KTFA:

Samson:  President of the Republic : Iraq is an essential axis for the security and stability of the region

4th July, 2022

The President of the Republic, Barham Salih, affirmed, today, Monday, that Iraq is an essential hub for the security and stability of the region.

The media office of the President of the Republic said in a statement received by the Iraqi News Agency (INA), that "the President of the Republic, Barham Salih, received the American Senator Lindsey Graham," noting that "the meeting dealt with the strong bilateral relations between the two countries and ways to strengthen them in the political, economic and cultural fields, in accordance with understandings and interests."

The importance of continuing to work and coordinate to combat terrorism and eradicate its roots in the whole region, and cooperate in confronting economic fluctuations, combating the scourge of financial and administrative corruption, and helping to recover Iraqi funds smuggled abroad, in addition to cooperation in confronting the phenomenon of climate change and protecting the environment. He added, "In the meeting, they discussed the latest regional and international developments of common interest."

President Barham Salih stressed, according to the statement, "the importance of easing tensions in the region, defusing crises through dialogue and ending terrorist havens," pointing out "the importance of Iraq in the region as an essential hub for the security and stability of the entire region."

For his part, Senator Lindsey Graham affirmed "the commitment of the United States to support the security and stability of Iraq, and to establish close relations in various fields," noting "the importance of Iraq in the region and its active role in establishing security and stability."  LINK

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Samson:  Citigroup warns of a collapse in oil to $ 65 by the end of 2022

5th July, 2022

Citigroup Inc, warned Tuesday (July 5, 2022) that crude oil prices could collapse to $65 a barrel by the end of this year and drop to $45 by the end of 2023

Analysts including Francesco Martuccia and Ed Morse said in a report that those expectations are based on the absence of any intervention by OPEC + producers and the decline in oil investment. Brent crude, the global benchmark, was last trading near $113 a barrel

Oil surged this year after the invasion of Ukraine, and banks are now trying to chart their course to 2023 as central banks raise interest rates and risks of a recession rise

Citi forecasts have compared the current energy market to the crises of the 1970s. At present, the bank's economists do not expect the US to plunge into recession

"For oil, historical evidence suggests that oil demand turns negative only in the worst of the global recession," Citi analysts said. “But in all recessions oil prices fall to nearly marginal cost

Citigroup, one of the largest American financial services companies, is headquartered in New York City

LINK

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Samson:  Iraq achieves a financial surplus of more than 15 billion dollars in the first 5 months of 2022

5th July, 2022

On Tuesday, the economic expert, Nabil Al-Marsoumi, showed the state's financial accounts until May 2022.

Al-Marsoumi said in a Facebook post seen by / the information / that "the general revenues of the Iraqi state until May 2022 amounted to 62.218 trillion dinars."

He added, "The public expenditures with the advances are 40.384 trillion dinars," noting that "the actual surplus is 21,834 trillion dinars, equivalent to 15.057 billion dollars."    LINK

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Samson:  Big Losses For Oil Amid Fears Of Recession

5th July, 2022

Oil prices fell $6 on Tuesday, as concerns about a possible global recession denting demand outweighed concerns about supply disruptions, highlighted by an expected production cut in Norway.

Brent crude fell $6.65, or 5.9%, to $106.85 a barrel by 1344 GMT, and US West Texas Intermediate crude fell $5.65, or 5.2%, to $102.78 a barrel from Friday's close. Trading in West Texas Intermediate crude was suspended on Monday due to a holiday in the United States.

Investors are becoming more concerned as the recent rise in gas and fuel prices is heightening fears about a recession. Investors are increasingly concerned about demand in light of a broad tightening of global financial conditions, as the US Federal Reserve combats inflation by rapidly raising interest rates.

On Tuesday, the Reserve Bank of Australia raised interest rates for a third month, pointing to further increases as it sought to contain rising inflation even with the risk of economic deflation.

Oil prices continue to receive some support from supply concerns as a result of Western sanctions imposed on shipments from Russia due to the conflict in Ukraine, concerns about the ability of major oil producers in the Middle East to increase production, and current labor disputes in Norway.  LINK

Samson:  Russia Responds To A Japanese Proposal To Set Oil Prices: It Will Exceed $400... And You Will Pay The Price

5th July, 2022
Russia has responded to the Japanese proposal to set a ceiling for oil prices, warning of its consequences for global markets, as well as higher-than-expected prices.

The former Russian President, Dmitry Medvedev, confirmed today, Tuesday, that this proposal to reduce the price of Russian crude at about half its current level will lead to a significant drop in oil in the market, and may push prices above 300-400 dollars per barrel.

Commenting on the proposal, Medvedev said that Japan "will have neither oil nor gas from Russia, nor will it participate in the Sakhalin 2 LNG project" as a result, Reuters reported.

Medvedev, who is currently the deputy head of the Russian Security Council, wrote on social media: “There will be much less oil on the market, and its price will be much higher...Moreover, it will be higher than the expected astronomical price of 300-400 dollars per barrel.“

Russian President Vladimir Putin signed a decree last week imposing full control of the Sakhalin 2 gas and oil project in Russia's Far East, a move that could force Shell and Japan's Mitsui and Mitsubishi to exit.   LINK