Early Thursday Morning Iraq News 4-7-22
Early Thursday Morning Iraq News 4-7-22
What Are The Things That Will Happen After The Term Of The President’s Election Has Expired.. A Legal Clarification
04/06/2022 158 Earth News/ Legal expert Ali Al-Tamimi revealed, today, Wednesday, the things that will happen after the sixth of April, “the date of the end of the term for the election of the President of the Republic.” In a post on Facebook, Al-Tamimi asked a question, which was followed by Earth News, “What after April 6 from a constitutional point of view?” While he answered several points, namely:
1. The fact that Parliament Speaker Muhammad al-Halbousi adjourned the session until further notice means that the session will continue and the session will cross the days allotted for electing the President of the Republic, which are the 30 days and the meaning of a continuous session, meaning that it opened with a legal quorum and opens next time with the same quorum. It is outside the framework of the interpretation provided by the Federal Court, which means that the session remains as if it was still on a meeting date prior to the 6th of April.
2. According to Article 67 of the Constitution, Barham Salih, as he is the protector of the constitution, needs to consult the Federal Supreme Court to know its opinion on what the constitutional procedures have reached...to find another term.
3. There is no such thing as a constitutional vacuum. Rather, political differences have negatively affected the constitutional procedures, which are the hangers on which these problems are always attached.
4. As for the President of the Republic, Barham Salih, he will continue to operate in accordance with Federal Court Decision 24 of 2022 until the election of a new President of the Republic, and the government will continue to conduct daily affairs.
The House of Representatives, earlier, adjourned its session to elect the President of the Republic, to further notice, after failing for the third time, due to the lack of a quorum, which requires the presence of two-thirds of the members. https://earthiq.news/archives/60235
Kurdish Leader: The Political Breakthrough Depends On The Shiite House
Political | 11:02 - 07/04/2022 Special - Mawazine News A member of the Kurdistan Democratic Party, Rebin Salam, confirmed today, Thursday, that "the political breakthrough depends on the Shiite house."
Salam said, in a statement to Mawazine News, that "the axis of the political process, its breakthrough, and the breaking of the current blockage is the agreement of the Shiite house, and it is more important at the present time than the Kurdish house."
He pointed out that the difference that marred the political process at the present time was due to the Shiite difference between them and that any breakthrough or development in the political work depends on the agreement of the Shiite parties. Ended 29 / 92 https://www.mawazin.net/Details.aspx?jimare=189506
Gold Prices Fall As The Dollar Rises
Economie| 09:42 - 07/04/2022 Baghdad - Mawazine News Today, Thursday, global gold prices witnessed a decline with the rise of the dollar, which reduces the attractiveness of the metal as a safe haven.
Spot gold was down 0.2% at $1,200.08 an ounce at 05:25 GMT, and US gold futures were down 0.2% at $1,921.10.
The dollar is hovering near a two-year high against a basket of currencies after the Federal Reserve's meeting minutes showed that the central bank is preparing to act aggressively to stave off inflation.
The dollar's strength makes gold less attractive to other currency holders.
The benchmark 10-year US Treasury yield is approaching after hitting multi-year highs in the previous session, increasing the opportunity cost of holding non-yielding bullion. Ended 29 / 92
https://www.mawazin.net/Details.aspx?jimare=189495
With A Difference Of 250 Dinars .. The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:45 - 07/04/2022 Baghdad - Mawazine News, the dollar exchange rates rose, today, Thursday, in the Iraqi markets. Selling price: 147,750 dinars per 100 dollars, buying price: 147,500 dinars per 100 dollars https://www.mawazin.net/Details.aspx?jimare=189504
48 Billion Dollars Is Iraq's Debt .. It May End In 2044!
Public debt in Iraq
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, outlined the strategy for repaying the external and internal debts, while revealing the value of Iraq's public debt.
Saleh said, that the maximum limits for the internal public debt are approximately 70 trillion dinars, or the equivalent in foreign currency of 48 billion dollars, which are the debts imposed by the circumstances and conditions of two successive double crises that affected the national economy and in close periods, pointing out that the strategy to extinguish the internal debts that was approved will be able to extinguish Internal debt during the period 2022 to 2044. LINK
Oil Rises One Dollar With Tight Supplies
ECONOMIC 04/07/2022 | 10:15 AM The Information/Baghdad…Oil prices compensated for some losses, Thursday, after it plunged more than 5% to its lowest level in three weeks in the previous session, after consuming countries announced a massive liberation of oil from emergency reserves to compensate for lost supplies from Russia, but with the compensation remained Oil supplies are scarce.
Brent crude futures rose $1.70, or 1.68 percent, to $102.77 a barrel by 04:30 GMT, while US West Texas Intermediate crude futures rose $1.42, or 1.48 percent, to $97.65 a barrel.
International Energy Agency member states agreed to release 60 million barrels in addition to the 180 million barrels that the United States announced last week to help bring prices down in a tight market in the wake of Russia's invasion of Ukraine.
Analysts said that even with the release of emergency oil stocks, supply remained tight.
Stalled indirect talks between Iran and the United States on reviving a 2015 deal over Tehran's nuclear program further delayed the prospect of lifting sanctions on Iranian oil, keeping the market tight. finished/25 d https://almaalomah.me/2022/04/07/591577/
Oil Prices Rise From 3-Week Low
07/04/2022 19 Earth News/ Oil futures rose on Thursday from a 3-week low touched in the previous session after major consuming countries said they would release large amounts of oil reserves, while fears of a tight supply still dominate market expectations.
Brent crude contracts rose $1.48, or 1.5 percent, to $102.55 a barrel.
And US crude contracts rose $1.26, or 1.3 percent, to $97.49 a barrel.
The two benchmarks lost more than five percent in the previous session, and recorded their lowest level at the close since March 16.
The International Energy Agency said its member states would release 120 million barrels of strategic reserves to try to calm sharp price increases.
According to two informed sources, the figure will include 60 million barrels of strategic reserves in the United States. This pledge is part of a previous US announcement of the withdrawal of 180 million barrels from the reserves. But analysts and traders said that even with the release of oil stocks, supplies remain tight. https://earthiq.news/archives/60375
Oil Discusses The File Of The Oil And Gas Industry In The Region
The Ministry of Oil discussed, today, Thursday, the file of the oil and gas industry in the region.
A statement by the ministry, received by the Iraqi News Agency (INA), stated that "the ministry held with the National Oil Company, in the presence of Minister Ihsan Abdul-Jabbar Ismail, the fourth workshop to discuss the file of the oil and gas industry in the region."
He explained, "The session, which was attended by the two vice presidents of the National Oil Company, included a discussion (a comparison between service contracts and production participation), and a review of partnership contracts concluded in the region compared to the service contracts approved by the ministry in its contracts with international companies, where models of contracts were presented. Discussion and making professional, contractual, financial, legal and other observations.
He added, "The Ministry and the National Oil Company are holding extensive meetings with experts and the relevant committees formed for this purpose, with the aim of developing mechanisms for implementing the Federal Court's decision, in the presence of a number of officials and directors of the relevant departments in the Ministry and the National Oil Company." https://www.ina.iq/153123--.html
Dangerous Moves Threaten The Fate Of 40% Of Iraqi Oil Exports.. About 4 Billion Dollars A Month May Go From Iraq
Yes Iraq: Baghdad Several geopolitical and other marketing factors surround the danger around Iraqi oil and its exports, represented by the possibility that the largest consumer of Iraqi oil will turn its back on Baghdad, in search of a new supplier of oil at preferential prices.
With the sanctions and Western restrictions on Russia, Moscow began offering its oil at preferential prices to Asia, where the largest market for Iraqi oil is represented by India and China, which consume nearly 60% of Iraq's oil exports.
And some Indian refineries blew up a dangerous surprise, saying that they intended to buy less Saudi oil than usual in May, after the kingdom raised the official selling price to record levels in Asia. In return, Indian refineries deliberately increased their purchases of cheap Russian crude.
Ehsanul Haq, an analyst at Refinitiv, one of the largest providers of financial market data, said higher purchases of Russian crude meant India was likely to buy less from suppliers in the Middle East, including spot purchases of grades such as Iraq's Basra oil.
India resorted to Russian barrels available at a significant discount from the benchmark Brent index, citing "national interests", as Indian refineries bought at least 16 million barrels of cheaper Russian oil for loading in May on a delivery basis, similar to purchases for the year all of 2021.
The 16 million barrels represent more than 41% of the quantities that India imports from Iraqi oil. Thus, Iraq's oil exports, which represent approximately 1.3 million barrels per day, to India, the largest consumer of Iraqi oil, are threatened with decline and India will abandon or reduce it in favor of buying cheaper Russian oil.
Iraqi oil exports to India represent 1.3 million barrels per day, nearly 40% of Iraqi oil exports amounting to 3.3 million barrels per day, and according to the price of 100 dollars per barrel, 4 billion dollars of Iraq's monthly revenues are under threat of decline and go to Russia instead of Iraq by buying India For cheap Russian oil, which offers great price discounts.
Indian refineries “complain” about the rise in the price of Iraqi oil
This danger is reinforced by the fact that Indian refineries began to complain about the rise in Iraqi oil prices and the addition of price increases by SOMO, as Indian refineries hope that the demand of American users for Iraqi Basra crude will decrease after the United States starts issuing the Strategic Petroleum Reserve.
A trade source at India's state-run Bharat Petroleum said, "Iraq's supplies from Basra to Asia were tight and price differentials were rising as the United States sought to get more Iraqi barrels to make up for the cuts in Russian crude."
"We hope that the US Strategic Petroleum Reserve releases will help ease US buyers' demand for Iraqi crude and give Asian buyers some breathing," the trade sources said.
And US President Joe Biden decided to release one million barrels per day from the strategic oil reserves of the United States for a period of 180 days in order to limit the rise in oil prices that rose after Russia's invasion of Ukraine. LINK