Sunday AM Iraq Economy News Highlights 6-12-22
Sunday AM Iraq Economy News Highlights 6-12-22
A Deputy Rules Out Passing The 2022 Budget And Talks About Alternative Options
Policy 2022-06-12 | 06:58 Source: Alsumaria news 1,428 views He continued, "Without these options, the government will be forced to spend from a ratio of 1/12, and then we will enter into many economic crises, in addition to the fuel-electricity crisis, especially sinceIranIt threatened to cut off gas supplies to Iraq at the end of this month in the event that electricity does not pay the accumulated debts on it, not to mention other accumulated crises." LINK
Iraq Ranks 12th Among The World's Cheapest Countries In Fuel Prices
Iraq ranked 12th among the world's cheapest countries in fuel prices, according to the global petrol prices website. Iraq ranked among the 170 countries listed in the table, where the price of gasoline was 514 cents per liter, while it ranked fifth in the Arab world after Libya, Syria, Algeria and Kuwait.
The report indicated that "Venezuela ranked first in the world with the cheapest country in the world for gasoline, at a price of 22 cents per liter, followed by Libya at 31 cents, and then Iran came third at 53 cents."
And he indicated that "the most expensive countries in the world for gasoline prices were Hong Kong, at a price of 2.962 dollars per liter, preceded by Norway at 2.858 dollars, and Denmark at 2.726 dollars."
The report stated that "the global average price of gasoline for the month of August amounted to 1.43 dollars per liter," noting that "gasoline prices in rich countries are high compared to poor countries, while oil-producing and exporting countries are much lower than them."
The report pointed out that “the difference in gasoline prices in different countries is due to government subsidies for gasoline and the volume of taxes. All countries in the world buy oil at the same prices, but later impose different taxes, which leads to different retail prices for gasoline.” LINK
The Decline In Iraq's Oil Exports To America
Shafaq News/ The US Energy Information Administration announced, on Sunday, that Iraq's oil exports decreased during the past week, reaching an average of 196 thousand barrels per day.
The administration said in a report seen by Shafak News Agency, that "the average US imports of crude oil during the past week from eight countries amounted to 5.497 million barrels per day, down by 64,000 barrels per day compared to the previous week, which amounted to 5.561 million barrels per day."
And she added, "Iraq's oil exports to America amounted to an average of 196 thousand barrels per day last week, down by 130 thousand barrels from the previous week, which amounted to an average of 326,000 barrels per day."
She noted that "most of America's oil revenues during the past week came from Canada, at a rate of 3.603 million barrels per day, followed by Mexico at a rate of 711,000 barrels per day, and oil revenues from Saudi Arabia at a rate of 349,000 barrels per day, and then Ecuador at a rate of 259,000 barrels per day." .
According to the administration, "the amount of US imports of crude oil from Nigeria reached an average of 194 thousand barrels per day, and from Colombia at a rate of 143 thousand barrels per day, and the average imports from Brazil amounted to 42 thousand barrels per day, while no amount was imported from Trinidad and Tobago and Russia." . LINK
Iraq Is At The Forefront Of The Cheapest Countries In The World For Gasoline Prices
Shafaq News/ Iraq ranked 12th among the world's cheapest countries in fuel prices, "petrol", according to the global petrol prices website.
The website said in a report for the month of June of 2022 and seen by Shafak News Agency, that Iraq's ranking came among the 170 countries listed in the table, where the price of gasoline reached 514 cents per liter, while it ranked fifth in the Arab world after Libya, Syria, Algeria and Kuwait.
The report pointed out that "Venezuela ranked first in the world with the cheapest country in the world for gasoline, at a price of 22 cents per liter, followed by Libya at 31 cents, and then Iran came third at 53 cents."
And he indicated that "the most expensive countries in the world for gasoline prices were Hong Kong, at a price of 2.962 dollars per liter, preceded by Norway at 2.858 dollars, and Denmark at 2.726 dollars."
The report stated that "the average price of gasoline globally for the month of August amounted to 1.43 dollars per liter," noting that "gasoline prices in rich countries are high compared to poor countries, while oil producing and exporting countries are much lower than them."
The report pointed out that "the difference in gasoline prices in different countries is due to government subsidies for gasoline and the volume of taxes. All countries in the world buy oil at the same prices, but later impose different taxes, which leads to different retail prices for gasoline." LINK
The Baghdad Stock Exchange Closed With A Slight Rise For The Dollar At The Beginning Of The Week
Shafaq News/ The exchange rates of the dollar rose slightly against the Iraqi dinar, today, Saturday, with the closure of the main stock exchange in Baghdad.
Shafak News Agency correspondent said that the Al-Kifah and Al-Harithiya Central Stock Exchange closed in Baghdad at 148,300 Iraqi dinars against the dollar.
While the prices this morning were 148,350 Iraqi dinars to the dollar. Our correspondent indicated that the buying and selling prices in banking shops in the local markets in Baghdad decreased, as the selling price reached 148,500 Iraqi dinars, while the purchase prices amounted to 147,500 dinars per 100 US dollars. LINK
Gold Prices Are Stable In The Iraqi Markets
Shafaq News/ "Foreign and Iraqi" gold prices stabilized in the local markets, today, Sunday (12 June 2022).
Shafak News Agency correspondent said, that gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, recorded this morning, the selling price of one weight of 21 karat of Gulf, Turkish and European gold is 386 thousand dinars, and the purchase price is 382 thousand, which are the same selling prices as yesterday, Saturday.
Our correspondent indicated that the selling price of one 21-carat weight of Iraqi gold was also stable at 346 thousand dinars, and the purchase price reached 342 thousand.
With regard to gold prices in goldsmiths’ shops, the price of selling the weight of Gulf gold 21 carat ranged between 385 thousand and 395 thousand dinars, while the selling price ranged from the weight of Iraqi gold between 345 thousand and 355 thousand dinars. It is equal to one mithqal of gold (five grams). LINK
Energy Police: Four People Accused Of Smuggling Oil Have Been Arrested In Three Governorates
Time: 06/11/2022 {Local: Al Furat News} The Energy Police Directorate announced, on Saturday, the arrest of four suspects and the seizure of three wheels on charges of oil smuggling in three governorates.
And the directorate stated in a statement received by {Euphrates News} that "the oil police station detachments, in cooperation with the intelligence, were able to arrest four suspects and seize three wheels in Baghdad, Babil and Diwaniyah, while the process of arresting these accused comes through proactive security operations that By the detachments within the sector of responsibility," noting that "all those who were arrested with their wheels do not have any official papers authorizing them to carry the product."
And she added, "They were arrested and the wheels were seized inside the oil police stations, to be presented to the judiciary and held accountable in accordance with the Oil and Derivatives Smuggling Law No. 41 of 2008."
6 Months Of Open Import, “Yellow” Taxes, And The Neighborhood Currency Decreases.. Factors That “Exhaust” The Local Product In Iraq
2022-06-12 Yes Iraq: Baghdad About two and a half months have passed since the decision of the Council of Ministers to open imports completely and to cancel and provide customs and taxes on foodstuffs, in order to mitigate the effects of high prices in the Iraqi markets, which the Ministry of Agriculture had accepted “reluctantly” while continuing to record its objections to opening imports.
It was hoped that the decision to open import would end on June 30, as it was opened in April and for a period of 3 months, but the Council of Ministers preempted the days to decide recently to extend the opening of import and zero customs and taxes on imported goods for an additional 3 months, that is, until next September 30.
The Ministry of Agriculture had considered that the decision to open imports would not succeed in reducing prices, because the price hike is global and is not specific to Iraq only, so the goods that will come from abroad will come at high prices as well, because they are affected by the costs of production and the high prices of fuel and transportation.
However, the Baghdad Chamber of Commerce had another opinion, as it seemed “welcome” to the decision to extend the opening of imports and zero customs and taxes, considering that it mitigated the negative effects of the rise in food prices globally, according to the Chamber’s president, Firas Al-Hamdani, who said in statements followed by “Yassin Iraq”, that “opening imports will lead To the development of business and the market becomes competitive, and therefore there will be stability in prices and meet the needs of citizens in a way that does not raise prices significantly, and therefore the food crisis will have weak effects on Iraq.”
The depreciation of the currency of neighboring countries deepens the crisis
Meanwhile, the currencies of neighboring countries, especially Iran and Turkey, are recording a decline in their value against the dollar, which may deepen the Iraqi import crisis, as the decline in the currency of these two countries will reduce the costs of producing their goods, to come to Iraq at cheap prices, in addition to being exempt from taxes, fees and customs, All these factors will make it highly competitive prices compared to the local product, which suffers both due to zero duties and taxes for the importer.
Experts say that the first effect of the decline in the local currency of Iran and Turkey is to put pressure on the Iraqi dollar; By increasing exports, as well as weakening the growth of Iraqi agricultural and industrial production. LINK