Sunday AM Iraq Economic News Highlights 11-27-22

Parliamentary Finance: Job Grades And Confirmation Of Contracts In The 2023 Budget

Money and business   Economy News – Baghdad   The Parliamentary Finance Committee expected, on Saturday, to pass the draft federal budget law for the year 2023 in the month of February, while confirming that it will include job grades and confirmation of contracts.

Committee member Haitham Al-Zahwan told the official news agency, "The 2023 budget will provide all the needs of the citizen, and it is currently in the preparation stage by the government."

He added, "The draft budget, according to the available information, will include, as basic priorities, allocations for the services file, the implementation of strategic projects, job grades, and confirmation of contracts."

He continued, "The governorates prepare their own budgets and will be sent to the government for consideration and to determine the share of each governorate in the 2023 budget," expecting "to pass the budget within the House of Representatives next February."

Views 536   Added 11/26/2022 - 6:16 PM   Updated 11/27/2022 - 2:16 PM

https://economy-news.net/content.php?id=31030

Iraq Exported 385,000 Barrels Of Oil Per Day To America Last Week

Energy Economy News-Baghdad  On Sunday, the US Energy Information Administration announced a significant increase in Iraq's oil exports to America, reaching 385,000 barrels per day during the past week.

The administration said in a report, "The average US imports of crude oil during the past week from nine countries amounted to 5.417 million barrels per day, up by 639 thousand barrels per day from the previous week, which amounted to 4.778 million barrels per day."

She added, "Iraq's oil exports to America amounted to an average of 385,000 barrels per day last week, up from the previous week in which oil exports to America amounted to an average of 141,000 barrels per day."

She also indicated that "most of America's oil revenues during the past week came from Canada at a rate of 3.844 million barrels per day, followed by Saudi Arabia at a rate of 685 thousand barrels per day, and oil revenues from Mexico amounted to an average of 495 thousand barrels per day, and then Brazil at a rate of 251 thousand barrels per day." .

According to the administration, “the amount of US imports of crude oil from Colombia amounted to an average of 170,000 barrels per day, from Nigeria at a rate of 43,000 barrels per day, from Ecuador at a rate of 42,000 barrels per day, and from Libya at a rate of 2,000 barrels per day, while it did not import any quantity from Russia.” Views 128   Added 11/27/2022 - 9:07 AM   Updated 11/27/2022 - 2:22 PM

https://economy-news.net/content.php?id=31033

Oil Has Set A Date For Receiving New Tankers With A Tonnage Of 31,000 Tons

Energy   Economy News-Baghdad  Today, Sunday, the Iraqi Oil Tankers Company affiliated with the Ministry of Oil has set the date for receiving new tankers with a tonnage of 31,000 tons.

The company's general manager, Ali Qais, told the Iraqi News Agency (INA), that "Deputy Prime Minister for Energy Affairs, Minister of Oil Hayyan Abdul-Ghani, affirmed his full support for the company, and the need to prepare an integrated plan to increase the company's fleet numbers, by owning tankers of different sizes."

He pointed out, "The company now owns four tankers, in addition to that there is a contract to build new tankers, which will be received at the beginning of next year, and they have a tonnage of 31,000 tons."

And Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani confirmed, earlier, that Iraq will launch a new oil tanker early next year.

Last September, the Ministry of Oil announced the construction of three marine tankers with advanced technologies, equipment and devices. Views 77   Added 11/27/2022 - 12:39 PM  Updated 11/27/2022 - 2:28 PM    https://economy-news.net/content.php?id=31038

Iraq Produces 11% Of OPEC + Oil.. And A Price Of $95 Per Barrel Is Expected

Posted On2022-11-27 By Sotaliraq    Reducing Iraqi oil production    The Iraqi Oil Company “SOMO” said, on Saturday, that the country produces 11% of the 43 million barrels produced by the “OPEC +” member states per day.

This came in a statement made by the deputy general manager of the company, representative of Iraq in OPEC Saadoun Mohsen, to Al-Iraqiya news channel, according to the official Iraqi News Agency.

Mohsen praised the “OPEC +” decision to reduce production by two million barrels per day, considering that it “had an important role in stabilizing global markets, and the reduction included all countries at varying rates and according to the amount of their production.”

He explained that the decision "did not reduce Iraq's oil exports, but rather reduced domestic production and invested in rising prices by stabilizing the export rate, a strategy that succeeded in achieving high financial revenues."

He added, "OPEC Plus produces 43 million barrels per day, and the percentage of what Iraq produces is 11% of it, and therefore it is the same percentage of reduction by the decision to reduce production by two million barrels."

And he pointed out that any “future decision regarding maintaining the current reduction, adding a new reduction, or increasing the quantities produced will take into account the market situation and aim to create balance,” pointing to “a meeting of the OPEC Plus group on December 3 and 4, which will study the current situation and issue balanced decisions.”

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And it is likely that “the prices will range in the next year between 85 and 95 dollars (per barrel) at the very least, and perhaps less than 5-7 dollars as a minimum.”

On October 5, the Saudi-led “OPEC +” coalition announced a production cut of two million barrels per day, starting in November 2022, but the decision faced anger from Western countries, led by the United States.

The frequency of the monthly meetings of the “OPEC +” alliance was modified to become every two months for the Joint Ministerial Monitoring Committee, while cooperation within the alliance was extended until the end of 2023 instead of the end of this year.    Anatolia)    LINK

Iraq's Oil Exports To America Increased Within A Week

Economie| 09:26 - 11/27/2022   Follow-up - Mawazine News   The US Energy Information Administration announced, on Sunday, a significant increase in Iraq's oil exports to America, to reach 385 thousand barrels per day during the past week.

The administration said in a report, "The average US imports of crude oil during the past week from nine countries amounted to 5.417 million barrels per day, up by 639 thousand barrels per day from the previous week, which amounted to 4.778 million barrels per day."

She added, "Iraq's oil exports to America amounted to an average of 385,000 barrels per day last week, up from the previous week in which oil exports to America amounted to an average of 141,000 barrels per day."

She also indicated that "most of America's oil revenues during the past week came from Canada at a rate of 3.844 million barrels per day, followed by Saudi Arabia at a rate of 685 thousand barrels per day, and oil revenues from Mexico amounted to an average of 495 thousand barrels per day, and then Brazil at a rate of 251 thousand barrels per day."

According to the administration, “the amount of US imports of crude oil from Colombia amounted to an average of 170,000 barrels per day, from Nigeria at a rate of 43,000 barrels per day, from Ecuador at a rate of 42,000 barrels per day, and from Libya at a rate of 2,000 barrels per day, while it did not import any quantity from Russia.”    https://www.mawazin.net/Details.aspx?jimare=212507

The High Exchange Rates Of The Dollar In The Iraqi Markets Today

Economie  2022-11-27 | quarter to two   4,437 views Alsumaria News – Economy Alsumaria News publishes, today, Sunday, the exchange rates of the dollar in the Iraqi markets.   The dollar exchange rate rose on the local stock exchange.

The selling price of the dollar was recorded at 148,950 dinars per 100 dollars, while the buying price of the dollar was 148,850 dinars per 100 dollars.

It is noteworthy that, on December 19, 2020, the Central Bank of Iraq  officially announced the adjustment of the exchange rate of the US dollar to be 145 thousand dinars for every 100 dollars, according to the state’s general budget for the year 2021 approved by Parliament.  LINK

SOMO Sets The Expected Oil Prices And Confirms: The OPEC Plus Decision Did Not Reduce Iraq's Exports

Economie| 09:39 - 11/26/2022   Baghdad - Mawazine News  The National Oil Marketing Company (SOMO) confirmed today, Saturday, that the OPEC Plus decision to cut production did not reduce Iraq's oil exports, and while it talked about the next meeting of the group and expectations regarding it, it suggested that prices next year would be between 85-95 dollars. at least.

The company's assistant general manager and representative of Iraq in OPEC, Saadoun Mohsen, said, "The OPEC Plus decision to reduce production by two million barrels per day had an important role in stabilizing global markets, and the reduction included all countries at varying rates and according to the amount of their production."

He added, "OPEC Plus produces 43 million barrels per day, and the proportion of what Iraq produces is 11% of it, and therefore it is the same percentage of reduction by the decision to reduce production by two million barrels."

He pointed out that "Iraq did not reduce its exports according to this reduction, but rather reduced domestic production and invested in high prices by stabilizing the export rate, a strategy that succeeded in achieving high financial revenues."

He continued, "The OPEC Plus group meets every two months to assess the global market in terms of supply and demand, and there are severe fluctuations due to the repercussions of the Corona pandemic, the slowdown in the global economy, and the Russian-Ukrainian war, which added burdens to price stability."

He pointed out that any "future decision regarding maintaining the current reduction or adding a new reduction or increasing the quantities produced will take into account the market situation and aim to create balance, and there will be a meeting on December 3-4 next that will study the current situation and issue balanced decisions."

Regarding expectations for oil prices next year, Mohsen said, "The average price this year reached $97 per barrel, which is a good price. According to experts' estimates, next year's prices will be between $85-95 and maybe less than $5-7 as a minimum." https://www.mawazin.net/Details.aspx?jimare=212492