Iraqi News Thursday AM 6-23-22
Iraqi News Thursday AM 6-23-22
TLM724 Administrator BondLady’s Corner
Iraq is preparing to secure the world's oil needs after sanctions against Russia
Translated by Hamid Ahmed Posted On2022-06-23 By Sotaliraq A global report confirmed that Iraq is one of the countries in the Middle East where oil capabilities are growing, pointing to its ability to cover the needs of the West after the sanctions on Russia.
A report by the global website (Oil Price) for oil and energy news stated that "Iraq is among the four countries in the Middle East where refining and oil production capabilities are growing and will be able to cover the needs of the West and the European Union countries for the quantities of fuel after the disruption of Russian fuel supplies due to the sanctions that will enter It will come into effect at the end of this year.
The report added, "Each of Iraq, Saudi Arabia, Kuwait and Oman is witnessing a growth in their capabilities and capacity in oil refining and production, which resulted in the release of additional quantities of more than one million barrels per day."
He pointed out, "The refineries of the Middle East countries may be able to produce approximately 8.8 million barrels per day of crude oil, based on these additions."
The report indicated that "this increase in production is approximately equivalent to the amount of fuel that Russia provides to the countries of the European Union, which will be interrupted by sanctions at the end of this year."
According to some experts, the report confirms that “the increase in the production capacity of the countries of the Middle East will be sufficient to cover the quantities of barrels of oil that will be lost if the sanctions enter into force.”
He pointed out, "Theoretically, these quantities will suffice, especially since oil producers from these countries will seek to win the most willing customers to buy."
The report noted, “Iraq is now working on three projects for refining, including the expansion and development of a refining facility already located in Basra, at a cost of $4 billion, with the establishment of a new refining plant in Karbala, with a production capacity of 140,000 barrels per day, which is planned to enter into this production.” general.”
And he spoke, of "a new refining facility in Al-Faw at a cost of $7 billion, with a production capacity of 300,000 barrels per day, which will be implemented by the China National Chemical Engineering Corporation."
The report stated, "The Deputy Prime Minister and Minister of Finance, Ali Allawi, confirmed in an interview this week that Iraq can raise its oil production capacity to 6 million barrels per day over the next five years."
And he stated, "Iraq is considered the second largest oil producer within the Organization of Petroleum Exporting Countries, OPEC, but it is trying hard to boost its production in line with the (OPEC - Plus) production expansion agreement, according to which the related production increase was extended for the past year after the demand for oil began to recover after The end of the Corona pandemic phase.”
The report added, "Iraq's production for the month of May amounted to 4.4 million barrels per day, based on the last monthly report of OPEC on the oil market."
And he indicated, "These rates constitute a decrease from the production of the month of April, which amounted to 4.426 million barrels per day."
And the report stated, "The production rate of May was also lower than Iraq's production rate for the last quarter of 2021. Before the epidemic decimated the demand for oil and OPEC and its partners were forced to reduce production significantly, Iraq was pumping approximately 4.5 million barrels per day."
He cautioned, that "Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail has the ambition to see production capacity reach 8 million barrels per day by 2027, despite the political problems and doubts that hover over future investments in the Iraqi oil sector."
On the other hand, the report quoted “Finance Minister Allawi as saying that he does not expect our production capacity to exceed more than an additional million barrels per day within the next five years, noting that reaching the number of 6 million barrels per day is a more realistic goal for the side.” Expansion of production capacity.
And he added, "Iraq is also expanding its production of liquefied natural gas, amid the increasing global demand for it."
And the report went on, "The Basra Gas Company announced this week its first shipment of semi-cooled liquefied gas from the port of Umm Qasr."
The company's director, Malcolm Mays, stated in an official statement that "this came as a result of continuous hard work to achieve the strategic goal by rehabilitating the port of Umm Qasr and equipping it with the necessary refrigeration units to be used in export operations." LINK
Mazhar Muhammad Salih: China Needs Iraqi Oil Until 2065
Energy The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed on Thursday that the volume of trade exchange between Iraq and China exceeded $40 billion annually.
Saleh said, in a symposium attended by "Economy News", that "Iraq has suffered from all the foreign companies that entered the country," noting that "these companies enter Iraq by the cost method, which constitutes 40% of the total cost of the activity, which includes technical risks and extortion."
He added, "The Chinese agreement is underway, and the schools project is the first phase of the agreement, and we hope that future agreements will be between the Iraqi government and the Chinese government directly."
He explained that "China needs Iraqi oil until 2065, and the volume of trade exchange between Iraq and China exceeds $40 billion annually."
He pointed out that "Iraq aims to achieve development in the country by benefiting from international experiences and does not want any conflict between major companies or major countries on its territory."
127 . views Added 06/23/2022 - 9:23 AM Update 06/23/22 - 2:49 PM
https://economy-news.net/content.php?id=28614
The Dollar Is Stable On The Iraqi Stock Exchange
Economie| 10:06 - 23/06/2022 Baghdad - Mawazine News, the dollar exchange rates stabilized today, Thursday, on the Iraqi Stock Exchange. And the selling prices of the dollar were recorded at 148,350 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 148,250 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=197347
Oil Continues Its Losses And Falls Below $110
Economie| 08:55 - 23/06/2022 Follow-up - Mawazine News: Oil prices fell 2 percent in early trading today, Thursday, extending the losses of the previous day, as investors fear that large increases in US interest rates will lead to a stagnation and weak demand for fuel.
US West Texas Intermediate crude futures fell $2.79, or 2.62 percent, to $103.41 a barrel by 04:31 GMT. Brent crude futures fell $2.52, or 2.32 percent, to $109.16 a barrel.
Both benchmarks fell about 3% on Wednesday, reaching their lowest levels since mid-May. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=197336
Foreign Companies Seek To Increase Iraqi Oil Sales In Europe
Economie| 12:41 - 22/06/2022 Baghdad - Mawazine News The National Oil Marketing Company (SOMO) of the Ministry of Oil announced today, Wednesday, a movement to increase Iraqi oil sales in the European market, while indicating Iraq's ability to cover the needs of this market.
The director of the company, Alaa Khader Al-Yasiri, told the official news agency, which was followed by / Mawazine News, that "SOMO has effective oil supply contracts with European companies with a total quantity of about 600,000 barrels per day of Basra Medium, Basra Heavy and Kirkuk crude oil," noting that "These companies have a total liquidation capacity of about 60% of the total liquidation capacity in the continent of Europe."
He added that "Sumo Company is constantly searching for available opportunities for marketing and approaching European companies that do not have contracts with them," noting that "it has recently received a number of positive responses from some companies that may lead to new contracts and lead to an increase in Iraqi oil sales in the European market." .
He pointed out that "Iraq is able to cover the European market," noting that "the current situation in this market requires companies to find suitable oils that are not subject to international sanctions, as Basra crude oil is one of those suitable oils."
He added, "The acidic average of Basra oil can feed European refineries, despite the difference in some quality specifications from the oils consumed in those refineries currently, which to some extent constitutes an obstacle to European buyers' complete dependence on Iraqi oil."
He stressed, "In terms of the level of demand for crude oil in the European market, the total quantities received for this market of medium-sour oils reached the limits of (2.5) million barrels per day, and in light of the political tensions that afflict Europe, which may affect the supply of crude oil in the market."
The European Union may have a deficit of up to one million barrels per day of medium-sour crude oil, and this is an opportunity for Iraqi oil away from the Asian market, as it is a promising market in the long term, which achieves a greater return for the Iraqi round and ensures the stability of demand for Iraqi oils.
Al-Yasiri pointed out that "Iraq is committed to the decisions of the Organization of the Petroleum Exporting Countries, which always aims to strive for the stability of global oil markets and the balance of supply and demand," noting that "any quantities that are allocated to a specific market are within the agreed production ceiling."
And he indicated that "the Oil Marketing Company adopts a mechanism for the official price announced to all markets in selling quantities of oil, and this price is determined for each market and for each type of oil on a monthly basis according to the data and variables of the global oil markets, and this is a context that continues to work in it." Ended 29 / M 99 https://www.mawazin.net/Details.aspx?jimare=197264
Parliament Raises Its Special Session
Political | 02:11 - 06/23/2022 Baghdad - Mawazine News The House of Representatives adjourned, today, Thursday, its extraordinary session, after completing the vote on the amendments to the parliament's bylaws, and taking the constitutional oath of the new deputies.
The Media Department of the House of Representatives stated, in a statement received by Mawazine News, that "the House of Representatives raises its extraordinary session."
Today, Thursday, the House of Representatives held its extraordinary session, headed by Parliament Speaker Muhammad Al-Halbousi, and attended by 202 deputies.
The session witnessed the completion of the amendments and approval of the internal system of the Council, in addition to the swearing in of the constitutional oath for the new deputies.
https://www.mawazin.net/Details.aspx?jimare=197374
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