"Tidbits From TNT" Friday Morning 3-5-2021

Mar 5

TNT:

Tishwash: Goldman expects Brent prices to reach $ 75 a barrel in the second quarter of 2021

Goldman Sachs Commodities Research raised its forecast for the price of Brent crude for the second and third quarters by $ 5 a barrel, after OPEC and its allies kept their agreement to cut supplies unchanged and said that "the discipline of shale oil producers" is likely behind the group's increased production at a slower pace.

The bank said in a note dated Thursday that it now expects Brent prices to reach $ 75 a barrel in the second quarter and $ 80 a barrel in the third quarter of 2021.

Shale oil producers in the United States have reacted quickly to oil price gains in recent years, winning market share as Saudi Arabia and other major producers cut production, but have been reluctant to boost production since demand was devastated by the pandemic last year.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed on Thursday to extend most of the crude production cuts until April, after they decided that the recovery of demand from the Corona virus pandemic is still fragile.

"The OPEC supply strategy works because of its unpredictability and surprise," Goldman said.

"We believe that it is currently clear that OPEC + is in fact pursuing a tight oil market strategy, while our updated supply-demand balance indicates that (stocks) OECD countries are falling to their lowest levels since 2014 by the end of this year.

The bank lowered its forecast for OPEC + production of 0.9 million barrels per day over the next six months, and said supplies from shale oil, Iran and outside OPEC will likely remain severely inflexible towards prices until the second half of 2021, allowing OPEC + to quickly rebalance the oil market.

The bank said the main issue would be "a potential backlash from shale supplies, but the latest earnings season indicates that investors are still far from compensating for growth link

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Tishwash: Parliament publishes the agenda for the session on Saturday

The Media Department of the House of Representatives has published the agenda of the 41st session, which is scheduled to take place tomorrow, Saturday, and the schedule includes 11 paragraphs that do not include the completion of voting on the Federal Court Law, and voting on the Budget Law. link

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Shybaby: International Monetary Fund reveals loan terms, confirms support for white paper and exchange rate change

Baghdad- Nassar al-Hajj,

The International Monetary Fund (IMF) has revealed the terms of its loan grant, while commenting on the white paper, welcoming its medium-term reform plans and changing the exchange rate.

"Iraq has been a member of the International Monetary Fund (IMF) since 1945, and like the IMF and other members, iraq is conducting an annual performance control process under Article IV of the IMF's founding agreement, which includes a general diagnosis of the state of the Iraqi economy," said Ghazi al-Shabekaat, head of the INTERNATIONAL Monetary Fund(IMF) regional office, in an interview with the Iraqi News Agency (INA).

"Iraq also benefits from the fund's technical assistance and financial support when it needs them," he said, adding that there is currently no arrangement or financial agreement with Iraq. "The amount of loans granted to Iraq until the beginning of this year amounted to one billion and 180 million dollars," the imf said, adding that "the fund has provided financial support to Iraq, dedicated to supporting the economic program on various occasions."

"The Article IV talks, held recently, were a good opportunity to consult with the Iraqi authorities during these difficult and challenging circumstances," the IMF said.

The imf expressed its support for lowering the exchange rate of the Iraqi dinar against the dollar, stressing "the critical importance of having a strong framework for the state's public finances to ensure its credibility and to meet the need to protect the vulnerable."

READ MORE: (ina.iq)

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