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More Iraqi News Tuesday PM 8-25-20

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Oil Prices Varied Due To Production Cuts Due To Two Hurricanes And The Increase In Corona Injuries

Editing date: 08/25/2020 16:33 • 32 times read  [Follow_Wine]  Oil prices varied on Tuesday as traders study the impact of a large part of production being halted on the coast of the United States on the Gulf of Mexico due to Tropical Hurricanes Marco and Laura, in exchange for the rise in Corona cases in Asia and Europe.

Brent crude futures rose 14 cents, equivalent to 0.3 percent, to $ 45.27 a barrel by 0700 GMT, while US West Texas Intermediate crude fell four cents, equivalent to 0.1 percent, to $ 42.58.

“The increase in the number of American rigs last week and the disparity in the data on Corona injuries had a limited negative impact on oil this week, thanks to a possible disruption due to two separate hurricanes heading to the US coastal region on the Gulf,” said Stephen Ince, chief global market expert at AxiCorp.

Energy companies have reduced production at refineries on the coast of the Gulf of Mexico in the United States after closing 82 percent of offshore crude oil production in the region, as the rare blow of two hurricanes on major oil-producing areas in the United States threatens to bring heavy rains for several days and strong winds this week.

Producers have halted oil production of more than 1.5 million barrels per day on the coast of the Gulf of Mexico, which represents about 14 percent of total US production.

A Reuters poll on Monday showed that US crude stocks were likely to have fallen for the fifth consecutive week, while stocks of refined products also fell last week.

Iraq Sold Nearly $ 3.5 Billion Of Oil Last Month

Time: 08/25/2020 14:01:13 Read: 1,781 times    {Baghdad: Al Furat News} The Ministry of Oil announced, on Tuesday, the total oil exports and revenues achieved for the month of July, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO).

A spokesman for the Ministry of Oil, Assem Jihad, said in a press statement that “the amount of exports of crude oil amounted to (85) million and (663) thousand and (290) barrels (eighty-five million six hundred and sixty-three thousand and ninety two hundred barrels), with revenues of (3). One billion and (491) million and (767) thousand dollars. ”

He added that “the total exported quantities of crude oil for the month of July from the oil fields in central and southern Iraq amounted to (82) million and (700) thousand and (381) barrels,

with revenues amounting to more than (3) billion and (366) million and ( 66) thousand dollars,

while the exported quantities of Kirkuk oil through the port of Ceyhan were (2) million and (701) thousand and (15) barrels,  with revenues of more than (118) million and (536) thousand and (773) dollars,

while The quantities exported to Jordan were more than (261) thousand and (894) barrels

with revenues amounting to more than (7) million and (164) thousand and (134) dollars. ”

Jihad continued, “The average price per barrel amounted to (40,762) dollars,” noting that “the exported quantities were loaded by (30) international companies of various nationalities, from the ports of Basra and Khor Al-Amaya and the unilateral buoys on the Gulf and the Turkish port of Ceyhan.”

He pointed out that “the quantities and revenues of the exported crude oil shipments that were marketed at a price premium to achieve additional revenue during the month of July, totaling (38) million and (822) thousand and (827) dollars.”

He explained, “The ministry, through its belief in informing the people of export operations and the revenues generated from it, has taken this monthly procedure.”   LINK

The Stability Of The Dollar Exchange Today In Iraq

Time: 08/25/2020 09:36:15 Read: 3,913 times  {Baghdad: Al Furat News} Today, the foreign currency markets in Iraq recorded a stable exchange rate of the US dollar against the Iraqi dinar.

The prices of selling and buying dollars in exchange companies and offices were as follows:

The selling price of one dollar was 1232.5 dinars, or 123 thousand and 250 dinars per hundred dollars.

The purchase price of the dollar is 1222.5 dinars, or 122 thousand and 250 dinars per hundred dollars.

Foreign exchange rates, gold and crude oil until the preparation of this news:

The euro The global price: 100 euros = 118.13 pounds

The sterling The global price: 100 pounds = 131.03 dollars of the Turkish lira

World price: 100 dollars = 738.37 Turkish lira

The price of an ounce of gold worldwide = 1933.22 dollars,

The price of a barrel of Brent crude oil = 45.30 dollars,

The price of a barrel of US crude oil = 42.60 dollars   LINK

Has The Chinese-Iraqi Agreement Canceled The Iraqi Economic Rapprochement With America?

Reports  Economy News – Baghdad  Economic observers confirmed that the Chinese-Iraqi agreement was canceled by Iraq, but not formally, but by suspending the implementation procedures of the agreement due to the political and security developments taking place in the country in addition to the financial crisis, and the current government’s orientation towards the American and Gulf economy.

A government source told Al-Iqtisad News that the government withdrew funds from the Sino-Iraqi agreement, which was estimated at one billion dollars, in order to pay the salaries of employees during the past months, indicating that the Sino-Iraqi agreement is currently suspended and that no contracts were concluded with companies.

On the other hand, a member of the Economy and Investment Committee in Parliament, Ali Saadoun, said, “The Parliamentary Economic and Investment Committee called on the government more than once to activate the economic agreement with China, but it did not respond to our request.” And start investment projects according to the agreement

He added, “It was assumed that the agreement would enter into force after it was signed by the previous government, but there is no intention of the government of Prime Minister Mustafa Al-Kazemi to activate the agreement .”

Saadoun pointed out, “There are foreign and American pressures exerted to push for the cancellation of the Chinese economic agreement and not to activate it to serve its personal interests .”

The volume of Chinese investments in Iraq is $ 20 billion and are concentrated in the energy sector through the formation of a coalition of international companies or individually to develop some power stations, and the annual trade exchange between the two countries is $ 21 billion, tending to Iraq, with total exports of $ 15 billion of oil.

The advisor to the Prime Minister, Abdul Hussein Hanin, told “Al-Iqtisad News”, “The Iraqi-Chinese agreement extends for 20 years, through which Baghdad sends 3 million barrels to China per month at the global price.”

Hanin, who was a member of the Iraqi delegation, continued his speech by saying, “Iraq is currently selling its oil and gets its money after a month or two, while this agreement, the funds will come as projects that are implemented by Chinese companies inside the country,” adding that “the projects were identified according to There are three priorities: constructing and modernizing highways and internal roads and establishing infrastructure for them including sewers, the second first is building schools, hospitals, residential and industrial cities, and the third first is building railways, ports, airports and others.

However, the Al-Kazemi government affirms that the agreement is still valid and Iraq can benefit from it. Oil Minister Ihsan Abdul-Jabbar said that Iraq will benefit from the Chinese agreement concluded by the previous government in implementing projects, denying the presence of “shackles” in the Chinese agreement, while noting the absence Trust between Baghdad and Erbil .

He stressed that the Chinese agreement is beneficial to Iraq and that the Ministry of Finance has submitted a request to do so.   Number of observations 224 Date of addendum 08/25/2020

The Financial Committee Addresses Al-Kazemi’s Office To Present The Economic Reform Program (Document)

Author: Ahad5 On 08/25/2020 – 4:48 PM 84  The Finance Committee in the House of Representatives addressed the office of Prime Minister Mustafa Al-Kazemi regarding the economic reform program, after it was overdue to present it to Parliament.

Al-Ahed News obtained a document signed by the head of the committee, Representative Haitham al-Jubouri, addressed to the Prime Minister’s office, in which he stated that the office had exceeded the legal period to present the economic reform program to the House of Representatives, while demanding adherence to the legal deadlines.

MP Alaa Al-Rubaie: The Just Judiciary Issues A State Order Stopping The Renewal Of Mobile Phone Contracts In Iraq

Member of the Communications and Media Committee, MP Alaa al-Rubaie, announced on Tuesday, 08/25/2020, that the fair Iraqi judiciary issued a state order stopping the renewal of contracts for mobile phone companies in Iraq.

Al-Rubaie promised this courageous decision a real victory for the continuous efforts aimed at stopping the financial waste that these contracts will cause if it goes away, adding that we previously filed a lawsuit after meeting with the President of the Supreme Judicial Council and the head of the Public Prosecution Authority to explain the details of the danger of these contracts on the future of Iraqis in case Passed.

Al-Rubaie explained: What happened today is a devastating blow to the corrupt and to those who stood up with the renewal of these contracts, including some leaders and political parties that cared about their own interests at the expense of the interests of the people and the citizen, explaining that the issuance of the judiciary for this brave matter confirms that the Iraqi judiciary is still free and fair and will not care Due to political pressures that some used to use to influence the course and course of the judiciary.

Deputy Al-Rubaie, representing the Parliamentary Media and Communications Committee, thanked all those who stood with him and the representatives who did not remain silent about the passage of these contracts, whether cultural and social elites and even media outlets in particular, those that were not affected by the pressures of the Media and Communications Commission, nor some of the parties that were involved in these contracts.

House of Representatives  Information  Department 08/25/2020  LINK

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