Saturday PM Iraq Economy News Highlights 6-25-22

The Ministry Of Oil Explains The Causes Of The Fuel Crisis In Iraq

Posted On2022-06-25 By Sotaliraq On Friday, the Iraqi Oil Ministry clarified the reasons for the fuel crisis in the country, noting that it had begun to develop quick solutions to overcome the crisis.

]The Undersecretary of the Ministry of Oil for Liquidation and Distribution Affairs, Hamid Younis, said in a statement that "the Ministry of Oil is a technical service ministry that is keen to provide oil products to citizens in Baghdad and the provinces."

And he indicated that "the transmission and distribution process is carried out according to appropriate plans, programs and mechanisms for transportation and distribution according to need and consumption, and in the event of an increase in the amount of consumption in some months of the year or on religious occasions, the ministry increases the pumping quantities for stations in order to meet and cover the need in this governorate or that."

He pointed out that "what happened in the governorates (Kirkuk, Nineveh, Diyala) of an increase in demand was the result of the difference in the price of gasoline in these governorates with the governorates of the region, which encouraged some weak-minded people to obtain quantities of gasoline, transport it and sell it in the region, which caused confusion. A defect in the processing process.

He pointed out that "the Ministry of Oil approached all the security authorities with the aim of cooperating with the ministry to monitor the movement of petroleum products and prevent smuggling operations outside the stations or exploiting the quotas set for non-governmental stations, as well as working to prevent the quotas of the governorates being violated through strict procedures, and this cooperation and great work resulted in By the security authorities, to the arrest of many traffickers, smugglers and the weak-hearted, and to seize the dens of storing and selling fuel outside the controls, whether in Baghdad or the provinces.

And he indicated that "the government and the judicial and security agencies support the ministry's measures to reduce the fabrication of crises."

He explained that "the inspection body in the ministry, through its detachments and inspection teams, tours the distribution ports and monitors the controls between the governorates," noting that "the Ministry of Oil relies on electronic control devices to monitor the movement and path of the tanks from the warehouse to the distribution ports."

He continued, "The inspection and security authorities are arresting the owners of tankers who violate the transport instructions or change the vehicle's path, and the ministry has taken legal measures against a number of owners of private stations that violate the instructions, and there will be strict measures against anyone who tries to tamper with the national economy, and create crises."   LINK

Find Out The Dollar Exchange Rates For Today

Economie| 10:09 - 25/06/2022   Baghdad - Mawazine News  The dollar exchange rates witnessed stability, today, Saturday, in local markets throughout the country,

and the selling prices of the dollar recorded, 148.750 dinars per 100 dollars, while the purchase prices of the dollar recorded 147.750 dinars per 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=197547

Documents .. Alia Nassif Reveals "Mysterious" Details That Occurred In The Faw Port Project

Policy   2022-06-25 | 04:29 Source:  Alsumaria news  1,020 views  Representative Alia Nassif revealed a report issued by the Ministry of Planning (Government Investment Programs Department) sent to the Ministry of Transport according to the ministry’s letter (2/9/6878) on 9/3/2022 regarding the Faw port project.

The report stated: “A government delegation froM The Ministry of Planning A field visit to the port project FAO Al-Kabeer - Infrastructure in order to address the financial obstacles of the project and the delay in opening the documentary credit. The report also included that the two contracts No. (7 and 8) have not been initiated so far due to the lack of financial allocations, which are the contracts signed by the Minister of Transport Nasser Hassan Bandar in violation of the law, and this file has been referred in full to the Integrity and Public Prosecution Commission for the purpose of taking legal measures against the negligent.”

Nassif expressed her astonishment at the "financing of the project through the Korean Import and Export Bank, according to the content of the above report, in contradiction to what the Minister of Transport said that the project will be implemented without any loans, which confirms the existence of suspicions of corruption on the subject in order to contract with the Korean company, which will delay Completion of the project due to the lack of sufficient financial allocations to complete it, despite the presence of an offer from another company that pledged to complete the project and finance it in full, but this offer was rejected by the Minister of Transport.

Nassif renewed her call to the judicial and supervisory authorities to take legal measures against violators and defaulters in this matter.   LINK

Six Days Before The OPEC + Meeting, Global Oil Prices Rose More Than 2%

Economie| 09:55 - 06/24/2022  Follow-up - Mawazine News: International oil prices rose more than two percent, on Friday, 6 days before the OPEC + group meeting, supported by a supply shortage, amid expectations that the group will decide on a slight increase in production.

Brent crude futures rose $2.78, or 2.5 percent, to $112.83 a barrel by 16:10 GMT, while US West Texas Intermediate crude futures rose $3.02, or 2.9 percent, to $107.29 a barrel.

Oil this year approached an all-time high of $147, which it reached in 2008 as the Russia-Ukrainian war exacerbates supply shortages at a time when demand is recovering from the effects of the Covid-19 pandemic.

OPEC members and its allies meet in the framework of the so-called OPEC + group on June 30, and are expected to agree to stick to an earlier plan to accelerate the pace of small increases in oil production in July and August, rather than pumping more oil.    https://www.mawazin.net/Details.aspx?jimare=197521

Electricity: We Are Working To Increase Production To 24 Thousand Megawatts And Improve Processing Hours

Political| 09:25 - 06/24/2022  Baghdad - Mawazine News  The Ministry of Electricity confirmed today, Friday, its endeavor to increase the daily production to 24,000 megawatts, while stressing that this depends on the increase in Iranian gas flows, which will allow the introduction of new stations to operate and increase the hours of processing.

A spokesman for the Ministry of Electricity, Ahmed Moussa, said, "The current production volume of energy is about twenty thousand megawatts per day, and this number still does not meet the total need, and we are waiting for an increase in gas emissions to increase production."

He added, "Iraq has paid the full amount of the overdue debt to the Iranian side, and we informed them of our need for between 50-55 million cubic meters per day, and the amount currently received is still around 40 million cubic meters. processing hours.

He stressed that "the production could rise to 24 thousand megawatts per day in the event that Iran supplied more than 50 million cubic meters agreed upon, and we are waiting for that and we have continuous contacts with the Iranian Ministry of Energy to achieve the increase and keep pace with the increase in the loads in the national system."     https://www.mawazin.net/Details.aspx?jimare=197516

A Detailed Speech From Al-Kazemi's Advisor Regarding The Proposal For Digital Regulation Of The Labor Market

Economie| 11:35 - 06/25/2022   Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, detailed, on Saturday, the proposal for digital regulation of the official labor market, its implementation mechanisms and benefits, while stressing that it includes the inclusion of beneficiaries in retirement.

Saleh said in an interview with the official news agency, Mawazine News, that "one of the common tasks between the ministries of planning, labor and social affairs is to run the proposal for digital regulation of the official labor market, starting from the highest human energies and down to the least acceptable skills, according to the skills classification tables."

He added, "The work of the market in providing job opportunities or offering work, is organized through employment offices linked to a central digital system that gives a number to everyone who registers in the labor market and is called (the work number) that the worker carries permanently wherever he works geographically in all governorates of the country."

He pointed out that "the official labor market is described digitally, as employment takes place through the opportunities offered by the employment offices of the Ministry of Labor and Social Affairs in order to meet the needs of the national market demand for work."

He explained, "The state undertakes to include those registered in the digital labor market by including them in a national pension fund, and their contributions are paid for the first five years from the date of their employment or their entry into the labor market, especially those who are young and actually unemployed through the support clause in the general budget."

He continued: "The employment or work opportunities are equal and meet the needs of all demand, whether in state facilities or the private sector, without discrimination in wage rights, all of which are regulated according to accurate legal contracts that specify duties, rights and various contractual obligations in this regard."

He continued: "The private sector also grants the operator to work through employment offices encouraging tax allowances during the first ten years of the start of the official digital labor market whenever his employment rates increase," noting that "the proposal bears real importance in structuring the national economy, especially the organized labor market." And it involves the state financially, legally, and economically with the private sector in organizing and supporting the official or organized labor market and its institutional support and development.

He concluded: "The proposal provides, at the same time, an important statistic for workers, their growth and skills by registering them in the centrally fixed digital electronic system, as they are the national wealth that should be given the first priority in organizing economic life and drawing the generational map of Iraq in the path of prosperity, well-being and progress."     https://www.mawazin.net/Details.aspx?jimare=197556

Oil Stock Exchanges.. Big Losses For Basra Crude

Shafaq News/ The international oil stock exchanges closed with weekly losses for the Basra and American crudes, while they stabilized for Brent crude, at the close in its last session on Friday evening.

Basra Heavy crude closed down by 0.34 cents to reach $100.54, and recorded large weekly losses of $8.76, equivalent to 8.01%.

Brent crude closed in the last session, up by $3.07 to reach $113.12, the same prices it recorded last week.

US West Texas Intermediate crude closed with a rise of $3.35 to reach $107.62 a barrel, but it recorded weekly losses of $1.94, or 1.77%.   Oil prices fell during the past week amid fears of a global economic recession after America raised interest rates.   LINK

Parliamentary Committee (Wach): We Have Allocated Sufficient Funds To Purchase Gas From Iran

economic news   June 25, 2022   wow – special Today, Saturday, the Parliamentary Oil, Energy and Natural Resources Committee confirmed the allocation of sufficient funds to purchase gas from Iran within the emergency support law.

Committee member Sabah Sobhi said in a statement to the news agency “Khabar Press” (brother): “The electricity energy needs to buy gas from Iran, and we have allocated in the emergency support law significant amounts for electricity,” noting that “Iraq needs great efforts to get Iraq out of the country.” The gas crisis.

He pointed out that "the debt dues for Iranian gas on Iraq are more than two billion dollars, but the government paid some debts until the debts reached one and a half billion, and this needs a quick study to solve the problem, especially with the advent of the summer."

He stressed the need for "there should be radical solutions by increasing gas production to supply stations with gas transmission pipelines, and this must be in the program of the next government."

https://khabaar.press/archives/87849https://khabaar.press/archives/87849

Employees Of The Oil Products Distribution Company Are Demonstrating In Front Of The Ministry Building To Demand Payment Of Their Dues

Local news  June 25, 2022   Employees of the Oil Products Distribution Company, one of the formations of the Ministry of Oil, are demonstrating in front of the ministry building to demand the payment of their dues stolen by the ministry during the previous years. https://khabaar.press/archives/87840https://khabaar.press/archives/87840

Basra Crude Does Not Find Buyers And Records A Weekly Loss Of 8%.. An Expected Price War May Bring Oil Down After Its Recovery

2022-06-25  Yes Iraq: Special  One of the worst weeks for Iraqi crudes ended with losses of 8% despite the rise in Brent crude prices, as Basra crude suffers from not finding “spot” buyers, amid the Asian market resorting to Russian oil, while expectations indicate that oil prices may collapse in general due to An expected price war.

The international oil exchanges closed at the closing in the last session on Friday evening, with weekly losses for the Basra and American crudes, while they stabilized for Brent crude.

Basra Heavy crude closed down by 0.34 cents to reach $100.54, and recorded large weekly losses of $8.76, equivalent to 8.01%. While Brent crude closed in the last session, up by $3.07 to reach $113.12, which are the same prices that Record it last week.

US West Texas Intermediate crude closed with a rise of $3.35 to reach $107.62 a barrel, but it recorded weekly losses of $1.94, or 1.77%.

Iraqi raw materials do not find buyers

Earlier, a US report said that Iraq may be one of the biggest losers from the flow of cheap Russian barrels of oil to Asia, with the demand for Iraqi oil declining in all its degrees.

Bloomberg quoted dealers as saying; There have been no immediate purchases of Basra Medium Crude or Basra Heavy Crude so far in the current Asian trading session, while no tender has been awarded to sell Heavy Oil.

An expected price war   Oil prices fell during the past week amid fears of a global economic recession after America raised interest rates, while experts expect prices to drop to less than $100 in the coming weeks and months with the possibility of a “price war.”

Oil expert Nabil Al-Marsoumi believes that “dumping the Asian market, especially the Indian and Chinese market, with cheap Russian oil led to an increase in Russia’s share in the Asian market at the expense of the shares of Iraq and Saudi Arabia. The Indian market pushed Saudi Arabia from second to third place.

He explained that "Iraq is among the biggest losers from the flow of cheap Russian oil to India and China, as there are difficulties surrounding immediate purchases of Basra Medium Crude and Basra Heavy Crude in the current Asian trading cycle, which may lead to a fierce price war that may push the price of oil." to two numbers instead of three, especially since Russian crude supplies are less affected by sanctions than most people previously thought.”

He pointed out that “the supply side may witness a greater increase than expected in the near term, and in light of investors’ concern that raising US interest rates will disrupt the economic recovery and weaken demand for oil, and in the request of US President Biden for the CEOs of seven oil companies to meet to discuss increasing the demand for oil.” Production capacity and reducing gasoline prices, which amount to about five dollars per gallon, and the commitment of OPEC Plus, most likely, to the plan to accelerate the increase in oil production by 648,000 barrels per day next August, in the hope of alleviating the rise in oil prices and inflation.

Al-Marsoumi believes that all these factors may soon lead to an accelerated drop in oil prices.  LINK

Norway Provides New Financial Aid To Iraq

Economic  Last Update 06/24/2022 | 3:16 PM   Information / Baghdad..   The United Nations announced, on Friday, that the Government of Norway made a new contribution of 70 million Norwegian kroner (about 7.5 million US dollars) to the Stabilization Program for the Liberated Areas of the United Nations Development Program in Iraq, which supports stability, durable solutions and the safe return of the displaced. Inside Iraq in the five provinces liberated from ISIS.

According to a statement issued by the United Nations today, this is Norway's 14th contribution to the Stabilization Program for the liberated areas since 2015, bringing the total support provided to more than 72 million US dollars. Norway's previous contributions supported the implementation of 131 vital projects in the liberated areas, benefiting more than 3 million people.

Zina Ali Ahmed, Resident Representative of the United Nations Development Program (UNDP), said, “We express our gratitude to the Government of Norway for this additional and timely contribution to the programme, especially with the extension of the program’s work mandate to 2023, when it is estimated that the funding required for the most important and priority remaining needs About 300 million US dollars for the period between 2022-2023 in order to meet the remaining stabilization needs of critical importance to the five liberated governorates, namely Anbar, Diyala, Nineveh, Kirkuk and Salah al-Din, adding, “We believe that continued support is critical to securing the stability of Iraq, which is still weak. ”

Ahmed added: “With the generous support provided by donors such as Norway and in partnership with the Iraqi government, the United Nations Development Program was able to rehabilitate more than 3,100 important projects to achieve stability throughout the liberated areas, and looking to the future, we are focusing on the necessary needs remaining in priority sites and sectors and working on Find durable solutions to protect hard-earned stability gains since 2015 and target the most vulnerable displaced people.”

The Norwegian Ambassador to Jordan and Iraq, Espen Lindbeck, says: “I am very impressed with the work that UNDP is doing in Iraq and the very tangible results achieved over the years. The FFS program has ensured that many Iraqis return to their homes in a safe, sustainable and dignified manner. Norway is proud of this partnership and is pleased to support the stabilization program for liberated areas in its final stages. I strongly encourage the Iraqi government to take over the work of the stabilization program for the liberated areas to ensure the continuity and sustainability of the gains made, and the safe return of the displaced Iraqis.”

In addition to the rehabilitation of basic infrastructure and basic services, the Stabilization Program in 2022 focuses more on enhancing livelihoods and employment opportunities by rehabilitating infrastructure supporting productive sectors, such as agriculture and small industries, as well as supporting the capabilities of their local government counterparts. /25 SR   https://almaalomah.me/2022/06/24/605209/