Bondlady’s Corner Iraqi Economic News and Points To Ponder Thurs Afternoon 9-7-23

Iraqi Economic News and Points To Ponder Thurs Afternoon  9-7-23


Tlm724 Administrator Bondlady’s Corner


Parliamentary Finance For / Nina /: These Are The Reasons For Appeals Against The General Budget Law


Thursday 07 September 2023 17:03 | political Number of readings: 170  Baghdad / NINA / – The Parliamentary Finance Committee revealed the reasons behind the appeals related to the Federal General Budget Law.


Committee member Representative Nermin Maarouf stated, in a statement to the National Iraqi News Agency ( NINA ), that “one of the tasks of the Federal Court, according to the constitution, is to consider lawsuits submitted by stakeholders and parties concerned with federal laws, including the General Budget Law.”


And she explained, “The Kurdish component is a basic partner in the federal government, and there are paragraphs related to the region’s dues contained in the budget, including Articles 11-12_13, and any group or component has the right to file appeals with articles that it finds do not do justice to its rights.”


And she added, “The appeals submitted by the regional government came because it sees the provisions contained in the budget law as contrary to the political agreement signed by Baghdad and Erbil before sending the draft general budget law to the House of Representatives.”


And the Federal Court, early last month, decided the Kurdistan Regional Government’s appeal against the budget law and issued its final and binding decision for all authorities, which included the ruling that the phrase (and with the approval of the Federal Prime Minister) contained in Article (11/First) and the phrase (and in case the parliament cannot be dissolved) are unconstitutional.


Taking the necessary decision contained in Article (13/seventh) of the law, dismissing the lawsuit regarding the challenge to the constitutionality of articles (2/first/5/b), (11/second) and (12/second/a, b, c, d, e) and (13 / eighth / b) of the law.


About 65 Million Barrels Of Iraqi Exports To America In Six Months


Energy   Economy News _ Baghdad  The US Energy Information Administration announced today, Thursday, that Iraq’s oil exports to America amounted to about 65 million barrels during the six months of 2023.


And a table for the administration, seen by Al-Iqtisad News, showed that Iraq’s exports of crude oil and its products to America during the six months of 2023, starting from January to the end of June, amounted to 64.737 million barrels, an increase of 33.5% over the same period in 2022. America’s oil exports amounted to 48.459 million barrels, an increase of 139% compared to the same period in 2021, when oil exports to America amounted to 27.046 million barrels.


The table showed that the highest rate of oil exports to America during the six months of 2023 was in February, when it amounted to 12.168 million barrels, while the lowest rate of oil exports was for the month of June, when it amounted to 9.330 million barrels.


He pointed out that the highest rate of exports in six months during the past ten years was in 2018, when it amounted to 104.384 million barrels.


Iraq exports nearly 10% of its oil exports to America, and is considered among the top ten exporting countries to America, along with Canada, Mexico and Saudi Arabia.


Views 35  09/07/2023 –


Pope Francis To The Chaldean: I Have Not Forgotten My Historic Visit To Iraq


Iraq   Thursday, September 7, 2023   Baghdad / National News Center   Pope Francis confirmed today, Thursday, that he did not forget his historic visit to Iraq and the meeting with its religious and political leaders.


The media office of the Secretary-General of the Babylon Movement, Rayan Al-Kaldani, stated in a statement received by the National News Center: “At the invitation of Italian businessmen and institutions, Al-Kaldani arrived in Rome, visited the Vatican State and met with His Holiness the Pope, and with a solemn welcome he arrived to participate in the angelic prayer of the Virgin Mary. At the beginning of his speech, His Holiness Pope Francis welcomed the Iraqi delegation, praying and blessing the Arabic speakers.


And the statement added: “At the end of the prayer, the Chaldean met His Holiness the Pope, and presented His Holiness with a gift from the heritage of Mesopotamia, and conveyed to him the greetings of the Iraqi government and the Iraqi people, asking him for his prayers for Iraq.”


And he continued: “In turn, His Holiness the Pope granted the Chaldean his apostolic blessing and gave him a special gift, which is the Rosary, blessed by His Holiness, saying that he did not forget his historic visit to Iraq and his meeting with Iraq’s religious and political leaders, and encouraged the work of the Chaldean who works for peace among all Iraqis.”


He concluded: “In turn, Rayan Al-Kaldani thanked His Holiness the Pope for this opportunity and the solemn reception, noting that Al-Kaldani’s agenda includes official meetings with church institutions and Catholic clerics.”


Oil Prices Are Stable Above $90


Economy | 07/09/2023   Baghdad – Mawazine News  Oil prices stabilized today, Thursday, at their highest level in nine months, after investors absorbed the decision issued by the leaders of the “OPEC +” coalition, Saudi Arabia and Russia, to extend the supply reduction until the end of this year.


West Texas Intermediate crude futures for November delivery rose 12 cents to settle at $87.54 a barrel in New York.  Brent crude futures for the month of November settled up by 16 cents, settling at $90.60 a barrel.   Riyadh and Moscow’s strategy is to suck up stocks by reducing them further, and the entire oil market has felt its impact.


Brent crude, the global benchmark, settled above $90 a barrel on Thursday, its highest level since November, adding to sentiments of confidence in the markets that Saudi Arabia raised its official selling prices for Arab Light crude to Asia to the highest level since 10 months, indicating its satisfaction with the status of the request.


However, crude markets are issuing warnings indicating an overbought condition on the 14-day RSI, which raises downside risks.


Oil rose sharply in the current quarter after the Organization of the Petroleum Exporting Countries (OPEC) and its allies adopted a group-wide supply cut, which was then supplemented by additional voluntary cuts, and production restrictions were implemented at a time when the International Energy Agency estimates that global oil consumption Crude is rising at a record pace. Ended 29/h


The Dollar Continues To Rise In The Local Markets


Economy   Thursday, September 7, 2023 Baghdad / National News Center  Today, Thursday, the exchange rates of the US dollar rose against the Iraqi dinar in the markets of the capital, Baghdad.


Where the Kifah and Al-Harithiya stock exchanges in Baghdad recorded 154,000 dinars for every 100 dollars, while yesterday, Wednesday, prices were 153,600 dinars.  The selling prices in exchange shops in the local markets in Baghdad for sale amounted to 155,000 dinars, while the purchase price amounted to 153,000 dinars for every 100 dollars.


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Points to Ponder on Opinions:


Change of opinion is often only the progress of sound thought and growing knowledge; and though sometimes regarded as an inconsistency, it is but the noble inconsistency natural to a mind ever ready for growth and expansion of thought, and that never fears to follow where truth and duty may lead the way  — Tryon Edwards


The feeble tremble before opinion, the foolish defy it, the wise judge it, the skillful direct it — Mad. Roland


Nothing so obstinately stands in the way of all sorts of progress, as pride of opinion; while nothing is so foolish and baseless — J G Holland


Opinion is the main thing which does good or harm in the world. It is our false opinions of things which ruin us — Marcus Antonimus


Opinions are stronger than armies — If they are founded in truth and justice, they will, in the end, prevail against the bayonets of infantry, the fire of artillery, and the charges of cavalry — Lord Palmerston


It is more true to say that our opinions depend upon our lives and habits, than to say that our lives and habits depend on our opinions —  F W Robertson


It is common to men to err; but it is only a fool that perseveres in his error; a wise man alters his opinion, a fool never — Arnold