KTFA:

Frank26:  "WE TOLD YOU IT WOULD BE $100 PER BARREL".......F26

The Minister of Oil sets the price of a barrel in the budget and expects crude to reach $100

20th October, 2021

On Wednesday, Oil Minister Ihsan Abdul-Jabbar set the price of a barrel in the 2022 budget, while he expected crude to reach $100

The Minister of Oil said during a workshop held today at Al-Rasheed Hotel and followed by “Economy News”, that “the central government will fix the price of a barrel of oil in the 2022 budget between 55 to 60 dollars,” noting that “this will help to make changes and a significant improvement in the performance of the national economy and overcome the financial deficit.” in the general budget

Abdul-Jabbar expected, "The price of a barrel of crude oil will reach $100, in the first quarter of next year, affected by the decline in the US and global strategic stocks and the recovery of the global economy from the repercussions of Covid 19

He announced that "Schlumbinger will start a project to drill 96 oil wells in the West Qurna 1 field, which is the largest of its kind in the country's history," noting that "the project will add 80,000 barrels per day after its completion to the total production of the Basra Oil Company, which is affiliated with the National Oil Company

He added, "Schlumbinger, which is executing for ExxonMobil, the main operator of the West Qurna 1 field, by using modern technology in drilling operations in West Qurna 1, helps all parties in the Ministry of Oil and licensing companies to reduce the costs of production per barrel and improve productivity

The Minister of Oil expressed his optimism about “a great development in the oil industry, especially since it has entered a new positive phase that competes with companies producing alternative solar energy and green and blue nitrogen fuels,” noting that “giant companies have spent billions of dollars on establishing infrastructures to manufacture modern equipment and devices.” Batteries and other materials used in the alternative energy industry

For his part, Vice-President of Schlumberger Saad Al-Damen said that "preparations are underway to launch drilling operations in the largest extractive project, which will be implemented according to the latest technology that will work in the project and the preparation and installation of the information system and software rules for its management in the Basra Oil Company   LINK

****************

Frank26:   "NOT AT A PROGRAM RATE"..........F26

Expo 2020 Dubai is an opportunity to boost investment in Iraq

Wednesday 20 October 2021  Baghdad: morning 

 Assurances of the role of Expo 2020 Dubai in enhancing the reality of investment in Iraq, through the portal of openness to the world, where the wide participation of major international companies that represent a sober effort around the world. 

Iraqi Foreign Minister Fouad Hussein inaugurated the Iraq pavilion at Expo 2020 Dubai, in the presence of Deputy Central Bank Governor Ihsan Al-Yasiri, Chairman of the Investment Authority Suha Al-Najjar, President of the Association of Private Banks Wadih Al-Handal, and UAE Minister of State Khalifa Shaheen Al-Marar.

Deputy Governor of the Central Bank, Ihsan al-Yasiri, pointed out that “Iraq’s presence in this forum represents an important step for rapprochement with the active international labor market that possesses all the ingredients for achieving success in performance, and is an important opportunity to communicate with the best global expertise that can be employed to serve Iraq and its economy.” In turn, the head of the Iraqi Private Banks Association, Wadih Al-Handal, said: {The Dubai Expo 2020 is an important and promising opportunity to open the door for investment in Iraq.}

Al-Handal added that {the Iraqi pavilion in the exhibition will show its visitors the civilization, heritage and great successes that Iraqis have achieved over the past and current years}, noting that {the Central Bank and the Association of Private Banks provided financial support through the Tamkeen Fund to establish the ward}.   link

***************

Samson:  The Saudi-Iraqi Coordination Council discusses ways to develop banking and financial relations

21st October, 2021

The Saudi Central Bank hosted on Wednesday, October 20, 2021 AD, the meeting of the Financial and Banking Committee of the Saudi-Iraq Coordination Council.

 The Saudi Central Bank stated, in a statement, that the meeting reviewed a number of issues of common interest, and ways to develop banking and financial relations in the two countries.

In the context of developing direct cooperation between the two central banks and activating banking relations, and the desire of the Iraqi side to benefit from the experiences of the Saudi Central Bank, the bank held a meeting with the Iraqi delegation, during which discussions and opinions were exchanged in a number of areas within the tasks and responsibilities of the central banks.

The Saudi Central Bank pointed out that the discussions aim to enhance the stability and strength of financial institutions, in addition to discussing the latest developments in the financial sector. This includes digital banks.

The Saudi side in the meeting, according to a statement from the Saudi Central Bank, was headed by the Deputy Governor of the Saudi Central Bank, Ayman bin Muhammad Al-Siyari, while the Iraqi side was headed by the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif.  LINK

Samson:  Oil continues to rise as US inventories fall

21st October, 2021

Oil prices rose to extend the gains made in the previous session, with the continued decline in oil and fuel stocks in the United States

Brent crude futures rose 17 cents, or 0.2 percent, to $85.99 a barrel, after increasing 0.9 percent the previous day and US West Texas Intermediate crude futures for November, which expired on Wednesday, rose 91 cents, or 1.1 percent, at the settlement, after touching the highest level since October 2018. December contracts also rose 37 cents, or 0.4 percent, to $83.79 a barrel

The US Energy Information Administration said that crude stocks in the United States fell by 431,000 barrels in the week ending October 15 to 426.5 million barrels, compared to expectations of analysts polled by Reuters for an increase of 1.9 million barrels

The government agency added that crude stocks at the delivery center in Cushing, Oklahoma, fell to their lowest level since October 2018, indicating a tight market that may take some time to reduce and it said that gasoline stocks fell 5.4 million barrels last week to 217.7 million barrels, their lowest level since November 2019

Oil markets hit multi-year highs this week on the back of the global coal and gas crisis, which led to a shift to diesel and fuel oil for electricity generation   LINK

**************

Samson:  Iraq is the third largest oil exporter to China during the past month

21st October, 2021

The Chinese Customs Administration showed, on Thursday, that Iraq came in third place as the largest exporter of oil to China during the month of September of the year 2021.

The administration said in its statistics, which was followed by / Mawazine News, that "Iraq came third as the largest exporter of oil China during the month of September, amounting to 5.837 million metric tons of crude oil, equivalent to 30.800 million barrels per month, equivalent to 1.026 thousand barrels per day, down by 24.6% from last August, in which exports amounted to 1.318 million barrels per day, but these exports rose by 20.4% from September of last year.

Chinese customs added that Saudi Arabia maintained its classification as the largest supplier of crude to China for the tenth consecutive month in the month of September, even as shipments decreased by 1.2% compared to last August, as these exports reached 7.96 million metric tons, or 1.88 million barrels. Per day

She pointed out that "Russia came second, with exports amounting to 6.14 million tons, or 1.45 million barrels per day, Oman came fourth, with exports amounting to 973,000 barrels per day, while Angola came fifth, with exports amounting to 730 thousand barrels per day."   LINK

*****************

Samson:  The Turkish lira collapses to a historical level after a decision by the Central

21st October, 2021

The Turkish currency fell against the dollar today, Thursday, to historical levels after the Turkish Central Bank decided to reduce the main interest rate, which is a basic demand of Turkish President Recep Tayyip Erdogan.

According to the "Bloomberg" agency, the dollar exchange rate rose to 9.4206 lira, an increase of 2.19%, and this is the first time that the Turkish currency recorded this level. The lira lost 20% of its value this year, and half of this decline came since the beginning of last month, when the central bank began giving easing signals, despite the rise in inflation to about 20%.

On the 15th of this month, President Recep Tayyip Erdogan dismissed three policy makers at the Central Bank, deepening the lira's decline.

The Russian "Novosti" agency reported, earlier today, Thursday, that the Turkish Central Bank reduced the main interest rate from 18% to 16% annually.

President Recep Tayyip Erdogan has repeatedly called on the central bank to ease monetary policy, and analysts believe that his intervention has eroded the credibility of monetary policy in the past few years.   LINK