More Iraqi News Tuesday PM 7-20-21
More Iraqi News Tuesday PM 7-20-21
TLM724 Administrator BondLady’s Corner
Sumo: The Results Of The OPEC Meeting Are Successful And Fruitful For Iraq
Energy Economy News _ Baghdad The Oil Marketing Company (SOMO) confirmed today, Tuesday, that the results of the OPEC meeting are successful and fruitful for Iraq, indicating that OPEC decided to continue raising Iraqi oil production until September 2022.
The researcher in energy affairs at the company, Muhammad Jabbar Ajrash, said in an interview with the Iraqi News Agency, and followed by "Economy News", that "the OPEC agreement was successful and fruitful for Iraq, where there is an increase of two types, the first type is to increase the quantities of oil produced to 47,500 barrels per month." Noting that "the increase continues from August 2021 to September 2022."
He continued, "As for the second type that concerns Iraq, it is the increase in the Iraqi production ceiling, since after the Corona pandemic, the quantities of oil produced by OPEC and its allies were reduced, and Iraq's production was 4 million and 653 barrels, but after the last meeting, the production ceiling was raised to 4 million 803 barrels per day." .
He added, "The main goal of OPEC and its allies is to preserve the market in terms of supply and demand," noting that "OPEC always seeks to have a balance between supply and demand, and thus there is protection for the consumer, the investor and the producer."
The OPEC + countries agreed, on Sunday, to further ease production cuts, starting in August, and also agreed to use the new production quotas from May 2022, and also agreed to increase the production quota of Iraq and Kuwait by 150 thousand barrels per day.
Views 93 Date Added 07/20/2021 https://economy-news.net/content.php?id=25727
Oil Returns To Rise After A Drop Caused By The OPEC Agreement And The Outbreak Of "Delta"
Pratha News Agency90 2021-07-20 Oil prices rose today, Tuesday, after falling about 7 percent in the previous session, amid a broader decline in the market led by fears of an increase in Covid-19 infections, which came at a time when producers signed a new supply agreement.
Brent crude rose 20 cents to $68.82 a barrel by 05:12 GMT, while the US crude contract rose 26 cents to $66.61 a barrel.
Oil prices fell dramatically after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, reached a compromise on Sunday to increase production.
US officials said Friday that the delta form of COVID-19, which is more contagious than the previous ones, is now the dominant strain worldwide raising the possibility of further shutdowns that would damage demand for petroleum products.
The OPEC+ deal removes more supply constraints that have supported the market for a year. OPEC+ holds about 5.8 million barrels of crude oil per day outside the market, a figure that will drop by 2 million barrels per day by the end of 2021.
Despite recent fears of COVID-19 and lower crude prices, some analysts expect increased supplies to be absorbed by a gradual return to economic activity. http://burathanews.com/arabic/economic/396500
Economist: There Is No New Oil Price War.. Iraq Should Seize The Opportunity To Invest In Its Oil Resources
Sunday 18 July 2021 19:40 | Economic Number of readings: 431
Baghdad / NINA / - The expert in economic affairs, Raad Twij, ruled out the occurrence of a new oil price war between / Saudi Arabia and the Emirates, Saudi Arabia and Russia /, stressing the importance of Iraq seizing this opportunity in investing its oil resources.
Twig said in a statement to the National Iraqi News Agency / NINA /: “Through the circumstances and conditions experienced by (OPEC Plus), that is, the coordination gathering between oil producers from OPEC members and oil producers outside OPEC to coordinate in the field of production volume and its impact on the market in the field of prices.
This coordination has gone through difficult circumstances in the period preceding the last agreement to reduce the volume of production, which led to a rise in oil prices, reaching $76, but the failure to reach a Russian-Saudi agreement led to a drop in oil prices to $20.
He added: This bitter picture of low oil prices is still present in front of all oil producers, which in most cases did not cover the cost of producing one barrel.
Therefore, this awareness and awareness of the importance of coordination in production is a process that affects the stability of the oil price, which represents the interest of all producing countries.
The recent Saudi-Emirati dispute over increasing the volume of production is almost fading away in the face of the Russian-Saudi dispute, due to the low volume of Emirati production, as well as it is a political dispute in some aspects.”
Twiej ruled out a new price war and if there was any slight drop in oil prices as a result of the demand deficit in some aspects. Oil prices are on the rise, especially with the approaching winter season, stressing the importance of Iraq seizing this opportunity in investing its oil resources.
Twig stressed, "The establishment of the Iraqi National Oil Company is a step on the right path in maximizing resources and reducing the cost of extracting it and replacing international oil companies, even if partially, noting that the significant rise in oil prices did not contribute to the financial abundance necessary to bridge the financial deficit of the general budget for the year 2020-2021. /finished8
https://ninanews.com/Website/News/Details?Key=916494
Al-Kazemi Makes A Televised Call With The President Of The European Council
Political Tuesday 20 July 2021 | 05:03 PM| Number of readings: 13 On Tuesday, Prime Minister Mustafa Al-Kadhimi had a televised call with the President of the European Council, Charles Michel. The media office of the Prime Minister's Office stated that, during the call, they discussed relations between Iraq and the European Union and ways to develop them, and discussed the file of Iraqi refugees and displaced persons, and addressing the problems they face and ways for them to return to their homes after securing the appropriate conditions for that.
According to the statement, Al-Kazemi expressed Iraq's adherence to the approach of the best strategic relations with European countries, developing the level of economic and commercial cooperation with major European companies, and benefiting from the European experience in post-war advancement and presenting it as a model for development, as happened after World War II.
He affirmed his aspiration for the European Union to support the reforms undertaken by the government within the framework of the White Paper, which includes financial, economic and institutional reforms, and the major challenges it faces; Because there are many parties affected by it.
The call also discussed cooperation with the European Union in efforts to combat corruption and money laundering. For his part, the President of the European Council, Charles Michel, affirmed his quest to develop relations with Iraq, and his keenness to establish a real partnership with it.
He also referred to the European Council's support for the parliamentary elections scheduled for next October. Michel praised the growing regional role of Iraq, and indicated that the European Council considers Iraq a primary and preferred partner in the region.
https://aynaliraqnews.com/index.php?aa=news&id22=149911
Al-Rafidain Cancels A Condition Related To Opening Bank Accounts
Banks Economy News – Baghdad Rafidain Bank revealed, on Tuesday, new instructions to facilitate the procedures for opening accounts in the bank.
And the bank’s media office said in a statement seen by “Al-Iqtisad News”, that “the bank has canceled the requirement to see identification for customers who wish to open current accounts, with the aim of attracting the largest number of customers, with a commitment to applying the principle of knowing your customer and taking due diligence measures.”
The statement stressed, "the obligation to submit one supporting document when opening savings and current accounts."
The statement clarified that "the unified card dispenses with the rest of the documents, and there is no need to wait for the validity of its issuance, while adopting the civil status identity, passport, housing card, or housing support for those who were not issued a unified card."
Views 92 Date Added 07/20/2021 https://economy-news.net/content.php?id=25732
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