Zig’s Place Chatroom News Monday AM 7-19-21
Zig’s Place Chatroom News Monday AM 7-19-21
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Butterfly Oil prices fell by more than 1%
Monday 19 July 2021.................Oil prices fell by more than one percent, today, Monday, affected by the decision of the OPEC + group to increase supplies after the collapse of an earlier agreement due to the opposition of the UAE.
Brent crude fell 1.4 percent, recording $72.59 a barrel, after losing nearly three percent earlier.
US crude fell 94 cents, 1.3 percent, at $70.87 a barrel, after falling nearly 4 percent in the past.
On Sunday, OPEC + ministers agreed to increase oil supplies from August to cool prices that rose to a two-and-a-half year high as the global economy recovered from the coronavirus pandemic.
The group, which includes OPEC countries and allies such as Russia, agreed decisively on new production quotas from May 2022 after Saudi Arabia and other countries agreed to a request from the UAE.
butterfly Al-Kazemi discusses with the Saudi Minister of Commerce ways to enhance cooperation in the fields of economy and investment
Monday 19 July 2021......Prime Minister Mustafa Al-Kazemi received the Saudi Minister of Commerce, Majed Al-Qasabi, and his accompanying delegation.
Al-Qasabi conveyed the greetings and congratulations of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman, to the Prime Minister, on the occasion of the blessed Eid Al-Adha, and their wishes for further progress and prosperity for the peoples of the two countries.
During the meeting, they discussed the development of bilateral relations between Baghdad and Riyadh, and ways to enhance cooperation in the fields of economy and investment, work to enhance and develop intra-trade movement, overcome obstacles and delays, and facilitate implementation procedures to enhance bilateral cooperation at various levels and fields.
Al-Kazemi welcomed the guest minister and told him to convey his greetings and congratulations on the occasion of Eid Al-Adha to the Custodian of the Two Holy Mosques and the Crown Prince.
He praised the level of relations between the two countries and their keenness to strengthen them, and to look forward to more prospects of joint cooperation within the framework of the Iraqi-Saudi Coordination Council, in a manner that achieves the interests of the peoples of the two countries.
butterfly Trade stresses the importance of Saudi companies' participation in the investment process in Iraq
Monday 19 July 2021............Minister of Commerce Alaa Al-Jubouri stressed, during his meeting with his counterpart, the Saudi Minister of Trade and Investment, Majid Al-Qasabi, in Baghdad, the importance of the participation of Saudi companies in the investment process in Iraq.
And the ministry's spokesman, Muhammad Hanoun, said in a statement, "The Minister of Commerce, Alaa Al-Jubouri, received this morning his Saudi counterpart, Majed Al-Qasabi, and his accompanying delegation at Baghdad International Airport," noting that "the two parties discussed ways to enhance trade and economic relations between Baghdad and Riyadh, and the need for companies to participate. Saudi Arabia in the process of investing inside Iraq.
He added, "Al-Jubouri stressed the necessity of exchanging investment between the two countries, and also called for the participation of Saudi companies in the trade opportunities exhibition, which will be held on the land of the Baghdad International Fair at a later time."
For his part, the Saudi Minister of Commerce and Investment, Majed Al-Qasabi, expressed his happiness with the visit he is making to Iraq in the current circumstance, appreciating Iraq's positions at the regional level. Al-
Al-Qasabi added that his country seeks to develop the level of relations with Iraq at all levels, especially in the commercial and economic field, stressing "the Kingdom's support for Iraq, and it is urging steps to develop its economy and restore the country's infrastructure."
butterfly The stability of the dollar exchange rates in the local markets
Monday 19 July 2021........Today, Monday, local markets witnessed stability in the dollar exchange rates.
The selling price of the dollar in banking shops amounted to 148.750 dinars per 100 dollars, while the purchase prices settled at 148.250 dinars per 100 dollars.
butterfly The Ambassador of Iraq in London discusses with the Secretary-General of the European Bank for Reconstruction and Development Iraq's accession to the Bank
Monday 19 July 2021.........The Ambassador of Iraq to London, Muhammad Jaafar Al-Sadr, met, via the virtual application, the Secretary-General of the European Bank for Reconstruction and Development, Enzo Kutriuchi.
The ambassador, according to a statement by the Ministry of Foreign Affairs, praised the efforts of Enzo and his team for their support of Iraq's request for membership in the bank and the opportunity to participate in the meetings of the Board of Commissioners during the annual conference of the bank held during the current year.
The Ambassador also welcomed Kaoshiko Kogoshi, the new Secretary General of the European Bank, wishing him success in his work.
The ambassador affirmed Iraq's keenness to complete the joining procedures and benefit from the bank's expertise, as Iraq represents a fertile environment for investment, stressing the importance of Iraq having an active role in the bank's decisions in the future.
butterfly The Minister of Oil praises the commitment of the OPEC Plus countries
Sunday 18 July 2021 .....Minister of Oil, Ihsan Abdul-Jabbar, praised the cooperation and commitment of the oil-producing countries from the members of the Organization of Petroleum Exporting Countries and those allied with it from outside, as the commitment rate reached "113%" last June, including "Mexico", and this confirms everyone's keenness to overcome the challenges facing them. The oil market is successful.
After the conclusion of the nineteenth ministerial meeting of OPEC and its allied countries, which was held via the television circuit, today, Sunday, Oil Minister Ihsan Abdul-Jabbar Ismail stressed the importance of strengthening collective cooperation, praising the countries' compliance with the agreement, and the positive development in increasing demand for crude, as well as the decline in stocks and oil surplus. This is an impressive positive indicator.
Ismail pointed to "the importance of the health measures taken by the countries of the world, and the high rate of vaccination programs, as this contributed to the economic recovery and the gradual return of social activity."
The Minister of Oil added that "the meeting reaffirmed the framework of the cooperation declaration signed on December 10, 2016 and approved it in subsequent meetings, including the site on April 12, 2020".
butterfly And decided to extend the decision of the tenth ministerial meeting of OPEC and independent producers (April-April 2020) until December 31, 2022.
For his part, Director General of the Somo Oil Marketing Company, Alaa Al-Yasiri, said that the meeting decided to adjust the total production by adding a gradual increase by 400.
One thousand barrels per day per month starting from August 2021, and market developments and the performance of the producing countries will be evaluated in the month of December-December 2021 in order to take the appropriate action by the producing countries, with an emphasis on continuing to adhere to the mechanism of holding monthly ministerial meetings of OPEC and its allies from outside it for the duration of the period Announcement of the Cooperation Declaration Agreement to assess market conditions and take a decision on production level adjustments for the following month,
while seeking to end production adjustments by the end of September-September 2022, as of May 1, 2022, a new reference production will be adopted for some OPEC + countries, including Iraq, while re-emphasizing the importance of commitment In full and benefiting from the extension of the compensation period until the end of September 2021, taking into account the compensation, according to the statement of the fifteenth ministerial meeting of OPEC +.
The meeting decided to hold the twentieth ministerial meeting of OPEC and non-members at the headquarters of OPEC on the first of September - September 2021.
butterfly The Integrity Commission discloses the position of the three presidencies' response to the disclosure of financial disclosure for the year 2021
Monday 19 July 2021.............The Integrity Commission revealed the response position of those covered by submitting the financial disclosure form for the year 2021, which is related to the three presidencies, in addition to ministries and agencies not associated with a ministry, the judiciary and the governors.
The Authority's Prevention Department indicated that the response rate of the presidents, ministers and deputies amounted to 100%, and the response rate of the heads of the Federal Supreme Court, the President of the Supreme Judicial Council, the President of the Federal Court of Cassation and the Chief Public Prosecutor also reached 100%.
The department added that the response of the two Vice-Presidents of the House of Representatives to the disclosure of the financial disclosure amounted to 100%, while the response rate of the representatives was 76.5%, and that the response of the members of the Council of Ministers amounted to 100%, the members of the Federal Supreme Court reached 83.3%, and the members of the Federal Court of Cassation 100%, The response of judges covered by the financial disclosure statement was 98.6%.
She explained that the response of heads of bodies and agencies not associated with a ministry amounted to 87.5%, and the response rate of governors was 66.7 percent.
It is noteworthy that the first amendment to the effective Law of the Authority No. (30 of 2011) indicated in Article (16 / first / c) to oblige each of the (President and Deputy Prime Ministers, ministers and those of their rank), as well as others who occupy one of the official positions and positions, to submit a statement About their financial liabilities.
butterfly 2021-07-19 05:58 Shafaq News/ Oil prices fell sharply on Monday after OPEC+ overcame internal divisions and agreed to boost output, sparking concerns about a crude surplus as COVID-19 infections rise in many countries.
Brent crude was down $2.01, or 2.7%, at $71.58 a barrel by 0850 GMT. U.S. oil was down $2.06, or 2.8%, at $69.75 a barrel.
OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices that this month hit their highest level in more than two years as the global economy recovers from the COVID-19 pandemic.
The group of members of the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia also agreed new production shares from May 2022.
"Longer-term, free and additional production capacities from OPEC+ countries are the key reason why we see oil moving lower again," said Julius Baer analyst Carsten Menke.
"We remain confident that the oil market is in the final phase of its upcycle."
However, Goldman Sachs said it remained bullish on the outlook for oil and the agreement was in line with its view that producers "should focus on maintaining a tight physical market all the while guiding for higher future capacity and disincentivizing competing investments."
OPEC+ last year cut output by a record 10 million barrels per day (bpd) amid an evaporation in demand the pandemic developed, prompting a collapse in prices with U.S. oil futures prices at one point falling into negative territory.
OPEC+ producers have gradually eased their output curbs, which now stand at around 5.8 million bpd.
"Even with higher output, the market remains relatively tight," ANZ Research said. "High frequency data is showing encouraging signs for oil, with U.S. gasoline demand recently hitting a record high. This should limit the duration of the selling." Source: Reuters
butterfly 2021-07-19 03:33 Shafaq News/ The 19th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, concluded on Sunday 18 July 2021.
The Meeting noted the ongoing strengthening of market fundamentals, with oil demand showing clear signs of improvement and OECD stocks falling, as the economic recovery continued in most parts of the world with the help of accelerating vaccination programmes.
The Meeting welcomed the positive performance of Participating Countries in the Declaration of Cooperation (DoC). Overall conformity to the production adjustments was 113% in June (including Mexico), reinforcing the trend of high conformity by Participating Countries.
In view of current oil market fundamentals and the consensus on its outlook, the Meeting resolved to:
Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings, including on 12 April 2020.
Extend the decision of the 10th OPEC and non-OPEC Ministerial Meeting (April 2020) until the 31st of December 2022.
Adjust upward their overall production by 0.4 mb/d on a monthly basis starting August 2021 until phasing out the 5.8 mb/d production adjustment, and in December 2021 assess market developments and Participating Countries’ performance.
Continue to adhere to the mechanism to hold monthly OPEC and non-OPEC Ministerial Meetings for the entire duration of the Declaration of Cooperation, to assess market conditions and decide on production level adjustments for the following month, endeavoring to end production adjustments by the end of September 2022, subject to market conditions.
Adjust, effective 1st of May 2022, the baseline for the calculations of the production adjustments according to the attached table. Source: OPEC
butterfly 2021-07-18 06:18 Shafaq News/ A government source attributed the surge of the U.S. Dollar (USD) exchange rates to suspending the Central Bank of Iraq's currency Auction due to Eid recess.
The source told Shafaq News agency that the rise is only temporary and it will retreat soon after resuming the auctions.
"The traders bought USDs from the market to cover the expenses of their imports. Therefore, the demand rose in the absence of CBI's auctions...When the auction is resumed, the exchange rates will retrograde back to the previous levels."
USD exchange rates against the Iraqi dinars surged recently after setting down for a few weeks.
butterfly 2021-07-19 08:03 Shafaq News/ Iraq’s President, Barham Salih, stressed on Monday, the importance of strengthening bilateral relations with Saudi Arabia.
The Iraqi Presidency said in a statement, the President received today, at Baghdad Palace, Saudi Minister of Trade, Majed Al-Qasabi and his accompanying delegation.
According to the statement, Al-Qasabi conveyed greetings and congratulations of King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman on the occasion of Eid Al-Adha.
During the meeting, both sides discussed the “ties between the two neighboring countries and the two brotherly peoples and ways to enhance them in all fields.”
“Saleh stressed the importance of developing relations between the two sides and enhancing prospects for cooperation in various fields through the joint coordination council between the two countries, and cooperation in the economic, commercial, agricultural, investment and oil sectors to the interests of the peoples.”
According to the statement, both sides confirmed the “Iraqi-Saudi brotherly relations, their development, and the two countries' keenness to bridge the relationship between Iraq and the Gulf Cooperation Council, and emphasizing a secure, stable, sovereign Iraq and solid relations with its Arab depth and Islamic neighborhood.”
Minister Al-Qasabi extended deep thanks and appreciation to the Iraqi President, stressing the Kingdom's commitment to supporting the security and stability of Iraq, strengthening cooperation between the two countries.
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