More Iraqi News Monday PM 11-29-21
More Iraqi News Monday PM 11-29-21
TLM724 Administrator BondLady’s Corner
Al-Kazemi’s Advisor: Repetition Of The Scenario Of Global Economic Closure Is Out Of The Question
Political Today, 20:25 Baghdad - conscious - Nassar al-Hajj Today, Monday, the financial advisor to the Prime Minister, Mazhar Salih, presented his expectations regarding the conditions of the oil market and the Iraqi economy, with the emergence of the new Corona mutator and fears of returning to general closure in most countries of the world and stopping the movement of travel, and while he suggested not to return to a comprehensive economic closure as happened in 2020, he indicated That oil prices will go towards stability.
Saleh told the Iraqi News Agency (INA), that "the white paper is a medium-term reform approach and at the same time an expression of the state's policy in the face of the problems of our rentier economy, which, despite the state of optimism in oil prices, is still subject to the risks of fluctuations in the energy market in the world and the surprises that you might get."
He added, "Despite that, I do not think that the world will witness a complete economic shutdown and coexist with serious recessions similar to what happened in 2020, as the global economy will provide better movement and activity mechanics than last year, and during 2022 we expect to conduct economic activity at the level of countries in the world."".
He pointed out that "there may be very legitimate global cautionary concerns to prevent the corona pandemic and hedge its effects, but perhaps these precautions may hide some strategies of oil-consuming countries to reduce the excess demand for energy resources, including crude oil, as an aid to confront the escalation of prices."
"It is a tactical matter that may succeed in slowing the pace of the increase in oil prices in order to stabilize them within the equilibrium of the energy market without the expected price increases," he added.
Earlier, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, explained the extent to which Iraq and the oil market were affected by the fluctuation of its prices due to the continuing economic and commercial competition and dispute between China and the United States of America.
Saleh told the Iraqi News Agency (INA), that "there is a cycle of oil assets that is still in the interest of the oil-producing countries, which is indicated by the continuous rises in the prices of energy resources, and oil prices and their accelerated growth correlate with the return of growth in the global economy and the high demand for crude oil to build and renew Various stocks that fell due to the global economic shutdown and the deterioration of international economic activity, specifically in 2020, due to the Corona pandemic.
He added, "The United States' liberation of part of its oil stocks comes to strengthen the oil supply and stabilize prices in conditions of still slow growth in GDP here and there, as the industrialized countries see that the rises in the growth of oil prices, which began to outweigh the economic growth in them, will lead to no referred to a dangerous state of stagflation in the coming days and is trying to contain oil prices within the limits that reduce the increase in demand surpluses or the demand gap in the current global oil market.
And despite the foregoing, the ongoing tension between the great powers producing and consuming oil remains an important player in deciding energy policies in the world, since the outbreak of the trade war between America and China during the era of President Donald Trump in 2018, which began after the announcement of the American president on 22 March 2018, intent to impose tariffs of US$50 billion on Chinese goods under Section 301 of the 1974 Trade Law which chronicles the history of unfair trade practices, intellectual property theft, and in retaliation by the Chinese government, tariffs have been imposed on more than 128 American products, the most famous of which is soybeans.
He continued: "Here, it can be said, from a personal point of view, that weight in the oil equation between the two countries that constitute the forefront of the global economy in terms of gross domestic product and international trade and investment influence (the United States and China) requires looking at it, as the increase in oil prices will remain strategically in the interest of the United States.
The United States is the largest oil producer in the world and is able to produce 14 million barrels of crude oil per day, while China is one of the largest oil importers in the world and consumes about 14 million barrels of oil per day, most of it imported.”
And he added, "As oil prices will remain the weight of the egg between the largest producers (America) and the largest consumers (China) in the game of the trade war between them, and oil will remain as the first political and strategic commodity in the world and one of the tools of influence within the global economy whose prices cannot be easily compromised.
Therefore, the intervention of the United States by offering part of its reserve stocks came after the strengthening of supply and the opening of the OPEC countries with an additional offer, which enabled Iraq, for example, to produce an additional 400,000 barrels out of its total production of more than 4 million barrels of oil per day.
He pointed out that "all of this aims to bring about stability and balance in the energy market in proportion to the desired growth and stability in the global economy and to avoid dangerous phenomena such as (stagflation) referred to above due to the continuing rising energy costs in the world due to the demand gap for energy resources." https://www.ina.iq/142545--.html
Al-Kadhimi's Advisor Elaborates How Iraq Could Be Affected By The International Economic Discord
Yesterday, 11:29 Baghdad-INA The Iraqi prime minister's advisor for financial affairs, Mazhar Mohammed Salih, elaborated on Saturday, that Iraq and the oil market have been affected by the volatility of oil prices as a result of the ongoing economic and trade rivalry between China and the United States of America.
Saleh told the Iraqi News Agency (INA): "The cycle of oil assets continues to be in the interest of the oil-producing countries, marked by sustained increases in the price of energy resources, as the oil prices and their accelerated growth correlate with the return of growth in the global economy and the high demand for crude oil to build and renew various stocks that fell due to the global economic shutdown and the deterioration of international economic activity, specifically in 2020, due to covid-19.
He added, "The U.S release part of its oil stocks comes to strengthen the supply of oil and stabilize prices in conditions of still slow growth in GDP, as the industrialized countries see that the rises in the growth of oil prices that exceeded the economic growth in them will inevitably lead to a serious case of stagflation in the coming days, and trying to contain oil prices within the limits that reduce the growth of excess demand or the demand gap in the current global oil market".
Saleh continued: "Despite the above mentioned points, the ongoing tension between the oil-producing and oil-consuming great powers has been an important player in global energy policy-making, since the outbreak of the trade war between America and China under President Donald Trump in 2018, which began after the announcement by the President of the United States on 22 March 2018 of an intention to impose $50 billion in tariffs on Chinese goods under section 301 of the Trade Act 1974,which lists the history of unfair trade practices and intellectual property thefts ,and as a retaliation ,the Chinese government has imposed customs duties on more than 128 American products, most famously soybeans.
And he added, "As oil prices will remain the weight of the egg between the largest producers (America) and the largest consumers (China) in the trade war game between them, and oil will remain as the first political and strategic commodity in the world and one of the tools of influence within the global economy
He went on to say: "Oil prices will continue to be the balance between two largest producers (America) ,and the largest consumers (China) in their trade war game, oil will remain the world's first political and strategic commodity and one of the influence tools within the whose prices cannot be easily compromised.
Therefore, the step taken by the United States through releasing part of its reserve stocks came after the strengthening of supply and the opening of the OPEC countries with an additional offer, which enabled Iraq, for example, to produce an additional 400,000 barrels out of its total production of more than 4 million barrels of oil per day".
He pointed out that "All of this aims to achieve stability and balance in the energy market in proportion to the desired growth and stability in the global economy and to avoid dangerous phenomena such as (stagflation) referred to above due to the continues rising of the energy costs in the world due to the demand gap for energy resources."
Minister Of Oil To / NINA /: The Volume Of Work In The Rumaila Field Will Be The Largest For The Energy Industry In The World
Monday 29 November 2021 17:13 | economic Number of readings: 120 Baghdad / NINA / - The Ministry of Oil has reassured the economic and popular circles about the future of oil production achieved from the Rumaila field, west of Basra Governorate.
Oil Minister Ihsan Abdul-Jabbar Ismail said, in a statement to the National Iraqi News Agency ( NINA ), that "the Rumaila field, west of Basra Governorate, is one of the five largest fields in the world, and the desired goal is to reach a production of 1.7 million barrels per day, and therefore the volume of work in the field will be Rumaila is one of the largest businesses in the energy industry in the world."
He added, "The production of 1.7 million barrels, means the production of about 800-900 million cubic feet of gas, which the Basra Gas Company will find parallel plans to invest the gas produced in this field," noting that "the establishment of the Basra Energy Company is a very important detail in the presence of institutions The international company that will manage the energy files, and it is the “company” that represents a restructuring of the financing plans in the Rumaila field in order to achieve great sustainability in finding investments to develop the level of production in the field and invest its peak production.”
Regarding the data of the rise in oil prices in the global market, he explained that “there are expectations that the price of a barrel of oil will reach $100 during the first and second quarters of next year, and then return to settle down to less than that, and these expectations are based on the needs of the energy market.”/ End 5 https://ninanews.com/Website/News/Details?key=941848
Oil Prices Rise Amid Speculation That OPEC + Will Stop Increasing Production
Economie| 08:42 - 29/11/2021 Follow-up - Mawazine News: Oil prices recorded, on Monday, a noticeable rise, amid speculation that OPEC + may stop increasing production in response to the spread of Omicron.
Brent crude futures rose $2.56, or 3.52 percent, to $75.27 a barrel.
US West Texas Intermediate crude rose $2.97, or 4.36 percent, to settle at $71.12 a barrel, after falling $10.24 in the previous session. Ended 29/A4 https://www.mawazin.net/Details.aspx?jimare=176721
Al-Ghanimi: Opening Of All National Card Departments In Kirkuk
Monday 29 November 2021 13:26 | General Number of readings: 262 Baghdad / NINA / - Minister of Interior Othman Al-Ghanimi announced the opening of all national card departments in Kirkuk.
And the minister said in a statement: "We have directed the Directorate of Civil Status, Passports and Residence to open the national ID departments in (Hawija district, Riyadh districts, Al-Zab, Al-Abassi and Shawan) in Kirkuk governorate, and thus all national ID departments have been opened in this governorate."/ End 9 https://ninanews.com/Website/News/Details?Key=941795
Culture: 13 Iraqi Sites Meet UNESCO Standards.
Posted On 2021-11-29 By Sotaliraq Baghdad: Huda Al-Azzawi The Director General of the General Heritage Department at the General Authority for Antiquities and Heritage, Dr. Iyad Nazim Daoud, revealed the preparation of a joint file between Iraq and Saudi Arabia to include the land pilgrimage route (Darb Zubaydah), from the city of Kufa to Mecca, in the list of World Heritage, indicating that there are 13 files for sites Iraq meets the criteria and has been submitted to UNESCO.
Daoud said: “There is a joint work with the Saudi side to include (Darb Zubaydah) or the land pilgrimage route from Kufa to Mecca to the UNESCO World Heritage List, and a joint committee was formed between Iraq and Saudi Arabia and the initial list was prepared to submit it after two weeks to the World Heritage Committee. to obtain the initial approval,” which the speaker seemed certain of.
Regarding what was announced yesterday, Saturday, the inclusion of the Al-Hindiya and Noria Hit dams on the heritage list, Daoud (who is the global liaison on the heritage list) explained that “under the Internal Heritage Protection Law, we announced the Al-Hindiya and Noria Hit dams on the Iraqi heritage list in 2009, and in what Regarding their inclusion, there is confusion that should have been clarified that each ministry has agreements, and the Al-Hindiya Dam and the Waterwheels were included by the Ministry of Water Resources on the list of (World Heritage for Irrigation and Drainage), and not (Unesco World Heritage), which includes six Iraqi sites (Al-Hatra, which was included in 1985, the city of Ashur 2003, Samarra City 2007, Erbil Citadel, included in 2014, and the Marshes file, which is a natural and cultural mixture listed in 2016, and the city of Babylon included in 2019).
He added, "The Ministry of Culture is a member of the 1972 World Heritage Convention, so we have nothing to do with what the Ministry of Water Resources announced because it is far from this agreement." LINK
To read more current and reliable Iraqi news please visit BondLady’s Corner: