Zig’s Place Chatroom News Thursday AM 1-13-22

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Butterfly   Reports: Oil Prices May Reach $125 In 2022

Economic  Last Update 01/13/2022 | 12:40 PM  JP Morgan expected that the surplus production capacity of the Organization of the Petroleum Exporting Countries (OPEC) will decline over the course of 2022, which increases the risks of a sharp increase in crude prices.

The US investment bank said that it "expects oil prices to rise to reach $125 a barrel this year and $150 a barrel in 2023."  Oil prices hit two-month highs on Wednesday, supported by a supply shortage, as crude inventories in the United States, the world's largest consumer, fell to their lowest levels since 2018.

The bank said in a note that assuming production at the current quotas, the surplus production capacity of OPEC will fall to four percent of the total production capacity by the fourth quarter in 2022, from 13 percent in the third quarter in 2021.

He added that "weak investment within the OPEC + countries and the increased demand for oil after the pandemic may lead to a potential energy crisis."   https://almaalomah.me/2022/01/13/576300/

butterfly   A Source Reveals The Reasons For Zebari's Nomination For The Presidency

Politician  Last Update 01/13/2022 | 12:04 PM  A well-informed political source revealed, on Thursday, the reasons behind the nomination of the leader of the Kurdistan Democratic Party, Hoshyar Zebari, for the presidency.

The source said in a statement to "Al-Maalouma", "The nomination of Hoshyar Zebari is a political maneuver aimed at putting pressure on the Patriotic Union of Kurdistan."

He added that "the Democratic Party does not want the nomination of Barham Salih by the Union, so it came down with a strong candidate in front of it, which will force the Union to replace him with a consensual and more acceptable Kurdish figure." https://almaalomah.me/2022/01/13/576283/

butterfly   With Documents.. The Federal Court Decides To Temporarily Suspend The Work Of The Elected Presidency Of Parliament   Politician  01/13/2022 | 2:29 PM

butterfly  Coordination Framework: Our Numbers Are Difficult And No Party Can Marginalize Us

Politician  Last Update 01/13/2022 | 12:43 PM

A member of the coordination framework, Qusai Abbas, confirmed, on Thursday, that the framework possesses parliamentary numbers that cannot be ignored or marginalized by any political party, indicating that the final word of the Federal Court on the legitimacy of the first session of Parliament.

Abbas said in a televised interview, which was followed by / the information / that “the coordination framework and the preparation of representatives it possesses is a difficult number, and the dialogue continues with the other blocs regarding the formation of the government, and that the alliance between the framework and the current is a possible and expected matter in the interest of the country’s unity.”

He added that "the final word of the Federal Court on the legitimacy of the first session of Parliament and that what happened in the first session is described as a "coup" and what happened in the session is evidence of a prior agreement."

Abbas pointed out that “the course of the first session has a negative impact on all the security and economic joints, including the approach of the Sunni and Kurdish blocs, evidence of their lack of concern for the issue of maintaining security,” noting that “the unification of the Shiite ranks is a possibility, and everyone confirms it, and the coming days will witness an evolution in negotiations and reaching an agreement.” With the Sadrist movement.” https://almaalomah.me/2022/01/13/576293/

butterfly   How Bush and Blair plotted war in Iraq: Read the secret memo in full

Published for the first time, the 'exceptionally sensitive' letter revealing what was really discussed at Bush's Texas ranch https://www.middleeasteye.net/news/iraq-war-full-secret-memo-how-bush-blair-plotted

butterfly   Jalal Talabani's sibling-in-law to run for the Presidency of Iraq 2022-01-13 06:57

Shafaq News/ The leading figure in the Patriotic Union of Kurdistan (PUK), Lutfy Rachid, has joined the presidential race, a PUK source revealed on Thursday.

Rachid is the brother-in-law of the PUK founding leader and former President of Iraq, Jalal Talabani.

A source told Shafaq News Agency that Rachid has officially submitted his candidature documents to the Iraqi Parliament Presidium.

Earlier today, the outgoing President Barham Salih announced that he will be running for a second term. Several sources from inside the PUK said that Salih is the party's prime and sole candidate.

Salih and Rachid will be vying with Judge Rizgar Mohammed Amin and Khalid al-Sheikh Sadiq Abdul-Aziz Halabjayi for the chair.

According to the customs in place since toppling Saddam Hussein's regime, the President of the Republic must be a Kurd. https://shafaq.com/en/Iraq-News/Jalal-Talabani-s-sibling-in-law-to-run-for-the-Presidency-of-Iraq

butterfly   IRAQ’S FEDERAL COURT SUSPENDS PARLIAMENT SPEAKER, DEPUTIES PENDING RULING PM:03:45:13/01/2022 SULAIMANI — Iraq’s Federal Court on Thursday (January 13) issued a decision to temporarily suspend the work of the new presidency of the Iraqi Parliament.

The move came at the request of two lawmakers, Basem Khashan and Mahmoud Daoud. Lawyers for the two MPs claimed there were legal and unconstitutional violations during the first session parliament on Sunday.

Iraqi Parliament Speaker Mohammed al-Halbousi and his two deputies, Hakim al-Zamili and Shakhawan Abdullah are suspended until the two lawsuits are resolved. https://nrttv.com/En/detail6/2223

butterfly   The Iraqi President files his papers to run for a second term 2022-01-13 04:26

Shafaq News/ On Thursday, a source said that the current Iraqi President, Barham Salih, has stood officially for election for the second term.

The parliamentary source told Shafaq News Agency that Salih filed his papers to the Iraqi parliament today.

Earlier this week, the Patriotic Union of Kurdistan (PUK) decided to endorse Barham Salih for the Iraqi Presidency.

A source in the Party told Shafaq News Agency that Bafel Talabani headed the meeting of the PUK political Bureau in the absence of Mullah Bakhtiar and Imad Ahmed.

Barham A. Salih is a veteran Iraqi Kurdish politician. He served as Prime Minister of the Kurdistan Region from 2009-2012. He was elected to a leadership role at the first conference of the Political Union of Kurdistan (PUK) party. He was also chosen to head the PUK office in the United States.

Following the 1992 parliamentary elections, he became the newly formed Kurdistan Regional Government (KRG) representative to the US. During his time in the US.

butterfly   He was appointed Prime Minister of the KRG in Sulaimani from 2001-2004. After the fall of the Ba'athist regime, he was appointed Deputy Prime Minister of the Interim Iraqi Government in mid-2004, the Minister of Planning in the transitional government in 2005, and Deputy Prime Minister again from 2005-2009. In addition to his role as Deputy Prime Minister, he was also in charge of the economic portfolio and head of the Economic Committee.

On October 2, 2018, Dr. Salih was elected President of the Republic of Iraq.

Dr. Salih earned a bachelor's degree in civil engineering and construction at the University of Cardiff and a doctoral degree in statistics and computer applications in engineering from the University of Liverpool in 1987. He is married to Dr. Sarbagh Salih, a botanist and women's rights activist.

According to political custom, the country's Presidency is part of the Kurdish community's share. https://shafaq.com/en/Iraq-News/The-Iraqi-President-files-his-papers-to-run-for-a-second-term

butterfly   JP Morgan sees OPEC spare capacity falling through 2022 2022-01-13 02:37

Shafaq News / JP Morgan on Wednesday said it expects Organization of Petroleum Exporting Countries' spare capacity to fall through 2022, driving a higher risk premium to oil prices.

JPM forecasts oil prices to rise as high as $125 a barrel this year and $150 a barrel in 2023. "We see growing market recognition of global underinvestment in supply," the bank said.

Oil prices hit two-month highs on Wednesday on tight supply as crude inventories in the United States, the world's top consumer, fell to their lowest since 2018. A weaker dollar and easing concerns about the Omicron coronavirus variant were also factors.

Assuming production at prevailing quotas, OPEC spare capacity will fall to 4% of total production capacity by fourth quarter 2022, from 13% in the third quarter 2021, the U.S. investment bank said in a note.

JPM said this comes at a critical point as other global producers falter. The combination of underinvestment within OPEC+ nations and post-pandemic rising oil demand could lead to a potential energy crisis.

Source: Reuters

butterfly   Iraqi Stock Market: 2021 Review and Outlook for 2022 13th January 2022 https://www.iraq-businessnews.com/2022/01/13/iraqi-stock-market-2021-review-and-outlook-for-2022/

butterfly   New Arrivals to Iraq must have COVID Vaccination Cert Prime Minister Mustafa al-Kadhimi has chaired a meeting of the Higher Committee for Health and National Safety in Baghdad.

The committee decided that all arriving passengers, including Iraqi nationals, must hold a Covid-19 vaccination certificate.

It also decided to end the exemption for umrah pilgrims from the requirement to have a Covid-19 international vaccination certificate.

Travelers must also have had a negative PCR test within 72 hours before entering Iraq (excluding those who are unable to prove that for health reasons).   (Source: Iraqi Govt)

butterfly   Dana Gas achieves 50% Gas Production Growth in 3 yrs Dana Gas and its partner, Crescent Petroleum, have reported record sales gas production from their operations in the Kurdistan Region of Iraq (KRI), reaching 452 million cubic feet of gas per day (MMscf/d) at the end of 2021.

The production milestone is the culmination of numerous process improvements at the Khor Mor gas plant, including a bypass project completed in 2020 as well as a de-bottlenecking programme earlier in 2018. Together, the process improvements have grown the production by 50% from 305 MMscf/d in 2018.

Dana Gas and Crescent Petroleum jointly operate the Khor Mor and Chemchemal gas fields on behalf of the Pearl Petroleum consortium, supplying the gas which enables much needed electricity generation in the KRI, and also producing close to 16,000 barrels of condensate and 1,000 tonnes of LPG per day. The successful process improvements will be reinforced by the KM250 expansion project at the plant which is currently under implementation, and will increase total capacity by an additional 55% to 700 MMscf/d by April 2023.

Major works for the US$630 million KM250 expansion project resumed in April, 2021 after a delay of one year due to the COVID pandemic. The project is now on track for the new target start date of April 2023. As part of the expansion works, the Company is also preparing to drill up to five development wells, which are scheduled to commence production in March 2022.

The KM250 Gas Expansion Project is supported by a $250 million financing agreement for 7 years with the U.S. International Development Finance Corporation (DFC) which was announced in September 2021. After completion of the KM250 project, the partners also plan a further KM500 train that would raise production to almost 1 billion cubic feet per day to meet rising demand for cleaner burning natural gas and electricity generation in the Kurdistan Region and all of Iraq.

butterfly   Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, said:

"The achievement of this production milestone underscores the progress we continue to make at Khor Mor to meet the rapidly growing demand for natural gas in the KRI. Despite the challenges the whole world has faced over the past two years, we are proud to have continued delivering uninterrupted supply of clean-burning natural gas to support the KRI economy and enable a healthy recovery.

Meanwhile our major expansion plans at the Khor Mor and Chemchemal fields to target 1 billion cubic feet per day in the coming few years will enable improved services across the region for years to come."

Dr Patrick Allman-Ward (pictured), CEO of Dana Gas, said:

"This milestone is testament to our people and their hard work making consistent production growth possible at our Khor Mor gas plant. Our continued investments since 2018, notably the Khor Mor de-bottlenecking and bypass projects, have allowed us to deliver reliable supplies of clean energy to support the KRI economy and its people, with enhanced economic and environmental benefits which will increase as we further grow production."

Total investment by the Pearl Petroleum consortium exceeds US$2.3 billion to date, with total cumulative production of over 360 million barrels of oil equivalent (boe) of natural gas and liquids. The uninterrupted supply of gas to power plants in Erbil, Chemchemal and Bazian provides over 80% of the KRI's power generation and has resulted in significant fuel cost savings through substitution of diesel representing both environmental and economic benefits for the Kurdistan Region and Iraq as a whole.

butterfly   The displacement of diesel fuel for power generation in the KRI with gas has also enabled emissions savings of 42 million tonnes of CO2, thereby making a major contribution to reducing greenhouse gas emissions and reducing local air pollution in the region as well as supporting the transition to better energy sources to tackle global climate change.   (Source: Dana Gas)

butterfly   "Omicron" lowers oil prices and reduces its gains" 13-01-2022 08:46 AM

Today, Thursday, oil prices witnessed a decline, trimming the large gains made in the previous two sessions, amid uncertainty about demand in the near term with the emergence of cases of the highly contagious type of Omicron of the Corona virus around the world.

US West Texas Intermediate crude futures were down 26 cents, or 0.31%, at $82.38 a barrel at 0503 GMT, after rising 1.7% in the previous session.

Brent crude futures were down 25 cents, or 0.30%, at $84.41 a barrel, after rising 1.3% on Wednesday.

Data from the US Energy Information Administration on Wednesday showed that fuel demand was hit by Omicron, with gasoline inventories increasing by 8 million barrels in the week to January 7.

The market had earlier benefited from a larger-than-expected drop in crude oil inventories and the fact that inventories are at their lowest since October 2018, which pushed Brent and West Texas Intermediate to two-month highs on Wednesday.

ANZ Research indicated that commercial flight numbers are 16% below 2019 levels for the week ending January 11, and that was at least better than they were in the last week of December, when numbers were 20% below pre-pandemic levels. , according to FlightRadar 24.

However, US supplies are set to rise as producers pave the way for faster production by expanding well completions in the country's largest shale oil field, the Permian Basin in West Texas and New Mexico, according to research data.   "Reuters"

Sheila   Profound Distinctions Between Intelligence and Wisdom

This is so so good ... I had never known these profound distinctions between *Intelligence* and *Wisdom* ...

1. Intelligence leads to arguments. Wisdom leads to settlements.

2. Intelligence is power of will. Wisdom is power OVER will.

3. Intelligence is heat, it burns. Wisdom is warmth, it comforts.

4. Intelligence is pursuit of knowledge, it tires the seeker. Wisdom is pursuit of truth, it inspires the seeker.

5. Intelligence is holding on. Wisdom is letting go.

6. Intelligence leads you. Wisdom guides you.

7. An intelligent man thinks he knows everything. A wise man knows that there is still something to learn.

8. An intelligent man always tries to prove his point. A wise man knows there really is no point.

9. An intelligent man freely gives unsolicited advice. A wise man keeps his counsel until all options are considered.

10. An intelligent man understands what is being said. A wise man understands what is left unsaid.

11. An intelligent man speaks when he has to say something. A wise man speaks when he has something to say.

12. An intelligent man sees everything as relative. A wise man sees everything as related.

13. An intelligent man tries to control the mass flow. A wise man navigates the mass flow.

14. An intelligent man preaches. A wise man reaches.

Intelligence is good but wisdom achieves better results.

UNEEK   sheila now that is a keeper!!! thanks for sharing!!

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