Iraqi News Tuesday Afternoon 3-8-22
Iraqi News Tuesday Afternoon 3-8-22
TLM724 Administrator BondLady’s Corner
Baghdad And Washington Discuss Developments In The Russian-Ukrainian War And The Rise In Oil Prices
Economie| 09:35 - 07/03/2022 Baghdad - Mawazine News Today, Monday, Foreign Minister Fouad Hussein discussed with the Assistant Secretary of State for Iraq and Iran Jennifer Gavito the developments of the Russian-Ukrainian war and the rise in oil prices.
In a statement received by Mawazine News, the ministry said, "Foreign Minister Fouad Hussein received the Deputy Assistant Secretary of State for Iraq and Iran Jennifer Gavito, in the presence of the US Ambassador to Iraq Matthew Tueller, and the Director of National Security for Iraq and Syria, Mrs. Zahra Bell." He added, "During the meeting, they discussed bilateral relations between the two countries, and ways to develop joint cooperation between Baghdad and Washington."
The statement added, "The two sides discussed the Iraqi situation and the issue of forming the new Iraqi government and the obstacles it faces," noting that
He added, "The meeting witnessed a discussion of a number of international and regional issues, and files of common interest, foremost of which are the security and military developments in Ukraine and how this conflict affects the security situation in the region in general and the economic situation in particular," explaining that "the Vienna talks between The Islamic Republic of Iran, the United States of America and other concerned countries, and Foreign Minister Fouad Hussein wished to reach an agreement within the next short period.
He pointed out that "the global oil market and the increase in its prices and its impact on oil-producing and non-oil-producing countries were also discussed, as the rise in prices in general affects non-oil-producing countries, especially African countries, in a negative way." https://www.mawazin.net/Details.aspx?jimare=186599
Brent Crude Touches $128
Economie| 12:12 - 08/03/2022 Follow-up - Mawazine News, the price of a barrel of "Brent" North Sea crude touched the threshold of 128 dollars, this morning, Tuesday, after it rose to 139.13 dollars on Sunday, before retreating.
The price of a barrel of "Brent crude" reached 127.86, while it fell slightly to reach at 7:17 am GMT, 127.34 dollars, after the index opened at 124.56 dollars.
As a result of the Ukrainian crisis, the price of a barrel of “Brent” North Sea crude rose to approach its highest level ever, which was recorded at 147.50 dollars in August 2008.
As for the barrel of West Texas Intermediate, the American for the month of April, it rose on Sunday to 130.50 dollars, and at about 00:00 :30 GMT, it was still up 8.18% at $125.15. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=186633
Minister Of Oil: The Nasiriyah Field Development Project Will Revive The Local Economy In Dhi Qar
Energy Economy News _ Baghdad Oil Minister Ihsan Abdul-Jabbar Ismail confirmed today, Tuesday, that the Nassiriya field development project will revive the local economy in Dhi Qar.
In a statement received by Al-Iqtisad News, the ministry's media office stated that "Oil Minister Ihsan Abdul-Jabbar met the top management of Chevron, represented by Messrs. Jay Pryor and Clay Neff, on the sidelines of his participation in the (CERAWEEK 2022) energy conference organized by the company. Information and Insights (HIS Markit in Houston, Texas) for the period March 7-11.
She added that "the minister discussed with Chevron the development of the Nasiriyah field."
Abdul-Jabbar stressed "the ministry's keenness to develop oil fields in a way that contributes to strengthening the country's economic capabilities," noting that "the meeting with Chevron came to find out the company's procedures and the advanced steps related to its agreement with Dhi Qar Oil Company regarding the development of the Nasiriyah oil field and the construction of infrastructure." for oil and gas production.
He added, "This project will contribute to reviving the local economy of the province, in addition to developing the national economy of Iraq."
It is noteworthy that the CERAWEEK 2022 conference is held annually to discuss topics related to climate, technical cleanliness, energy and gas transition projects, geology, economics, markets, energy and renewables, UPSTREAM and DOWNSTREAM projects. It is attended by ministers, experts concerned with energy, oil and gas, and economists. Views 70 Date Added 08/03/2022 https://economy-news.net/content.php?id=27293
Iraq And America Discuss Cooperation According To The Foundations Of Strategic Dialogue
The Speaker of the House of Representatives, Muhammad Al-Halbousi, and the Assistant Secretary of State for Iraq and Iran, Jennifer Givito, discussed cooperation according to the foundations of the strategic dialogue.
The media office of the Speaker of the House of Representatives said in a statement, "The Speaker of the House of Representatives, Muhammad al-Halbousi, received, today, Monday, the Assistant Secretary of State for Iraq and Iran, Jennifer Givito, in the presence of the American ambassador to Iraq, Matthew Tueller."
He added, "During the meeting, bilateral relations between the two countries and the continuation of cooperation in accordance with the foundations of the strategic dialogue were discussed, as well as a number of international and regional issues and files of common interest."
https://www.radionawa.com/all-detail.aspx?jimare=28405
International Report: Rising Oil Prices Support Iraq's Hard Currency Reserves
Posted On2022-03-08 By Sotaliraq Translation: Hamed Ahmed An international report spoke of positive returns from the rise in oil prices on Iraq, stressing its contribution to increasing hard currency reserves, but returned to clarify that there are fears that this rise will not continue for a long time as it is linked to the war between Russia and Ukraine.
And the international economic expert, Ahmed Al-Tabbajli, stated in a report published on the American (Iraq Business News) website and translated (Al-Mada), that “the rise in the oil market index will have a promising developmental return for Iraq’s economy and financial position, leading to positive stability of the country’s currency over years, which will translate In return, he increased his hard currency reserves.
The report added, "The oil market, according to the RSISX USD Index, achieved an increase in prices between 4.5% to 8.8% during this year, which means an improvement in Iraq's economy over the past two years with promising and distinct development indicators."
Tabaqali says in his report that "Iraqi oil sales for the fifth month in a row are steadily rising amid a continuous increase in oil prices."
He pointed out, "The country's escalating financial efficiency as a result of high oil prices in exchange for increased sales will have significant positive effects on both the Iraqi economy and market justice, taking into account the centrality of the country's economy that depends on government spending from oil revenues."
However, the economist says, according to the report, that “there is a great deal of fear regarding the current oil prices, as it is likely that they will not stabilize for a long time on this ceiling, and this is related to the volatile geopolitical landscape of the consequences of the Russian invasion of Ukraine, which will have important returns on the principle of supply and demand.” on oil.”
With regard to the demand side, the report considered, “The limited obstacles and disruptions caused by the new mutant Omicron to economic activity at the world level since its appearance, have strengthened the promised market expectations that demand for oil will return to rates before the emergence of the Corona Covid 19 virus in the year 2019 and there is no reason, at least for the time being, that these expectations might change significantly following the invasion of Ukraine.”
The report stressed, “The expectations of supply and supply for the oil market will return to their rates that were before the emergence of the Corona Virus Covid-19 pandemic, and it is expected that they will be reconsidered in light of the pressures that the OPEC Plus group will be exposed to, amid the new change that has occurred in the world.”
He stressed, "The plans of OPEC Plus, before the events that led to the current crisis, were to be completely free from the production cuts agreed upon in April 2020 by September 2022."
The expert, Tabaqjali, finds, “The situation may worsen, given the scope of the expanded sanctions imposed on Russia, which will negatively affect its oil production and the production of many members of the OPEC Plus group allied with Russia, and consequently the supply will be more restricted than expected, and perhaps Saudi Arabia will increase its production.”
And the report stated, "Oil prices in relation to supply and demand and what they mean for the Iraqi economy will be more clear for the aspirations of 2022 and their positive effects on the country's economic situation for the current government and future governments, and this has an impact on the accumulation of the financial surplus."
He added, "Oil prices had recently reached their highest price since 2014, and the Iraqi Oil Minister, Ihsan Abdul-Jabbar, expected earlier this month that oil prices would exceed $100 per barrel in the first or second quarter of this year." With global stocks falling to their lowest level.
The report concluded, “Abdul-Jabbar stated that the Iraqi government’s budget for 2022 should be based on an oil price ranging between 55 and 60 dollars, especially since the average exports will reach 3.4 million barrels per day, including Kurdistan region oil.”
An official statement of the Ministry of Oil had indicated that Iraq achieved the highest level of oil sales in eight years last month, at a rate of more than 3.3 million barrels per day, while imports during the same month amounted to 8.5 million dollars. LINK
Planning: High Monthly Inflation
Posted On2022-03-08 By Sotaliraq Yesterday, Monday, the Ministry of Planning announced an increase in the monthly inflation rate for the month of January, by 0.9%.
The Central Statistics Agency of the Ministry stated in a statement received by Al-Mada that "the inflation rate for the month of January increased by (0.9%), compared to the previous month of December."
The statement indicated that "the annual inflation rate for the month of January 2022, compared to the same period last year, 2021, witnessed an increase of 5.3%."
The statement indicated that "the Central Statistics Authority, through the Index Numbers Section, prepares a monthly report on consumer price indexes, which includes field follow-up of price variables, for more than (333) goods and services in all governorates, representing (88%)," of the total expenditure of the Iraqi family on goods and services.
The statement added, "The commodity totals that increased the most in monthly prices for the month of January of 2022 compared to December of the year 2021 is the food and non-alcoholic beverages section, which recorded an increase of 0.9 percent due to the increase in the fish section by 7.5 percent and the increase in the vegetables group by 3.4 percent." percent, the bread group by 0.9 percent, the fat and oils group by 0.3 percent, and the meat group by 0.1 percent.
He pointed out, "The communications department recorded a monthly increase of 3.4 percent, while the housing section also recorded a 2.7 percent increase due to an increase in electricity and water by 15.2 percent, and the goods and services department also recorded a monthly increase of 2.3 percent." LINK
The Federal Court Summons The Minister Of Finance And The Governor Of The Central Bank
Political | 02:05 - 08/03/2022 Baghdad - Mawazine News, local media reported, on Tuesday, that the Federal Court decided to summon the Minister of Finance and the Governor of the Central Bank, to appear before it in the next session, against the background of a lawsuit to raise the exchange rate of the dollar.
The Federal Court had held its session regarding the "32 federal" lawsuit regarding raising the exchange rate and establishing the Sovereign Wealth Fund.
The court decided to postpone the hearing to March 14, in a special session in which the Minister of Finance and the Governor of the Central Bank will attend, according to local media. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=186643
The Federal Court Summons The Minister Of Finance And The Governor Of The Central Bank In The Next Session
Tuesday, March 8, 2022 2:00 PM Baghdad / National News Center Today, Tuesday, the Federal Court announced the summons of the Minister of Finance and the Governor of the Central Bank to appear before the court in the next session, against the background of a lawsuit to raise the exchange rate of the dollar.
And the Federal Court decided, in a brief statement received by the “National News Center”: “The pleading has been postponed to 3/14.” https://nnciraq.com/116362/
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