Zig’s Place Chatroom News Saturday AM 10-2-21
Zig’s Place Chatroom News Saturday AM 10-2-21
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butterfly Oil prices are approaching $80 a barrel
https://ninanews.com/Website/News/Details?key=930290
Saturday 02 October 2021 09:05 Oil prices rose, approaching the $80 barrier, supported by expectations that OPEC ministers will maintain a moderate pace to raise production. Brent crude rose 97 cents, or 1.2 percent, to $79.28 at the settlement, marking the fourth consecutive weekly rise. West Texas Intermediate crude advanced 85 cents to settle at $75.88, with a sixth week of gains.
US energy companies this week increased oil and natural gas rigs for the fourth consecutive week, as more offshore units damaged by storms resumed service in the Gulf of Mexico.
Energy services company Baker Hughes said: "The number of drilling rigs rose to 528 in the week ending October 1, the highest level since April 2020.
butterfly An economist to Nina: An economic plan must be drawn up that differs from the 2021 budget plans
https://ninanews.com/Website/News/Details?key=930287
Saturday 02 October 2021 09:20 The economic expert, Raad Twij, confirmed that the 2022 budget is an image similar to the 2021 budget
. Twig said in a statement to the National Iraqi News Agency / NINA / that: The 2022 budget is a similar image to the 2021 budget, and this is not correct from an economic point of view and does not refer to building The budget reflects the real needs of the Iraqi economy, which can transfer it to the ranks of the economies of regional countries, at the very least."
He noted, "The 2022 budget can give impetus to economic sectors that were neglected in the past due to insufficient resources such as industry, agriculture and scientific research, especially with the escalation of oil prices and reaching the limits of $80, which provides surplus capital to the Iraqi treasury. Therefore, the 2022 budget plan should be It has orientations other than those of the 2021 budget and its consumption images, meaning that its payments are productive and work to increase incomes for the poor, and indirectly, for the most part.”
He continued, "Adopting the price of a barrel at / 50 / dollars is a major fallacy, as there is a large discrepancy with the price of a barrel in the market of 80 dollars, which may make the economy ineffective and its resources disrupted."
butterfly An economic specialist to / Nina /: The money spent to import fuel is enough to build advanced facilities for its production
https://ninanews.com/Website/News/Details?key=930291
Saturday 02 October 2021 10:44 The specialist in economic affairs, Ali Jabbar Al-Fariji, confirmed that the amount of money spent to import gasoline and gas oil (kerosene) for the years since 2005 is estimated at more than 32 billion dollars.
Al-Fraiji said in a statement to the National Iraqi News Agency / NINA / that "the energy equation in Iraq is unbalanced, it cannot be in the body of a regular economy, and in a country like Iraq owns 11% of the world's oil reserves, and the No. 2 source in OPEC."
He pointed out that "the amount of money that was spent to import (gasoline and kerosene), would have been sufficient to build advanced facilities for the production of the two substances and other derivatives to cover Iraq's need and export from it."
Al-Fraiji called on the Ministry of Oil to invest in the rise in global oil prices and take advantage of international companies to invest crude oil in oil derivatives and leave importing from neighboring countries.
butterfly Economist: Iraq needs to sell a barrel of oil at $69 to cover the budget deficit
https://ninanews.com/Website/News/Details?key=930311
Saturday 02 October 2021 12:13 The economic expert, Safwan Qusay, confirmed that Iraq needs to sell a barrel of oil at 69 dollars to cover the budget deficit.
Qusay said in a statement to the National Iraqi News Agency / NINA / that "the rise in Iraqi oil prices above $ 69 dollars on average during the year 2021 will support the occurrence of financial savings that can be directed towards repaying external and internal debts and supporting the state-building process."
He added, “With the continued increase in global demand for oil after the gradual demise of the impact of Corona and the continuation of support for extensive financing operations globally by global central banks, the fair equilibrium price of a barrel of oil is between 70-80 dollars, and the more prices rise above 80 dollars, the more they support the increase in production quantities.” from OPEC and its partners.
He added, "At the local level, the rise in Iraqi oil prices above $69, on average, during the year 2021, will support the occurrence of financial savings that can be directed towards repaying external and internal debts and supporting the state-building process through expanding spending within the requirements of economic reform, according to what was stated in the white paper."
The economic expert stressed that "the current government and the next government should allow the recycle of the surplus and unspent funds during 2021 in favor of the same units that the money reached late, and treat government accounting procedures as secretariats related to the year 2021 in order not to lose from those parties."
Butterfly https://www.shafaq.com/en/Economy/Basra-crude-oil-climbs-1-08-in-a-week Basra crude oil climbs 1.08$ in a week 2021-10-02 04:39
Shafaq News/ Basra Light Crude prices achieved profits of $1.08 last week, supported by expectations that OPEC ministers will maintain a moderate pace to raise production at a time when the market suffers from a lack of supplies.
Basra crude rose in its last session before it closed on Friday by 31 cents to reach $77.74 and achieved weekly gains of $1.08, or 1.41%.
Brent crude also climbed in its last session by 1.24% to reach $79.28 and achieved profits of $1.19, or the equivalent of 1.52%, in a week.
The US West Texas Intermediate crude was also settled, up 0.85%, to reach $75.88 a barrel, to record weekly profits of $1.90, or 2.57%.
butterfly https://www.shafaq.com/en/Economy/Dollar-exchange-rates-in-Iraq-8-7-4 Dollar exchange rates in Iraq 2021-10-02 03:29
Shafaq News/ Dollar exchange rates climbed today, October 2, 2021, on the Iraqi market.
• The Kifah Stock Exchange recorded 147,300 dinars for $ 100.
• The Al-Harthiya Stock Exchange recorded 147,300 dinars for 100 dollars.
In Baghdad The Selling prices at bank stores on local markets:
•Sale price: 147,750 dinars per $100.
• Purchase price: 146,750 dinars per $100.
butterfly https://www.shafaq.com/en/Iraq-News/the-security-in-the-Middle-East-is-linked-to-the-stability-of-Iraq-and-Kurdistan-US-Official-Says the security in the Middle East is linked to the stability of Iraq and Kurdistan, US Official Says ................ 2021-10-02 05:50
Shafaq News/ The US Consul General in Erbil Roberto Palladino said on Saturday that US President Joe Biden believes that establishing security in the Middle East is linked to the stability of Iraq and Kurdistan Region.
Palladino said in a press conference held in the Jumanki oil field in Duhok; The United States is committed to supporting the Kurdistan Region, adding that President Biden believes that the establishment of security in the Middle East is linked to the stability of Iraq and the Region.
He noted that the United States will remain in the Region until it’s necessary to, stressing that it will contribute to the Region's stability process.
The US Consul in Erbil continued, "We are working to urge the major companies operating in the energy field to invest in the region, and to have an active role in the investment process."
butterfly Have a great day.
UNEEK Anybody can become angry - that is easy, but to be angry with the right person and to the right degree and at the right time and for the right purpose, and in the right way - that is not within everybody's power and is not easy.
http://www.brainyquote.com/quotes/quotes/a/aristotle132211.html
Excellence is an art won by training and habituation. We do not act rightly because we have virtue or excellence, but we rather have those because we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit.
Excellence, then, is a state concerned with choice, lying in a mean, relative to us, this being determined by reason and in the way in which the man of practical wisdom would determine it.
Moral excellence comes about as a result of habit. We become just by doing just acts, temperate by doing temperate acts, brave by doing brave acts.
Men acquire a particular quality by constantly acting in a particular way.
UNEEK Bring your desires down to your present means. Increase them only when your increased means permit.
Dignity does not consist in possessing honors, but in deserving them.
Education is an ornament in prosperity and a refuge in adversity.
Even when laws have been written down, they ought not always to remain unaltered.
He who is to be a good ruler must have first been ruled.
I count him braver who overcomes his desires than him who conquers his enemies; for the hardest victory is over self.
In a democracy the poor will have more power than the rich, because there are more of them, and the will of the majority is supreme.
Inferiors revolt in order that they may be equal, and equals that they may be superior. Such is the state of mind which creates revolutions.
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