More Iraq News Wednesday Evening 3-30-22
More Iraq News Wednesday Evening 3-30-22
"National Oil" Uses International Consultations To Evaluate Oil And Gas Contracts In Kurdistan
Shafaq News/ The National Oil Company announced, on Tuesday, that it has contracted with international consulting companies to study and evaluate oil and gas contracts in the Kurdistan Region.
A source in the company said in an interview with Shafaq News Agency, "The company has developed a plan to transfer Kurdistan Region contracts and a mechanism for receiving export funds after completing the evaluation process."
On February 15, the Federal Supreme Court declared the unconstitutionality of the oil and gas law of the Kurdistan Regional Government and its abolition, and obligating the regional government to hand over all oil production from the oil fields in the Kurdistan Region and other areas from which the Ministry of Natural Resources extracted oil and handed it over to the federal government represented by the Ministry of Oil Federal.
An official source in the National Oil Company had announced on the first of this March that joint committees from Baghdad and Kurdistan will discuss how to implement the Federal Court's decision. LINK
A Slight Decrease In Dollar Prices With The Closure Of Baghdad Markets
Shafaq News/ The exchange rates of the dollar decreased slightly against the Iraqi dinar, today, Tuesday, with the closure of the main stock exchange in Baghdad.
Shafaq News Agency's reporter said that the Al-Kifah and Al-Harithiya Central Stock Exchange closed in Baghdad at 147,150 Iraqi dinars, after recording in the morning 147,200 against $100.
Our correspondent indicated that the buying and selling prices in banking shops in the local markets decreased in Baghdad, where the selling price amounted to 147,500 Iraqi dinars, while the purchase prices amounted to 146,500 dinars per 100 US dollars. LINK
Exclusive.. Baghdad Takes New Measures Regarding The Oil Dispute With The Kurdistan Region
Shafaq News Agency obtained a special document from the National Oil Company, to the Kurdistan Regional Government, to implement the decision of the Federal Court related to oil and gas contracts in the region, requesting the regional government to direct those concerned to take certain measures.
According to the document, these measures are to provide the National Oil Company with a copy of contracts and agreements concluded since 2004 regarding oil and gas with companies in the field of "exploration, production, transport, sale and export."
The company also demanded, according to the document, to nominate a specialized team to work with the Supreme Steering Committee to submit a request to the Council of Ministers to establish a public oil company entrusted with the tasks of managing the overall oil and gas activity in the fields contracted by the Kurdistan Region.
The document also stipulated the nomination of a specialized employee of no less than a general manager's rank to open a fund account in one of the international banks for the purpose of depositing all proceeds resulting from the sale and export of oil and gas.
The document indicated that all the incoming procedures constitute a new future policy for the management of oil wealth, and that all concerned parties bear the future obligations arising from them.
The National Oil Company revealed to Shafaq News agency that it had contracted with international consulting companies to study and evaluate oil and gas contracts in the Kurdistan Region.
A source in the company said in an interview with Shafaq News Agency, "The company has developed a plan to transfer Kurdistan Region contracts and a mechanism for receiving export funds after completing the evaluation process."
On February 15, the Federal Supreme Court declared the unconstitutionality of the oil and gas law of the Kurdistan Regional Government and its abolition, and obligating the regional government to hand over all oil production from the oil fields in the Kurdistan Region and other areas from which the Ministry of Natural Resources extracted oil and handed it over to the federal government represented by the Ministry of Oil Federal.
An official source in the National Oil Company had announced on the first of this March that joint committees from Baghdad and Kurdistan will discuss how to implement the Federal Court's decision. LINK
OPEC+ Meeting Amid Complaints About Oil Prices, Russian And Kazakh Supply Concerns
WED, 03-30-2022,PM 12:12 KARAR AL ASADI Saudi Arabia, the United Arab Emirates and Iraq said that OPEC and its allies still dominate the oil market, as the organization prepares to meet to decide on production levels in May, amid anger from oil importing countries over supply shortages and high fuel prices.
However, ahead of the March 31 meeting, OPEC+ officials strongly indicated that the alliance is not ready to go beyond the steady monthly increases that have been implemented since last August.
“We are experts in our field and have been doing this for a long time,” UAE Energy Minister Suhail Al Mazrouei said at the Atlantic Council’s Global Energy Forum in Dubai. “We are trying to balance the market and it is not an easy task. We know from experience, so trust us."
The monthly increases in production quotas were 400,000 barrels per day, but it is set to rise slightly with the upward adjustments to the basic production levels of Saudi Arabia, Russia, Iraq, the United Arab Emirates and Kuwait which are due to come into effect from May.
Fatih Birol, executive director of the International Energy Agency, said the market was "really disappointed" by the alliance's lack of urgency to moderate the market and that OPEC+ countries were reducing production to their production targets. The International Energy Agency estimates that the global market is facing an estimated deficit of 2.5 million barrels per day as a result of the war.
This comes despite urgent calls from energy consumers for producers to release more oil into the market.
OPEC + countries contributed to the tightening of the market, with many members reducing their quota production, collectively, the group fell 1.053 million barrels per day less than its targets in February.
A delegate-level advisory committee will meet today to assess market conditions and compliance with member quotas.
Russian and Ukrainian officials began peace talks on March 29. These talks could have a significant impact on prices if progress is made and concerns about Russia's ability to supply global markets subside.
Kazakhstan expects a significant drop in production in April after damage to loading facilities at the port of Novorossiysk. The Kazakh Energy Ministry said on March 29 that the accident could lead to the removal of 320,000 barrels per day of Kazakhstan's production from the market in April, while maintenance work is being carried out. http://non14.net/public/145906
The Low Exchange Rate Of The Dollar In Baghdad And Its Rise In The Kurdistan Region
Shafaq News/ The exchange rates of the US dollar decreased against the Iraqi dinar, on Wednesday, in the main stock exchange in the capital, Baghdad, while it rose in the Kurdistan Region.
Shafak News Agency correspondent said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded this morning 147,100 Iraqi dinars, compared to 100 US dollars.
The dollar exchange rates for yesterday, Tuesday, were 147,200 Iraqi dinars, compared to 100 US dollars.
Our correspondent indicated that buying and selling prices decreased in banking shops in the local markets in Baghdad, where the selling price amounted to 147,500 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 146,500 Iraqi dinars per 100 US dollars.
In Erbil, the capital of the Kurdistan Region, the dollar prices witnessed an increase, as the selling price reached 147,300 dinars per 100 US dollars, and the purchase price reached 147,100 dinars per 100 US dollars. LINK
The Stability Of Gold Prices In The Iraqi Markets
Shafaq News/ "Foreign and Iraqi" gold prices stabilized in the local markets, today, Wednesday (March 30, 2022). Shafak News Agency correspondent said that gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, recorded this morning, the selling price of one weight of 21 karat of Gulf, Turkish and European gold is 393 thousand dinars, and the purchase price is 389 thousand, which are the same prices as yesterday, Tuesday.
Our correspondent indicated that the sale price of one 21-carat weight of Iraqi gold was also stable at 353,000 dinars, while the purchase price reached 349 thousand.
With regard to gold prices in goldsmiths’ shops, the selling price of a 21-carat Gulf gold weight ranged between 395 thousand and 405 thousand dinars, while the selling price ranged between 355 thousand and 365 thousand Iraqi dinars. It is equal to one mithqal of gold (five grams). LINK
A Deputy For Asaib Reveals The Quantities Of Oil And Gas Produced And Exported By The Region
03/29/2022 Earth News/ The former deputy of Asa'ib Ahl al-Haq, Naim al-Aboudi, revealed today, Tuesday, the quantities of oil and gas produced and exported by the Kurdistan region.
Al-Aboudi said in a post on "Earth News" that "the Kurdistan region of Iraq produces and exports half a million barrels of oil and half a billion cubic feet of gas per day."
He added, "These figures were spoken by the Prime Minister of the Regional Government, Masrour Barzani," calling for "discussing them in Parliament when approving the federal budget law."
https://earthiq.news/archives/55129
Documents.. The Ministry Of Oil Calls On The Kurdistan Government To Implement Measures Regarding Oil And Gas Contracts
03/29/2022 Earth News/ The Ministry of Oil called on the Kurdistan Regional Government to implement certain measures regarding oil and gas contracts. LINK
Representative Ali Shaddad Al-Faris Demands Payment Of Basra’s Petrodollar Dues In The Emergency Food Security Support Law
Posted On2022-03-30 By Sotaliraq The representative of Basra Governorate, Ali Shaddad Al-Faris, announced the collection of parliamentary signatures to include the issue of paying the dues of the Basra Governorate from the petrodollar in the emergency support law for food security and development.
According to an official letter, Al-Fares suggested, “Allocating a percentage of the surplus financial abundance from this law to pay part of the dues of the Basra governorate from the petrodollar ,” noting that “this law should take care of the issue of poverty in Iraq through the establishment of a fund for the poorest governorates, according to the report of the Ministry of Planning, such as the Muthanna governorates. and Diwaniyah.”
Al-Fares pointed out that “the House of Representatives, in Monday’s session, finished reading a report and discussing the draft law on emergency support for food security and development,” noting that the Parliamentary Finance Committee will host in its next session the Minister of Finance to discuss this issue. LINK
Barzani: Iran Is Pressing To Prevent Kurdistan From Developing The Oil And Gas Sectors
Posted On2022-03-30 By Sotaliraq A gas field in the Kurdistan region of Iraq (Anatolia)
The Prime Minister of the Kurdistan Region of Iraq, Masrour Barzani, considered today, Tuesday, that Iran is pressing to prevent the development of the oil and gas sectors in the region in northern Iraq.
He said, according to what was reported by "Reuters" agency, that the development of the energy sector in the region may not be in the interest of energy-producing Iran, adding that "the recent attacks on Erbil and the legal measures of the federal government confirm that there is resistance to development in the energy-rich region."
The agency quoted unnamed sources as saying that the Kurdistan gas export plan may threaten Iran's position as a major supplier to Iraq and Turkey, while its economy suffers from international sanctions.
On March 13, Erbil was subjected to an Iranian bombardment, which the Revolutionary Guards said earlier this month had targeted Israeli “strategic centers” in the capital of Kurdistan in response to an Israeli air strike that killed two of its members in Syria.
However, most of the 12 missiles fired at the Kurdish capital hit the villa of a Kurdish businessman named Baz Karim al-Barzanji, who was reportedly working on developing a pipeline to export gas.
The attack then shocked officials across the region for its "ferocity", as it occurred shortly after an Iraqi federal court ruled that the oil and gas law regulating the oil industry in Iraqi Kurdistan was unconstitutional and demanded that Kurdish authorities hand over their crude supplies. LINK