More Iraqi News Wednesday PM 1-12-22
More Iraqi News Wednesday PM 1-12-22
TLM724 Administrator BondLady’s Corner
Iraq Continues To Pump More Of Its Oil In Compliance With OPEC +
Arabic and international Economy News _ Baghdad 13 OPEC countries pumped 28.04 million barrels per day of crude oil, during the month of December, an increase of 190,000 barrels per day from November, while nine non-OPEC partners pumped 13.98 million barrels per day, an increase of 120 thousand barrels per day. .
The "Standard & Poor's Global Platts" platform stated during a survey, that "the gains of Venezuela, Kazakhstan, Saudi Arabia, Iraq and Angola exceeded the losses of Libya and Nigeria, which made the increase in OPEC + production for the tenth month in a row."
It added that 14 of the 18 members had quotas that did not meet their targets, including even its largest producer Russia, whose compliance level rose above 100% for the first time since February, when harsh winter temperatures shut down wells and reduced pipeline flows. pipes".
The platform survey found, "Total compliance with OPEC + quotas jumped to 116.5%, the highest level since the alliance introduced record production cuts in the spring of 2020, with the 19 members subject to production targets to pump about 620,000 barrels per day below their common ceiling."
According to the survey, Iraq continued to exceed its share, which rose by 60 thousand barrels per day per month, to reach 4.310 million barrels per day, from 4.250 million barrels per day last November, bringing the percentage of commitment and compliance to 82.2 percent.
Saudi production amounted to 9.95 million barrels per day, and production increased by 60 thousand barrels per day, with a commitment rate of 106.9 percent.
Among the losers, Libya fell to its lowest level in one year at 1.05 million barrels per day, due to protests that closed several major oil fields and a major terminal, while Nigeria suffered more operational and technical problems that led to a decrease in production to 1.38 million barrels per day.
Views 229 Date added 12/01/2022
Oil Prices Jump To $83
Wed, Jan 12 2022 8:46 AM Baghdad/National News Center Oil prices jumped on Wednesday, extending big gains in the previous session after the head of the US Federal Reserve hinted that the bank may raise interest rates at a slower rate than expected, which supports demand for oil in the short term.
The global benchmark Brent crude and the US benchmark West Texas Intermediate crude are trading at their highest levels since the emergence of the mutated Omicron strain of the Corona virus in late November, as it did not damage demand for fuel as much as its predecessors.
Brent rose 22 cents, or 0.3 percent, to $ 83.94 a barrel by 0224 GMT, after jumping 3.5 percent in the previous session.
US crude was not less fortunate than Brent, as it also rose 38 cents, or 0.5 percent, to $ 81.60 a barrel, consolidating its 3.8 percent rise in the previous session.
The US central bank, Jerome Powell, said on Tuesday that the world's largest economy can withstand the current jump in Covid-19 infections with "short-term" effects, adding that the "long way" to tighten monetary policy.
“The long road to normal means the economy will continue to see a lot of support during the first half of the year and this is good news for crude oil prices,” said Edward Moya, an analyst at OANDA.
* Double demand
Meanwhile, American Petroleum Institute data showed a weaker picture of fuel demand, with a smaller-than-expected drop in crude oil inventories and a larger-than-expected increase in gasoline and distillate inventories.
Crude stocks fell 1.1 million barrels for the week ending January 7, according to market sources, citing figures from the American Petroleum Institute. This is less than the 1.9 million barrels expected by 10 analysts polled by Reuters.
Gasoline stocks rose 10.9 million barrels, compared with analyst expectations for a 2.4 million barrel increase. And distillate stocks, which include diesel and heating oil, rose three million barrels, compared to expectations for an increase of 1.8 million barrels.
However, the US Energy Information Administration raised its forecast for oil demand on Tuesday revived the market. It expected total US demand to rise 840,000 barrels per day in 2022 from last year, up from previous expectations of an increase of 700,000 barrels per day.
At the same time, the Energy Information Administration lowered its production forecast for 2022, and predicted that US oil production would rise by 640,000 barrels per day, down from previous expectations of an increase of 670,000 barrels per day. https://nnciraq.com/112893/
Dollar Exchange Rates Against The Iraqi Dinar
Economie| 11:38 - 12/01/2022 Baghdad - Mawazine News, the dollar exchange rates, today, Wednesday, maintained their stability in the local markets.
And the selling prices of the dollar were recorded at 148.250 dinars per 100 dollars, while the purchase prices of the dollar were 148,000 dinars per 100 dollars. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=181394
Al-Rasheed Bank: We Will Launch The Credit Card Soon
Economie| 03:56 - 12/01/2022 Baghdad - Mawazine News Al-Rasheed Bank issued, on Wednesday, a clarification regarding the launch of the credit card.
The bank said in a statement that Mawazine News received a copy of it, that "at the direction of the general manager of Al-Rasheed Bank, Basem Abdel Ali Youssef, the media office announced the imminent launch of a credit card."
He added, "The credit card, which will be granted to those who wish to hold a Nakheel MasterCard."
The source explained that "the general manager also directed the work team of the cards, channels and electronic department in the bank to hold a meeting with a number of Nakheel employees, where it was agreed on the steps and implementation mechanism," noting that "that card has several advantages, including lending a certain amount and according to the salary, as well as the possibility of purchase. From the places of sale that have ATMs and pos. Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=181415
The Central Bank Reveals The Goals Achieved From Its Initiatives And Determines Their Value In Dinars
Economie| 06:10 - 12/01/2022 Baghdad - Mawazine News, on Wednesday, the Central Bank counted the goals achieved from its initiatives to promote economic growth, revitalize the private sector, and address the effects of the Corona pandemic, while setting its value in Iraqi dinars.
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in a press conference, which was followed by / Mawazine News, that "the Central Bank launched several initiatives to address several reasons, including the low level of financial depth, the level of financial inclusion, the high costs of lending, the high unemployment rate, in addition to the low contribution of the non-oil sector and the exposure of the economy. Iraqi economic stagnation after 2014.
He pointed out that "there are several allocations to the initiative of the First Central Bank of trillion dinars and was directed mainly to the private sector and the initiative of 5 trillion dinars also to the private sector, but through privatized banks and the Housing Fund, but the initiative became 3 trillion for the Ministry of Finance to reduce it."
He pointed out that "after the successes achieved by the initiative and mobilizing the allocated funds, the bank decided to issue new initiatives in 2020, coinciding with the Corona pandemic, and it was to revitalize the private sector and finance the largest possible number of private projects. The trillion dinars initiative.
He explained that "the 5 trillion initiative came due to the increasing demand from the housing sector, whether through the Real Estate Bank or the Iraqi Housing Fund for this bank, and the amount increased, and the total amounts reached 9 trillion dinars, which is supported by the increasing demand for the housing sector."
He added, "The initiatives launched by the Central Bank totaled 15 trillion dinars."
He added that "these initiatives constituted 30% of the total credit granted to the private sector as well as 8% of the total product according to the data of 2020, also accounted for 17% of the total private sector deposits and constituted 18% of the total investment spending for the period between 2016 - 2021, the initiative was also granted at competitive interest rates that do not exceed 3.8%, compared to the interest rate granted by the rest of the loans, 11.5%.
He stressed that "one of the most important steps taken by the Central Bank is to cancel the interest on some loans, especially the housing loans granted by the Real Estate Bank and the Housing Fund, and now it has become an administrative commission that is deducted for one time." Ended 29/R77
https://www.mawazin.net/Details.aspx?jimare=181428
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