Monday Afternoon Iraq Economic News Highlights 10-3-22
Monday Afternoon Iraq Economic News Highlights 10-3-22
Leaks Reveal The Expected Scenario Of The (OPEC +) Meeting
Economie| 10:13 - 03/10/2022 Follow-up - Mawazine News, "The Wall Street Journal" reported, quoting participants in the upcoming "OPEC +" meeting, that the coalition countries are considering reducing oil production by more than one million barrels per day to support energy markets.
The countries of the “OPEC +” group, which includes oil-producing countries from “OPEC” and outside, will hold a meeting in Vienna next Wednesday “for the first time since March 2020” since the outbreak of the Covid-19 epidemic.
And according to a statement on the group, representatives of the 13 member states of "OPEC" led by Saudi Arabia, and their ten allies led by Russia, are meeting, amid leaks that the group's countries are considering significant production cuts in the face of fears of a recession in the global economy.
Markets fear that a recession in the global economy will affect global demand for black gold, which will disrupt energy markets. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=207171
Labor Announces The Launch Of Social Assistance For The Current Month
Economie| 05:27 - 02/10/2022 Baghdad - Mawazine News On Sunday, the Ministry of Labor and Social Affairs announced the launch of social assistance for the current month.
According to a ministry statement received by Mawazine News, the Minister of Labor and Social Affairs, Salar Abdul Sattar Agency, announced the launch of social assistance for the month of October for more than one million and (390) thousand families, with a total amount of more than (294) billion dinars, calling on families Covered to review the exchange outlets to receive the amounts.
The head of the Social Protection Authority, Dr. Sana Al-Moussawi, stated that the number of families headed by a man is 967,124, while the number of families headed by a woman is 423753. Ended 29/R77
https://www.mawazin.net/Details.aspx?jimare=207121
70) Billion To Furnish And Maintain The Mechanisms Of Al-Kazemi’s Office From The Funds Of The Food Security Law
(document) Posted On2022-10-02 By Sotaliraq Today, Sunday, independent MP Mustafa Jabbar Sanad revealed a document showing the disbursement of (70) billion dinars to furnish and maintain the mechanisms of Prime Minister Mustafa Al-Kazemi's office.
Sanad said, through a document he published on his Facebook page, which was followed by (Baghdad Today), that "a sum of (70) billion dinars has been spent to furnish and maintain the mechanisms of Prime Minister Mustafa Al-Kazemi's office."
He added that "the amount was disbursed from the funds of the Food Security Law."[/size]
Below is the text of the document: LINK
Trade: 5 Million People Receive The Ration And They Do Not Deserve It
Money and business Economy News-Baghdad The Assistant General Manager of the General Company for Foodstuff Trading, Talib Abbas, confirmed that more than 5 million people receive a ration quota and are not entitled to it because of their high salaries, while the Food Security Law gave us money for the food basket only.
Abbas said in a statement that "we have emergency food stocks that are sufficient for three months after next year," noting that "more than 5 million people receive a food ration and they are not entitled to it because of their high salaries."
He added that "the Food Security Law gave us money for the food basket only," noting that "the ministry borrowed from the Rafidain Bank in order to distribute the ration quota."
Abbas continued, "The prices of preparing the food basket have risen due to the global crisis," noting that "the Ministry of Commerce contracted with a local company for a period of 5 years to provide us with foodstuffs." 61 مشاهد views Added 10/03/2022 - 10:40 AM Update 10/03/2022 - 1:06 PM
https://economy-news.net/content.php?id=30008
Oil Rises 3% On Speculation Of An OPEC + Production Cut
Energy Economy News-Baghdad Oil prices jumped more than 3% in early Asian trading on Monday, as OPEC+ considers cutting production by more than 1 million barrels per day in its biggest cut since the pandemic, in an effort to support the market.
Brent crude futures rebounded $2.51, or 3%, to $87.65 a barrel by 02:06 GMT, after settling 0.6% on Friday, and US West Texas Intermediate crude also rose 3%, or $2.39, at 81.88 USD per barrel, after the previous session's 2.1% loss.
Oil prices have fallen for four consecutive months since June, as the COVID-19 shutdown in China, the largest energy consumer, hit demand, while higher interest rates and a stronger US dollar weighed on global financial markets.
OPEC + is considering cutting production by more than 1 million barrels per day before its meeting on Wednesday. If agreed, it would be the group's second consecutive monthly cut after cutting production by 100,000 barrels per day last month.
Experts said anything less than 500,000 bpd was being ignored by the market. So we see a huge opportunity for a significant reduction of up to 1 million barrels per day.
22 . views Added 10/03/2022 - 9:03 AM Update 10/03/2022 - 11:48 AM
https://economy-news.net/content.php?id=30007
Economic Website: Iraq Loses 58% Of Electricity Production Due To Distribution Problems
Energy Economy News-Baghdad A report by the Eurasia Review website, which analyzes economic reports, confirmed that, despite the fact that Iraq is the second largest oil producer in OPEC, it still suffers from the chronic electricity problem in the country as a result of mismanagement and corruption in this sector.
The report stated that "approximately 95 percent of Iraq's electricity generation comes from oil and natural gas, according to the International Energy Agency, and the use of natural gas has increased from 25 percent in 2016 to nearly 60 percent in 2020, while hydropower represents most of the remaining share of production electricity in the country.
The report stated that, "According to the data, the peak of electricity supply in federal Iraq was 21 gigawatts for the year 2021, which is much less than the required capacity of 37 gigawatts needed to meet the demand in the height of the summer."
He continued, "The available or effective production capacity is much less than the installed capacity due to poor transportation infrastructure, inefficient or damaged power plants, and the peak summer demand usually exceeds the actual generation."
And he indicated that "distribution losses are still a problem in Iraq, from 2011 to 2020, the average distribution losses reached 58 percent of the total electricity supply in the country, which is a large percentage compared to the global average loss of 8 percent, which is a result of inefficiency on the network, poor system design, and high electricity theft rates.
The report pointed out that "in addition to fixing this defect, Iraq needs to diversify sources of electrical energy and engage in the field of renewable energy, such as using solar energy and other clean energy sources to reduce pollution." 55 . views Added 02/10/2022 - 9:31 PM Update 10/03/2022 - 12:27 PM
https://economy-news.net/content.php?id=30005
Center Calls For The Inclusion Of Borrowers In The Consumer Protection Law
Money and business Economy News – Baghdad The Director of the Market Research and Consumer Protection Center, Mahmoud Abdullah Jassem, called on Sunday for the implementation of the Consumer Protection Law, and its expansion to include the financial consumer.
Jassim saw, "The need for the borrower to define the final interest amount, which protects him from repaying 75 million, and he is a borrower for (50) million dinars, for example, and he had asked about the amount of interest and was informed that it is 4 percent and he did not know that it is cumulative for each year."
He pointed out that "this would deter citizens from borrowing, but if there is a law that protects the financial consumer, he will be familiar with all these details."
And he indicated the importance of activating the Consumer Protection Law, and that the Consumer Protection Council monitors its implementation mechanisms because of its importance in controlling the market rhythm and setting prices in accordance with this law.
He added that this law protects citizens from "cases of fraud and manipulation" of prices and the spread of counterfeit products that are sold at many times their real prices, according to the official news agency. Hits 161 Added 02/10/2022 - 8:17 PM Update 10/03/2022 - 1:07 PM