Sunday Morning Iraqi News 3-27-22
Sunday Morning Iraqi News 3-27-22
An Analyst Explains The Reasons For The "Resignation" Of Some Political Blocs In Forming The New Government
Politician Last Update 03/26/2022 information/special On Saturday, political analyst Nabil Jabbar Al-Ali revealed the reasons for the resignation of some parties and political blocs to control and take over the file of forming the new government.
Al-Ali said in an interview with the "Information" agency, "The main reason behind the death or struggle of some political blocs inside the parliament to form the new government and lead the political process is the large financial surplus due to the rise in global oil prices to more than 120 dollars per barrel."
He added, "In 2020, the political parties were moving away from forming the government due to the large debts accumulating on the country, its falling into a major financial crisis, and the fear of not achieving sufficient revenues for the main spending as a result of the significant drop in oil prices at the time."
He explained that "the arrival of international oil prices to $ 120 per barrel raises the volume of government revenues to 147 billion dollars in the current year, which is equivalent to more than three and a half times the revenues of 2020 and double the revenues of 2021," stressing that "the volume of revenues opened the appetite for some political blocs. This encouraged political independence and adherence to the current blockage.”
He continued, "Oil prices constituted a great spoil for which political parties are wrestling," noting that "some blocs and parties are trying to control and take over the political scene to control the large financial surplus." Done/25 SR https://almaalomah.me/2022/03/26/589391/
If Approved, The Offshore Pipelines Project Will Raise The Oil Export Capacity To 6 Million Barrels
Today, Sunday, the Basra Oil Company confirmed that if the offshore pipeline project is approved in the budget, it will raise the export capacity to 6 million barrels per day.
The Assistant General Manager for Plans and Budgets in the company, Ahmed Fadel Dehim, said in a statement to the official agency and followed by the news agency, that "the marine export pipelines project is one of the strategic projects at the level of the region to escalate the export capacity of crude oil in the southern ports from 3.5 million to 6 million." millions in 2026.
He explained, "The project will include laying two marine pipelines with a capacity of 48 inches, and rehabilitating the ports of Basra and Al-Amaya, in addition to building a marine platform for the requirements of flexibility in the export of types of oil and the work of measuring devices."
He added, "The company is now in the process of preparing and preparing offers for major international companies," stressing that "the company is awaiting approval of the project in the budget, and the expected value of the project is approximately one billion dollars." https://n.annabaa.org/economy/72910
Finance Minister: The white paper has restored balance to the Iraqi economy
Economie| 07:10 - 03/26/2022 Baghdad - Mawazine News, Minister of Finance, Ali Abdul Amir Allawi, confirmed today, Saturday, that the white paper restored balance to the Iraqi economy.
The media office of the Minister of Finance stated in a statement, "The Minister of Finance, Ali Abdul-Amir Allawi, participated in the activities of the Doha Forum for International Dialogue held in the sisterly State of Qatar in its 20th session, which will continue for the period from 26 to 27 March 2022."
The statement indicated that the forum, which bore the slogan "Transformation into a New Era," aims to launch a dialogue on the critical challenges facing the world, promote the exchange of ideas and policy-making, and present viable recommendations.
Allawi said, during his speech at the forum, that "the goal of reaching a world free of crises, violations and wars is not easy to achieve, unless there are good intentions, international will and equal dialogue to resolve differences and reduce conflicts to silence the sound of war and the omens of destruction, so health recovery is no longer worrisome after intense suffering." One of the effects of the Corona pandemic, but rather the multiplicity of foci of armed conflict and its expansion is what worries the world.
The minister added, "There is no doubt that the establishment of security and stability and the settlement of differences between the Arab countries and their regional and international surroundings add to the world the factors of recovery, peace and prosperity, which is the hoped-for role of reviving the factors of history and geography in spreading incentives for dialogue as an objective and moral alternative to conflict."
And he indicated, "The Iraqi society suffers from chronic and costly crises deepened by fluctuations in oil prices in the global market, due to the impact of the Corona pandemic and terrorism, and that the decline in Iraqi oil revenues and terrorism were sources of concern at all governmental, political and popular levels, and it is a legitimate concern in the context of the historical deterioration of the global economy, so The national need for a financial strategy was for two reasons, the first is short related to borrowing for the purposes of meeting urgent needs, and the second is long-term, represented by the white paper for economic and financial reform, to avoid expected fluctuations, achieve reassurance of a decent life, and create new economic partnerships at all levels.
He continued, "The importance of the white paper is embodied in rebalancing the Iraqi economy and placing it on a path that allows the state to take appropriate steps in the future to develop it into a dynamic, diversified economy that creates opportunities for Iraqis to live a decent life by proposing a set of comprehensive reforms and policies, and protecting the weak and fragile groups in society, which are most affected." For some aspects of reform by increasing social protection allocations, supporting the food basket, small and medium enterprises, and activating health measures to counter the effects of the pandemic.
He concluded his speech, saying: "I take this opportunity to express my sincere thanks for the hospitality and organization, and our sincere and heartfelt wishes for the continued progress and prosperity of the organizing sister country and all participating countries." https://www.mawazin.net/Details.aspx?jimare=188458
Iraq Earns More Than $8.8 Billion From Selling Oil In One Month
Economie| 01:10 - 27/03/2022 Baghdad - Mawazine News The Ministry of Oil announced, on Sunday, the total revenues generated from crude oil exports for the month of February.
A statement by the ministry, received by Mawazine News, stated, "According to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), the total amount of crude oil exports reached (92) million (790) thousand and (173) barrels, with revenues of ( 8) billions (809) million and (162) thousand dollars.
The statement added, "The total quantities exported of crude oil for the month of February from oil fields in central and southern Iraq amounted to (91) million (314) thousand and (828) barrels, while the quantities exported of Kirkuk oil through the port of Ceyhan (1). One million and (475) thousand and (345) barrels," noting that "the average price per barrel amounted to (94,936) dollars."
The statement pointed out that "the exported quantities were loaded by (34) international companies of different nationalities, from the ports of Basra, Khor al-Amaya, mono-buoys on the Gulf and the Turkish port of Ceyhan." Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=188517
Dollar Exchange Rates Against The Dinar
Economie| 10:06 - 27/03/2022 Baghdad - Mawazine News: The dollar exchange rates continued to remain stable in local markets. Selling price: 147,250 dinars per $100 Purchase price: 147,000 dinars per $100 https://www.mawazin.net/Details.aspx?jimare=188501
Baghdad Commerce Expresses Its Position On The “Paper” Of The Council Of Ministers Regarding Food Security
Posted On2022-03-27 By Sotaliraq Baghdad Commerce expresses its position on the “paper” of the Council of Ministers regarding food
On Saturday, the President of the Baghdad Chamber of Commerce, Firas Al-Hamdani, commented on the Cabinet paper on the Law on Support for Food Security and Development.
Al-Hamdani said that, "Achieving this must be in the hands of the private sector and unblocking the restrictions that hinder the work, aspirations, proposals and achievements of the sector in general."
He added, "The private sector, both domestic and imported products, is of great importance in supporting the national economy, and the government, if it wants to improve the lives of citizens, lower prices, support and develop the local product, and advance the economic, productive and social sectors, must adopt the recommendations and proposals submitted by the Baghdad Chamber of Commerce."
Al-Hamdani added that "the members and advisors of the Chamber have a great economic vision and experience in managing the affairs of the national economy, which will raise the level of the private sector and open the horizon for communication and cooperation with the Iraqi government in the service of the public interest and in support of the Iraqi economy in the areas of producer and consumer."
The Council of Ministers, in its session held, on Tuesday (March 8), headed by Prime Minister Mustafa Al-Kazemi, approved a package of decisions and measures aimed at supporting food security and remedying the global rise in food prices resulting from the coincidence of global crises.
According to a government statement, the council approved the following decisions:
First / agree to receive the local wheat crop in full (within and outside the approved plan) for the current season exclusively.
Second/ The purchase price of the wheat crop for this season and subsequent seasons is according to the global price index approved by the Ministerial Council for the Economy, and is determined annually in October, and is reviewed in April if international prices change by more than 20%, up or down.
Third/ The price of receiving the wheat crop for the current season according to paragraph 1 above is 750 thousand dinars per ton.
Fourth / Completing the payment of farmers’ dues for the previous agricultural season within 10 days, and paying farmers’ dues for the current 2022 season no later than June 30, 2022.
Fifth / Approval of the minutes of the meeting on the agricultural plan and encouraging the use of modern irrigation techniques, signed by the Ministers of Agriculture and Water Resources and the Prime Minister's Advisor for Strategic Affairs.
Sixth / The Ministry of Finance, in coordination with the Central Bank of Iraq, provides sufficient liquidity through the initiative of the Central Bank of Iraq to support the agricultural sector to lend to farmers from government and private banks at an interest of 5% to be deducted for one time for the purpose of importing sprinkler irrigation systems (pivot and fixed) from solid international companies.
Seventh / The import ceiling of the Ministry of Commerce will be up to 3 million tons of imported wheat, according to what is marketed from the local crop to secure the ration card items and achieve food security, and contracts with solid companies and without intermediaries of all origins are in accordance with the Iraqi standard
Since the Russian invasion of Ukraine, the prices of foodstuffs, goods, consumables, building materials, medicines and other imported materials that are included in the daily needs of the population in Iraq have risen. LINK
Iraq And Three Gulf Countries Make Up Half Of The Fuel Oil Shipments Destined For America
Shafaq News/ Data for the research company Kpler showed, on Sunday, that Iraq and three Gulf countries, whose exports constitute half of the shipments of fuel oil destined for America in the month of next April.
The company said in a statement seen by Shafak News Agency, that "American refineries began to seize shipments of fuel oil from the Middle East this month after US President Joe Biden banned Russian oil imports due to the invasion of Ukraine."
According to the data, last year Russia accounted for just under half of the US imports of fuel oil, Mexico 20%, and the Middle East about 5%.
The company indicated that "Iraq, Saudi Arabia, Kuwait and the UAE account for about half of the shipments of fuel oil under contracts, and it is expected that they will head to the United States in April."
The data showed that "the shipments coming from the UAE and Kuwait scheduled to be unloaded in April will be the first in the past eight months, while March represents the first time that Iraqi fuel oil reaches the United States since mid-2021."
Last year, the United States imported about 700,000 barrels per day of various types of fuel oil and other feedstocks that mostly went to US Gulf Coast refineries to supplement heavy crude oil, according to market research data. LINK
The Stability Of Gold Prices In The Iraqi Markets
Shafaq News/ "foreign and Iraqi" gold prices stabilized in the local markets, today, Sunday (March 27, 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 400 thousand dinars, and the purchase price 396 thousand, which are the same prices as yesterday, Saturday.
Our correspondent indicated that the selling price of one 21-carat weight of Iraqi gold was also stable at 360 thousand dinars, while the purchase price reached 356 thousand.
With regard to gold prices in goldsmiths’ shops, the selling price of a 21-carat Gulf gold weight ranged between 400,000 and 410,000 dinars, while the selling price ranged between 360 thousand and 370 thousand Iraqi dinars. It is equal to one mithqal of gold (five grams). LINK
A Slight Increase In The Exchange Rates Of The Dollar In Baghdad And Kurdistan
Shafaq News/ The exchange rates of the US dollar rose slightly against the Iraqi dinar, on Sunday, in the main stock exchange in the capital, Baghdad, and in the Kurdistan Region.
Shafak News Agency correspondent said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded this morning 147,250 Iraqi dinars, compared to 100 US dollars.
The dollar exchange rates for yesterday, Saturday, were 147,200 Iraqi dinars, compared to 100 US dollars.
Our correspondent indicated that buying and selling prices have stabilized in banking shops in the local markets in Baghdad, where the selling price amounted to 147,750 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 146750 Iraqi dinars per 100 US dollars.
In Erbil, the capital of the Kurdistan Region, the dollar prices also witnessed a slight increase, as the selling price reached 147,400 dinars per 100 US dollars, and the purchase price reached 147,200 dinars per 100 US dollars. LINK
Indian And Chinese Companies Account For The Largest Share Of Iraq's Oil Exports
Shafaq News/ The Iraqi Oil Marketing Company "SOMO" announced on Sunday that the Indo-Chinese oil companies were the most numerous purchasers of Iraqi oil during the month of February.
"SOMO" stated in a statistic published on its official website and seen by Shafak News Agency, that "Indian and Chinese companies were the most numerous among other international companies in purchasing Iraqi oil, with 7 companies each out of 34 companies that purchased oil during the month of February." .
She added that "the American and South Korean companies came second with 4 companies each, then the Italian companies came with 3 companies, the Greek companies came with two companies, while the rest were distributed among the Spanish, British, Turkish, (Dutch-British), Angolan, Russian and Malaysian companies, and one company. For both of them".
And "SOMO" indicated that it "depends in its sale of Iraqi oil on the main criteria for contracting with large, medium, independent and vertically integrated international oil companies," noting that "the most prominent international companies that bought Iraqi oil are: the Indian Bharat Company, the Chinese Petrogina, Exxon Mobil and Chevron. American, British Dutch Shell, Italian Eni, and British BP. LINK
At $16 Less Than The Market Per Person, Jordan Imports 1.5 Million Barrels Of Iraqi Oil
Shafaq News/ Jordan announced that it imported 1.5 million barrels of crude oil from Iraq within five months, indicating that it had agreed with Iraq to continue working on the memorandum of understanding signed between the two sides to import Kirkuk crude oil.
The Assistant for Energy Affairs at the Ministry of Energy and Mineral Resources, Engineer Hassan Al-Hiyari, said in a press statement that "Jordan agreed with Iraq to continue working on the memorandum of understanding signed between the two sides to import Iraqi Kirkuk crude oil at a rate of 10,000 barrels per day, which will be transported to the Jordan Petroleum Refinery in Zarqa."
He added, "It is expected that the import of Iraqi oil will begin at the beginning of next April, after it stopped at the beginning of last February, to complete the discussion of items in the memorandum of understanding signed between the two countries, praising the cooperation of the Iraqi side in this field."
Al-Hiyari indicated that the total quantities of Iraqi crude oil supplied to the Kingdom from September 1, 2021 until January 30, 2022 amounted to about 1,505 million barrels, at a daily rate of about 9,899 barrels loaded on 5,866 tanks (Iraqi and Jordanian) from the site (Al-Siniya/Baiji plant) to the refinery site. / Blue".
He stressed that "the process of importing Iraqi crude oil came in implementation of what was stated in the memorandum of understanding for the supply of crude oil signed between the governments of the two brotherly countries on 28/1/2021, according to which the Jordanian side purchases Iraqi crude oil (Kirkuk crude oil) to meet part of its annual needs from Crude oil and not exceeding 10,000 barrels per day (+ or -15 percent) based on the monthly average Brent crude oil minus (16) dollars per barrel, in order to cover the quality difference and transportation fees.”
He also pointed out that "the Jordanian side is obligated under this memorandum to provide tankers for transporting Iraqi crude oil in the Baiji region in Iraq to the Jordan Petroleum Refinery, and the tanks are distributed equally between Jordanian and Iraqi companies." LINK