Wednesday Morning Iraq Economy News Highlights 5-25-22
Wednesday Morning Iraq Economy News Highlights 5-25-22
After Rejecting Its Governmental Version, The Food Security Law Returns To The Front Of The Parliamentary Debate
Sumerian special 2022-05-25 Orahman added, "We have observations on the proposed law, and we believe that there is an urgent need at this stage to include articles that address the four basic sections, which are food, medicine, electricity and the agricultural sector," noting that "the proposed law is necessary, which makes us believe that passing it is an important thing after making the amendments." appropriate on his draft.
Representative Waad Al-Qaddo pointed out that the law on emergency support for food security and development contains many contradictions, starting with the title of the proposed law.
Al-Qaddo said in an interview with Alsumaria News, "The Food Security Law is important, but it contained many contradictions, starting with the title, given that emergency and development have two contradictory visions," noting that "there are many loopholes in the draft law, which is a door to theft and corruption."
Al-Qaddo added, "As representatives of the Iraqi people, we must be careful and meticulous in legislating any law that includes tunnels for the wealth of the Iraqi people, and that the doors in which the money is placed and how it is spent be carefully followed up," noting that "our focus is on two main aspects, namely the provision of foodstuffs and the provision of electric energy and fuels." As an important source of life for the Iraqi citizen.
And he added, "There is a lot of money allocated to projects, and this we must stand on, scrutinize, examine and note what projects will be implemented, given that 90% of the amounts that have been allocated to lagging projects have been put in previous budgets, which was explained by the Undersecretary of the Minister of Finance during its hosting within Dome of Parliament," stressing that "strategic projects should have a precise plan and priority, which cannot be included in a law on emergency food security." LINK
Oil Prices Are Rising Again
Economie 2022-05-25 |Oil prices rose on Wednesday, supported by tight supplies and expectations of increased demand, with the start of the summer travel season in the United States, the largest consumer of crude.
By 0619 GMT, Brent crude futures for July delivery rose 44 cents, or 0.4 percent, to $114 a barrel. Brent crude futures rose 0.1 percent on Tuesday, recording a fifth-day increase.
West Texas Intermediate crude futures for July delivery also rose 51 cents, or 0.5 percent, to $110.28 a barrel. The contract was settled down 52 cents on Tuesday.
Global crude supplies continue to decline as buyers avoid oil coming from Russia, the second largest global exporter, in light of the sanctions imposed on Moscow after its invasion of Russia.Ukraine.
Crude supplies in the United States are facing pressure with the approaching holiday Memorial Day At the weekend, it is expected to see the highest traffic in two years, which will increase the demand for fuel as more residents are traveling by car and abandon the caution associated with the restrictions related to combating COVID-19. LINK
Rising Food Prices... Sanctions Against These Traders
Sumerian special 2022-05-25 Source: Sumerian 357 views Rising food prices... and sanctions against traders who monopolize commodities.
In light of the rise in the prices of some foodstuffs and the monopoly of some merchants on goods, the competent security authorities carried out a campaign to hold the monopolists to account for the goods and those who caused the increase in prices.
The economic crisis is still casting a shadow over the local markets. Here, in the beautiful commercial area, some shop owners say that the shopping movement is not as it was before, as there is a stagnation in the buying and selling operations, especially after the exchange rate rise.
Fears of many shoppers due to the monopoly of some merchants on foodstuffs and commodities, and raising prices, prompting the competent security authorities to form mobile teams to hold accountable those who disrupt the markets. The price is high, as the country relies heavily on importing foodstuffs from both countries. LINK
The Rise In The Price Of The Dollar In The Local Markets
Economie 2022-05-25 | Alsumaria News – Economy The dollar exchange rates rose today, Wednesday, on the Iraqi Stock Exchange. The selling prices of the dollar were 148,250 dinars per $100, while the purchase prices of the dollar were 148,000 dinars per $100. LINK
The Rise In Oil Prices Is Supported By A Lack Of Supplies And The Possibility Of Increasing Demand[/Size]
Economie 11:50 - 2022-05-25 Oil prices rose in early trading on Wednesday, boosted by tight supplies and the prospect of increased demand from the upcoming start of the summer driving season in the United States.
Brent crude futures for July rose $1.27, or 1.27 percent, to $114.83 a barrel. By 04:15 GMT, US West Texas Intermediate crude futures for July delivery rose $1.27, or 1.12%, to $111.00 a barrel.
Brent crude rose 0.1 percent on Tuesday, while West Texas Intermediate crude closed down 52 cents.
On Tuesday, France's new foreign minister said she was optimistic that those still opposed to a new EU sanctions package that would phase out Russian oil imports will be convinced.
Supply may shrink as Memorial Day weekend travel in the US is expected to be the busiest in two years, as more American drivers take to the road and ditch the restrictions of the coronavirus pandemic despite rising fuel prices. https://kirkuktv.net/AR/Details/6285
An Oil Official: Most Of The Southern Fields Produce Associated Gas
Posted On2022-05-25 By Sotaliraq An oil official confirmed that most of the southern fields produce associated gas, noting that the quantities of extraction are increasing, and he talked about projects to invest burnt gas.
The director of the South Gas Company, Hamza Abdel-Baqi, said, in a radio interview that was followed by (Al-Mada), that "associated gas is the one that accompanies the production of crude oil and passes through more than one processing stage to reach its production."
Abdel-Baqi added, "Free gas is the one that is extracted from gas fields, not with oil," explaining that "most of the southern fields are for the production of gas associated with oil." He explained, "The current production quantities in the Basra Oil Company, which is the main source of associated gas production, amount to 2000 million cubic feet per day, of which the invested amount reaches 1,300 million cubic feet, and the rest is currently burning and there are projects to invest it."
Abdul-Baqi pointed out that "the main entity that invests this gas is the Basra Gas Company," noting that "the South Gas Company contributes to the Basra Gas Company by 51%." And Abdel-Baqi stated, "This company was formed with the contribution of the South Gas Company, Shell and the international Mitsubishi company, and its activities began in 2013." He pointed out, "The quantities of production at that time were in the range of 250 to 300 million cubic feet, and according to statistics we reached 950 million cubic feet for Basra gas only."
Abdul Baqi stated, "This increase came as a result of the units' rehabilitation projects in addition to additional projects to the Basra Gas Company with the units that were transferred to it, and all these factors contributed to the increase in quantities."
He explained, "Free gas is produced in one field in Basra, which is the Siba field, at a rate of 40 to 50 million cubic feet per day, in addition to 30 tons per day of LP."
Abdel-Baqi stressed, "The fields in Maysan belong to the oil company there, which produce quantities of gas and are managed by licensing rounds." He stated, "The Dhi Qar Oil Company is within the national effort, and the quantities of gas that are currently being produced under the supervision of the South Gas Company are 20 million cubic feet per day." Abdel-Baqi added, "These quantities are added to the national grid, which is used to operate power plants." LINK
Oil Minister: We Signed Contracts To Produce 2,500 Megawatts
Posted On2022-05-25 By Sotaliraq Baghdad: Saad Al-Sammak The Chairman of the Ministerial Council for Energy and Oil Minister Ihsan Abdul-Jabbar revealed that his ministry has signed contracts with foreign companies to produce about 2,500 megawatts of electrical energy, by building solar plants to produce 12,000 megawatts planned to reach in 2030.
Abdul-Jabbar said: "The economic model that Iraq should adopt is to produce the highest rate of energy at the lowest costs," noting that "access to (relatively) cheap energy is necessary to operate modern economies, and thus achieve economic security and great financial benefits for the country."
While he pointed out that “achieving energy security lies in establishing renewable energy projects by relying on solar and other energy, and also by substituting gas for oil, leading to the production of cheap and diverse electric energy sources,” he pointed out that “the country enjoys many renewable and distributed energy resources. In wide geographical areas, in contrast to traditional energy sources that are concentrated in specific areas.” LINK Disclaimer: All published articles represent the opinion of its authors only
With Revenues Amounting To 10 Billion Dollars .. Oil Announces Its Final Exports For The Month Of Last April
Shafaq News/ The Ministry of Oil announced today, Wednesday, the total final oil exports and revenues achieved for the month of last April, indicating that the exported quantities were loaded by (34) international companies of different nationalities.
The ministry said in a statement received by Shafaq News Agency, "According to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), the amount of crude oil exports amounted to (101) million (390) thousand and (662) barrels, with revenues of (10 ) billions (609) million and (252) thousand dollars.
He added that "the total quantities exported of crude oil for the month of April from oil fields in central and southern Iraq amounted to (98) million (100) thousand and (42) barrels, while the quantities exported from Kirkuk oil through the port of Ceyhan were (2) million and (991) thousand and (60) barrels.
He pointed out that "the average price per barrel amounted to (104.637) dollars," noting that "additional revenues were achieved from selling quantities of shipments of exported crude oil at a price premium, as the total revenue for them reached (71,844,712) million dollars.
She explained that "the exported quantities were loaded by (34) international companies of different nationalities, from the ports of Basra, Khor Al-Amaya, the mono-buoys on the Gulf and the Turkish port of Ceyhan." LINK
For The Second Day.. Gold Prices Stabilize In The Iraqi Markets
Shafaq News/ "Foreign and Iraqi" gold prices stabilized in the local markets for the second day in a row, today, Wednesday, (May 25, 2022).
Shafak News Agency reporter 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 381 thousand dinars, and the purchase price is 377 thousand, which are the same prices recorded on Tuesday morning.
Our correspondent indicated that the selling price of one 21-carat weight of Iraqi gold was also stable at 341 thousand dinars, and the purchase price reached 337 thousand.
With regard to gold prices in goldsmiths’ shops, the selling price of a 21-carat Gulf gold weight ranged between 380 thousand and 390 thousand dinars, while the selling price ranged from an Iraqi gold weight between 340 thousand and 350 thousand dinars. It is equal to one mithqal of gold (five grams). LINK
Al-Kifah And Al-Harithiya Close At A Decrease In The Exchange Rate Of The Dollar
Shafaq News/ The exchange rates of the dollar decreased against the Iraqi dinar, today, Tuesday, 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 148,150 Iraqi dinars per 100 US dollars.
While the prices this morning were 148,100 Iraqi dinars for $100.
Our correspondent indicated that the buying and selling prices in banking shops in the local markets in Baghdad stabilized, as the selling price amounted to 148,500 Iraqi dinars, while the purchase prices amounted to 147,500 dinars per 100 US dollars. LINK