Wednesday Evening Iraq Economic News Highlights 7-13-22

Minister Of Water Resources: Turkey Is Trying To Shuffle The Cards Under The Pretext Of Wasting Water[/Size]

Iraq   12:22 - 07-13-2022   Today, Tuesday, Minister of Water Resources Mahdi Rashid Al-Hamdani responded to the statements of the Turkish ambassador to Baghdad about water waste, while stressing that Turkey is trying to mix papers under the pretext of wasting water.

In a statement, the minister said, "The statements of the Turkish ambassador in Baghdad about wasting water are incorrect and raise public opinion and threaten societal peace in Iraq," calling on the Ministry of Foreign Affairs to "summon the ambassador and submit a note of protest against his repeated statements in this regard."

He added that "Turkey is not a guardian of Iraq, and it must release Iraq's fair and equitable share according to international conventions without interfering with Iraq's water policy."

He pointed out that "Turkey always argues about the issue of water waste in an attempt to mix the papers in order to give itself the right to reduce Iraq's water share, and this is what is happening now," noting that "the storage in their dams has reached levels that are considered very good."

https://kirkuktv.net/AR/Details/7452

National Security counts its operations against smugglers of oil derivatives[/size]

Iraq  12:56 - 07-13-2022 Today, Wednesday, the National Security Agency counted its operations against smugglers of oil derivatives.

The agency said in a statement, "The outcome of the operations against smugglers of oil derivatives was as follows:

1- Seizing more than one million liters of smuggled oil derivatives.

2- Arresting 117 suspects of smuggling.

3- Confiscation of (49) tanks and vehicles intended for smuggling . 4 -

Seizure of (93) dens

5 - Seizure of (496) storage tanks that were used for storing and selling oil derivatives in violation of fundamentalist controls

6 - Closure of (11) stations for violating controls or exploiting the crisis.  https://kirkuktv.net/AR/Details/7458

Oil And Total Are Discussing Investing 1,000 Megawatts Of Solar Energy In Iraq

Economie| 11:46 - 12/07/2022   Baghdad - Mawazine News   Today, Tuesday, Minister of Oil Ihsan Abdul-Jabbar discussed with the CEO of the French Total Energy, Patrick Pouyanne, the investment of 1,000 megawatts of solar energy in Iraq.

The ministry said in a statement received by Mawazine News, that "the Minister of Oil confirmed the progress in implementing the set of oil contracts concluded by the Ministry of Oil with the French Total," noting that "this came during his meeting with the CEO of the French Total Energy, Patrick Pouyanne in The French capital, Paris.

The Minister of Oil stated, according to the statement, that "this meeting came to follow up the technical and administrative progress of the four contracts within the agreement, including the follow-up of the Artawi field gas investment contract after signing the design contract for the Artawi Central Complex between the South Gas Company and KBR in cooperation with Total."

He pointed out that "the study of the sea water transfer project for its importance in sustaining and increasing the production of oil fields in southern Iraq, as well as researching the development of the Artawi field and the mechanisms for implementing an investment project (1000) megawatts of solar energy."

For his part, CEO of French Total Energy, Patrick Pouyanne, affirmed: "Standing with Iraq to achieve its development goals in developing the energy and oil sector," stressing that "Iraq is one of the most promising countries in attracting global investments to implement projects in this framework, and that Total is committed to partnership." With the Iraqi government, for its keenness to deal with us in a transparent manner, and to achieve the principles of mutual trust and in a way that serves common interests.

It is noteworthy that the Ministry of Oil has concluded with Total a set of contracts, the largest in the history of the local oil industry in terms of the volume of investments that are monitored by the international company and the Ministry of Oil.    https://www.mawazin.net/Details.aspx?jimare=199224

The Iraqi Oil Minister From Paris: We Are Continuing To Implement The “Total” Contracts

Posted On2022-07-13 By Sotaliraq    Today, Tuesday, the Iraqi Oil Minister confirmed the progress in implementing a set of oil contracts concluded by the ministry with the French company Total.

This came when he received the CEO of French Total Energy, Patrick Pouyanne, in the French capital, Paris, according to a statement.

Oil Minister Ihsan Abdul-Jabbar Ismail said, according to the statement, that "this meeting came to follow up the technical and administrative progress of the four contracts within the agreement, including following up on the Artawi field gas investment contract after signing the design contract for the Artawi Central Complex between South Gas Company and KBR in cooperation with Total".

Ismail pointed to “discussing the sea water transfer project due to its importance in sustaining and increasing the production of oil fields in southern Iraq, as well as researching the development of the Artawi field and the mechanisms for implementing an investment project (1000) megawatts of solar energy.”

For his part, CEO of the French Total Energy Company, Patrick Pouyanne, affirmed standing by Iraq to achieve its development goals in developing the energy and oil sector, stressing that Iraq is one of the most promising countries in attracting global investments to implement projects in this framework, and that Total is committed to partnering with the Iraqi government for its keenness. To deal with us transparently, and to achieve the principles of mutual trust in a way that serves the common interests.

It is noteworthy that the Ministry of Oil has concluded a set of contracts with Total, which is the largest in the history of the local oil industry in terms of the volume of investments that are monitored by the international company and the Ministry of Oil.  LINK

International Energy: Oil Demand Will Rise By 2.1 Million Barrels Per Day In 2023

Energy    Economy News / Baghdad  The International Energy Agency said on Wednesday that the global oil market was walking a "tightrope" between a supply shortage and a possible economic recession, with demand already affected by higher prices and deteriorating economic conditions.

The agency added that the spare production capacity of Saudi Arabia and the UAE together may drop to only 2.2 million barrels per day in August with the elimination of the OPEC + cuts.

It said demand will rise in 2023 by 2.1 million barrels per day to 101.3 million barrels per day, led by strong growth in non-OECD countries.    https://economy-news.net/content.php?id=28890

Commerce Announces The Success Of The Wheat Marketing Season And Determines The Quantity Required To Secure Storage

Money and business  Economy News / Baghdad  The Ministry of Commerce announced the success of the wheat marketing season in the current season 2022 .

The Director General of the General Company for Foodstuff Trade in the ministry, Muhammad Hanoun, said in a press statement: "Two million and eighty thousand tons of wheat were marketed in all provinces, including the provinces of the Kurdistan Region," explaining that "the marketing succeeded remarkably by supporting farmers and paying their dues directly .

He added that "the law of emergency support for food security will provide us with an amount of 1.5 million tons of wheat," noting that they received an initial amount of $200 million to supply wheat from solid global origins, in light of the instructions of the Council of Ministers .

Hanoun indicated that "Iraq depends either on public tenders or on wheat councils located in Australia, Canada and the United States, which provide us with companies registered with them to contract with ."

He stated that "there are memorandums of understanding with the Australian side, through which we seek to supply wheat in the amount of 200 million dollars, and we are waiting for other amounts allocated by the Emergency Food Security Support Law to meet the need during the first four months of next year 2023 before the marketing season ."

Hanoun pointed out that Iraq needs a "strategic stockpile that extends for six months for emergency cases, provided for in the Law of the Ministry of Commerce ."

According to official statistics, the total production of wheat in Iraq amounted to 4 million and 234 tons during the winter season of 2021, and this number decreased by 32 percent from the production of 2020, in which more than 6 million and 238 tons were produced, and 4.7 million tons in 2019 .

https://economy-news.net/content.php?id=28889

OPEC Production Reached 28.716 Million Barrels Per Day In June

Energy The oil production of the 13 member states of the Organization of Petroleum Exporting Countries increased by 234,000 barrels per day during the month of June, to reach 28.716 million barrels per day, supported by increased supplies from nine countries, including Iraq .

According to the monthly report of the Organization of the Petroleum Exporting Countries, which was seen by Shafak News Agency, "the largest increases came from Saudi Arabia, as its oil production rose by 159,000 barrels per day, to reach 10.585 million barrels per day, followed by the UAE, which recorded an increase of 39,000 barrels per day ."

He added that Iraq increased its production by 17,000 barrels per day to reach 4,434 million barrels per day, indicating that "the increase in Iraq's oil production rose by 385,000 barrels per day over the same period in 2021. "

She added, "The increase also came from Iran, by 31 thousand barrels per day, and the rest of the increases also came from Kuwait's oil, by 29 thousand barrels per day, Angola by 27 thousand barrels per day, Gabon by 16 thousand barrels per day, Algeria by 9 thousand barrels per day, and Nigeria by 5 thousand barrels per day. ".

As the report indicates, the largest drop came from Libya, where shipments decreased by 78,000 barrels per day, bringing its production to 629,000 barrels per day, followed by Venezuela by 14,000 barrels per day, then Congo by 5 thousand barrels per day, and Equatorial Guinea by 1,000 barrels per day. .

And OPEC kept the expectations of global demand growth in the current year of 3.4 million barrels per day in 2022, and expectations of growth in demand for OPEC oil at 29.2 million barrels per day in the current year https://economy-news.net/content.php?id=28887

Planning Expects An Increase In The Average Per Capita Income Of Iraq For 2022

Shafaq News/ The Iraqi Ministry of Planning expected, on Wednesday, an increase in the average per capita income for the year 2022 with the increase in oil prices.

Ministry spokesman Abdul-Zahra Al-Hindawi said in an interview with Shafak News Agency that "the average per capita GDP at current prices for the year 2021 amounted to between 5 to 6 million dinars, or (equivalent to 4,000 dollars)."

He added that "the rise in oil prices and the achievement of large revenues will contribute to raising the average per capita income during the current year," noting that "the per capita income is the result of dividing the country's revenues by the population."

An individual's share or income is an economic indicator that measures the degree of economic development in a country and its social impact, and this is done by dividing the value of the gross domestic product by the population.

Iraq, which is one of the rentier countries, relies almost entirely on oil in its general budget. After going through difficult economic conditions during the year 2020 as a result of the drop in oil prices, prices rose again at the end of 2021 and the beginning of 2022 to exceed $100 per barrel.    LINK

Gold Stabilizes As Investors Await Indications From US Inflation Data

Shafaq News/ Gold prices stabilized near their lowest levels in more than nine months on Wednesday, as investors awaited US inflation data in search of indications of the monetary policy stance of the Federal Reserve (the central bank).

And gold settled in spot transactions at $ 1725.83 an ounce by 0543 GMT, after falling to its lowest level since late September at $ 1722.30 earlier in the session. And US gold futures fell 0.2 percent to $ 1722.00.

“Traders are sitting on the edge of their seats waiting for the US CPI to come out,” said Stephen Innes, managing partner at SBI Asset Management, and investors in currencies and gold are likely to make moves only when needed.

The June CPI, due to be released by the US Labor Department later on Wednesday, is expected to have accelerated on a monthly and annual basis, at 1.1 percent and 8.8 percent, respectively.

The CPI data could unite investors' expectations that the US central bank will raise interest rates by 75 basis points later in the month in an effort to rein in inflation.

Although gold is considered a hedge against inflation, high interest rates keep investors away from the non-yielding yellow metal.

And the dollar remained near its highest levels in 20 years, keeping gold priced in the US currency less attractive to buyers holding other currencies.

Ten-year US Treasury yields also rose, reducing the attractiveness of gold.

As for other precious metals, silver increased in spot transactions 0.4 percent to $ 18.97 an ounce, platinum fell 0.3 percent to $ 843.58, and palladium rose 0.2 percent to $ 2031.18.   Reuters    LINK