Iraqi News Friday Afternoon 5-6-22
Iraqi News Friday Afternoon 5-6-22
TLM724 Administrator BondLady’s Corner
A Position On Iraq After OPEC Agreed To Raise Its Production
Economie| 05:04 - 05/05/2022 Baghdad - Mawazine News, Thursday, the Iraqi Ministry of Oil issued a statement after OPEC's decision to keep its strategy unchanged despite the challenges facing global oil markets.
And the ministry said in a statement that Mawazine News received a copy of it, that "the ministerial meeting of the oil-exporting countries (OPEC) and non-OPEC producing countries decided to maintain their previous strategy regarding restricting production without change."
The Undersecretary of the Ministry, Hamed Younis, who headed the Iraqi side in the meetings of the Organizations of Petroleum Exporting Countries and OPEC Plus, and the Ministerial Committee for Monitoring Production via video, said, according to the statement, that "the meetings concluded to maintain the previously established production levels without change, and to proceed with the (OPEC Plus) plan."
Towards gradual increases and according to the timetable of the strategy that was approved last year, which aims to achieve a balance between supply and demand and according to the requirements and needs of the global oil market, which faces many challenges that affect its stability.
For his part, the ministry’s spokesman, Assem Jihad, confirmed that “(OPEC Plus) and the research and specialized bodies in the organization will monitor the developments of the global oil market during the next stage, as they are every time, through preparing technical reports and recommendations for ministerial meetings, where dealing with is taking place. Realistically with the market, according to the changes made by the producers, which leads to more stability and the required balance.
Jihad stressed, "The (OPEC Plus) strategy includes increasing production at a rate of (432 thousand barrels) per day during next June 2022."
It is reported that this increase is divided among the producing countries and according to the previously approved production rates https://www.mawazin.net/Details.aspx?jimare=192167
Oil Jumps To $111 Amid Investor Fears Of A Shortage
Economie| 12:11 - 06/05/2022 Follow-up - Mawazine News: Oil prices witnessed a rise today, Friday, in light of investors' fear of a shortage in it, in light of the "OPEC +" decision and the statement of the President of the European Commission.
July futures contracts for Brent crude rose 0.58% to $111.54 a barrel, and June futures for West Texas Intermediate crude by 0.55% to $108.56.”
In addition, the price hike supports the recent proposal of European Commission President Ursula von der Leyen to impose a complete oil embargo on Russian oil in phases as part of a new sixth round of sanctions.
"The focus may remain on the supply issues arising from the European Union's proposal to impose sanctions on Russian oil within six months," The Wall Street Journal quoted UOP analysts as saying.
https://www.mawazin.net/Details.aspx?jimare=192220
Government Measures To Support The Auto Industry In Iraq
Economie Thursday, May 5, 2022 7:52 PM National News Center/ Baghdad Today, Thursday, the Ministry of Commerce revealed new government measures to support the auto industry in Iraq, indicating that one of these measures is to increase the capital of the General Motors Company.
The spokesman for the ministry, Muhammad Hanoun, said in a statement, followed by the National News Center, that “the General Motors Company was one of the largest companies working to supply modern cars, but after 2003 there was a change due to the large number of private sector companies, which led to the restriction of its role to coordination..”
With the private sector companies,” he said, noting that “this company is now carrying out its business, as is the case with dozens of private sector companies
He added, "The General Company for Car Trading is self-financing, and there is no government support for it," noting that "this company faces many problems, and it needs to take quick measures to restore its economic activity."
Hannoun added, "There is a tendency to increase the company's money and to include it in investment projects related to modern types of cars."
The General Company for Cars Trading confirmed, earlier, that hybrid vehicles are the most suitable for the Iraqi atmosphere, and while it indicated that it reduces fuel expenditure by 40%, it indicated that there is a tendency to import hybrid and electric vehicles https://nnciraq.com/125810/
Al-Kazemi's Advisor: Iraq's Revenues Will Exceed $150 Billion This Year
Economie| 07:45 - 05/05/2022 Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected today, Thursday, that Iraq's revenues during the current year will exceed 150 billion dollars.
Saleh said, "The International Monetary Fund's reading and expectation of a jump in Iraq's public revenues during the current year 2022 focuses on the total oil and non-oil public revenues of the federal Iraq."
He added, "The Fund may have estimated the average daily exports of crude oil at 3.4 million barrels per day, with an average annual price of 104 dollars per barrel exported from oil or more, with non-oil revenues of no less than 8-10 billion dollars."
He continued, "If the Kurdistan region's oil revenues and other revenues are added, the total federal revenues could easily exceed $150 billion at the end of the 2022 fiscal year."
The International Monetary Fund expected, earlier, that Iraq would achieve a jump in its public revenues during the year 2022, after the increase in oil prices, amounting to 149 billion dollars and an annual change rate of 73 percent from the year 2021. https://www.mawazin.net/Details.aspx?jimare=192178
The Dollar Recorded A Rise In The Iraqi Local Markets
Economie| 10:21 - 06/05/2022 Baghdad - Mawazine News: The dollar exchange rates recorded, today, Friday, a new rise in the local markets.
And the selling prices of the dollar recorded 148.250 dinars per 100 dollars, while the purchase prices recorded 147.250 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=192211
Al-Kazemi’s Advisor Determines Two Directions For Spending The Expenses Of The Surplus Oil Prices In The Budget
Economie Yesterday, 20:03 Baghdad - conscious - Nassar al-Hajj Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified two directions for disbursing the expenses obtained from increasing oil revenues due to the increase in oil prices globally in the 2022 budget, while stressing that 3 areas will be given priority.
Saleh said in a statement to the Iraqi News Agency (INA), that "the expenditures obtained from the growing revenues from oil revenues will be spent on a budget with an expansionary pattern in two directions, and the priority will be for three areas: the poor classes, food security and income-generating investment projects."
He added, "The first trend goes towards strengthening operational spending towards addressing the problems of poverty and poor classes, especially by supporting social welfare programs to include in their ranks the poorest segments to be integrated into the social welfare programme, in addition to expanding the ration card work program and supporting grain producers for the purposes of food security.".
He added, "The other direction will be a shift towards income-generating investment projects that operate with productive packages within strong investment payments."
He pointed out that "this will be evident in the budget law for the year 2022, and the preparation of the 2023 budget, in order to maintain sustainable economic growth that exceeds population growth and enhances job opportunities and prosperity in the national economy."
arlier, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set a condition for depositing the financial surplus in a sovereign fund, while indicating that spending on social spending and addressing poverty will be a priority.
Salih told the Iraqi News Agency (INA): "Based on the text of Article 19 / Second of the amended Federal Financial Management Law No. 6 of 2019,
if the actual revenues exceed the total expenses or expenditures, including financing the planned deficit in the annual budget, the surplus amount is deposited In a (sovereign fund) provided that a budget law is available,
otherwise the said financial surpluses will be deposited in a reserve account and will undoubtedly be an opening balance in financing the federal general budget for the year 2023 in whole or in part and according to the exchange sections and its future priorities.
He added, "Spending on social spending and addressing poverty will be the first priority,
in addition to making it easier with the investment spending associated with the implementation of strategic projects that operate work and inevitably generate income." https://www.ina.iq/155119--.html
Where Does The Excess Oil Price Differentials Go?
Money and business Economy News – Baghdad Th financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified, on Tuesday, two directions for disbursing the expenses obtained from the increase in oil revenues due to the increase in oil prices globally in the 2022 budget.
Saleh said in a statement to the official news agency, "The expenditures obtained from the increasing revenues from oil revenues will be spent on a budget with an expansionary pattern in two directions, and the priority will be on three areas: the poor classes, food security and income-generating investment projects."
He added, "The first trend goes towards strengthening operational spending towards addressing the problems of poverty and poor classes, especially by supporting social welfare programs to include in their ranks the poorest segments to be integrated into the welfare programme, in addition to expanding the ration card work program and supporting grain producers for food security purposes."
He pointed out that "the other direction will be a shift towards income-generating investment projects that operate with productivity packages within strong investment payments."
He added, "This will be evident in the budget law for the year 2022, and the preparation of the 2023 budget,
in order to maintain economic growth that exceeds population growth and enhances job opportunities and prosperity in the national economy." Views 219 Date Added 05/03/2022
https://economy-news.net/content.php?id=27869
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