision of the Federal Court.

He pointed out that the government had filed lawsuits against seven companies in total, operating in the Kurdistan region, as well as by right The current and former Minister of Natural Resources in the region, in the context of this file.

In this context, Schlumberger , Baker Hughes and Halliburton announced that they will not provide On new projects in the Kurdistan region in compliance with the decision of the Federal Court,” according to a statement by the Iraqi Oil Ministry on Monday .

The statement added that the companies "are now in the process of liquidating and closing existing tenders and contracts."

For its part, the region demands to negotiate a solution with the federal government regarding this file and has filed two lawsuits One of them is against the oil minister.

Iraq has enormous oil resources, representing 90 % of its revenues, but the oil file often constitutes a source Because of the tension between the Kurdistan Regional Government and the federal government, in June, Iraq exported more than 101 million barrels of oil, with revenues amounting to 11.5 billion dollars, according to preliminary government figures .  The Kurdistan region produces more than 400,000 barrels per day.  LINK

Kurdistan Regional Government Reveals Oil Sales Revenues During The First Three Months Of 2022

Posted On2022-07-08 By Sotaliraq   The Department of Information and Information in the Kurdistan Regional Government revealed, on Thursday, the proceeds of selling oil for the first three months of this year.

According to the report issued by the department, 34,923,168 barrels of oil were sold through pipelines (outside) at an average price of $86,730 per barrel, with revenues amounting to $3 billion, 28,903 thousand.

The report added that during the three months, 409,037 barrels of oil were sold inside, at an average price of $84,230 per barrel, bringing revenues to $34,453,000.

He pointed out that the total revenues from oil sales during the first three months of this year amounted to 3 billion and 63 million and 356 thousand and 891 dollars, and after deducting all oil expenses, the remaining billion and 343 million and 841 thousand and 232 dollars were allocated for salaries.   LINK

Ports Of Iraq Issues Semi-Annual Statistics For The Port Of Umm Qasr

Economie| 05:56 - 07/07/2022   Baghdad - Mawazine News   The General Company for Ports of Iraq has issued statistics on the incoming and outgoing tonnage, the number of ships and oil derivatives tankers for the southern port of Umm Qasr during the first half of 2022.

The Director General of Ports, Farhan Al-Fartousi, said: The southern port operates with its accustomed capacity to import and export goods, merchandise and oil derivatives, and also receives ships loaded with ration card items, and thus is considered one of the comprehensive commercial ports.

The Director General added, "The port received during the first half of this year (19) container ships, while the number of imported containers was (13954) containers, and the number of empty exported containers was (13737) containers, and the number of exported filled containers was (136) containers, and the total number of exported containers reached ( 13873) containers with a total of vessels of various tonnages (60) vessels, while the number of oil tankers was (66) tankers with a weight of oil derivatives (133,3059) tons.

The total number of ships and oil tankers entering the port was (126) marine units. Docking and take-off operations were carried out in cooperation and coordination between the port administration and the Shipping Division. Unloading and marine navigation operations. Ended 29 / h    https://www.mawazin.net/Details.aspx?jimare=198809