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More Iraqi News Friday PM 2-19-21

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After Exceeding $ 65, Oil Retreated Due To Freezing Weather In Texas, USA

11:15 – 19/02/2021   The information / Baghdad ..Oil prices fell, as traders deliberately sold to reap profits after buying for days sparked by the cold weather in Texas, USA.  Brent crude fell 41 cents, or 0.6 percent, to determine the settlement price at $ 63.93 a barrel. The price rose during the session to $ 65.52, its highest since January 2020.

U.S. West Texas Intermediate crude futures fell 62 cents, or 1 percent, to close at $ 60.52 a barrel, after earlier hitting $ 62.26, their peak since January 2020.  Brent rose for four consecutive sessions before today’s trading, while West Texas rose for three sessions.

“The market may have speeded up a bit,” said Phil Flynn, chief analyst at Price Futures Group in Chicago. “But be sure that this sale of oil does not solve the problems.” The problems will continue. ”

Despite the partial restoration of electricity in Texas today, the state entered its sixth day of a freezing weather wave, amid disruptions in refineries and oil and gas facilities, which spread to Mexico.

Bad weather cut off about a fifth of US refining capacity and caused the shutdown of oil and gas production facilities across the state.

Bloomberg: Iraq Continues Not To Adhere To The OPEC Production Quota

Economie| 08:35 – 18/02/2021   Baghdad – Mawazine News  Bloomberg reported that OPEC’s goal of urging Iraq to restrict its oil exports and adhere to its quota in the production cut agreement is getting more difficult, as Baghdad intends to increase its crude exports.

The agency said in a report that Iraq’s oil exports jumped in the first half of February, even after Baghdad pledged to the organization to cut production this month.

OPEC and its partners, including Russia, are working to restrict oil supplies with the continuing outbreak of Corona, and the oil alliance seeks to ensure that oil prices, which have risen by 66% since the beginning of November, do not decrease, driven by the expansion of vaccination operations globally. Baghdad had pledged to pump oil into OPEC at less than its share in February to compensate for its surplus production in January.

However, the pace of its crude exports in the first half of this month indicates that it may exceed the production target it pledged of 3.6 million barrels per day, and perhaps the production ceiling. OPEC +, which is about 3.85 million barrels per day.

While Iraq derives its budget income almost from oil and is witnessing, like other oil-producing countries, an economic crisis after Corona caused the collapse of energy demand last year, Bloomberg revealed, citing a responsible source in the Iraqi oil sector, that Baghdad is still intending to achieve its goal of exports for the whole month.

While another official source indicated that the Iraqi government increased its oil exports during the first half of February in anticipation of bad weather, and may reduce them in the second half of this month.

“Iraq may bet on the importance of the OPEC + agreement, so that it cannot be dismantled or collapsed due to some failure to compensate for production,” said Robin Mills, head of the Qamar Energy Consulting Company in Dubai. “The Iraqi government needs financial revenues.” The agency stated that if Baghdad’s oil exports continued at their current pace and the country consumed the same amount of oil for the month of January, it might pump about 4 million barrels per day this month.

She indicated that the deteriorating economic situation of Iraq and its inability to control oil production in the Kurdistan region led to an increase in production by about 80 thousand per day between May and December.

And I mentioned that Brent crude futures prices rose by 25% this year to the level of $ 65 a barrel, eliminating losses for almost the past year. The production cuts approved by “OPEC +” helped stimulate these gains, in addition to the unusual cold winter season in large parts. From Asia and the United States of America.Ended 29 / h

An Industrial Development Consultant Explains Ways To Support Small And Medium Enterprises And How To Attract Large Investors

Friday 19, February 2021 09:27 | Economical  Views: 255Baghdad / NINA / The consultant in industrial development and investment, Amer Al-Jawahiri, said, “There is a significant weakness in the volume of lending to small and medium industrial projects, despite the presence of the industrial initiative.”

Al-Jawahiri said in a statement to the Iraqi National News Agency / NINA /: “There is a need to actively activate the creation and implementation of solutions to all challenges, including the intervention of the relevant authorities, especially the Industrial Coordination Council, and finding a solution to the issue of guarantees for serious projects.”

Al-Jawahiri added: “The large industrial and agricultural projects, without the empowerment of government agencies, are difficult to walk through, due to the fact that the investment environment is backward and difficult, and the measures to protect the national product are weak.”

Al-Kazemi Stresses The Necessity Of Forming A Complete Future Vision For Long-Term Solutions In Strategic Projects

Friday 19, February 2021 12:20 | Economical Views: 369  Baghdad / NINA / Prime Minister Mustafa Al-Kazemi chaired a meeting devoted to discussing the implementation of the ring road around Baghdad.

During the meeting, according to a statement by the Prime Minister’s Office, a comprehensive overview of the route and design of the Ring Road was presented, and Al-Kazemi briefed in detail on the developmental importance of constructing this road and the services it will provide to citizens by sparing the capital’s streets from the passage of trucks and absorbing traffic momentum, as well as developing cities and regions. Surrounding and near.

Al-Kazemi explained the importance of this project, as it will create an economic stimulus, with what it represents in terms of urban activity and the facilitation of transportation and land connectivity.

He stressed the necessity of forming a complete future vision for long-term solutions in strategic projects, addressing all gaps and obstacles facing their implementation, and taking into account population growth and future urban expansion and expansion of cities.

During the meeting, which was attended by a number of concerned ministers and officials, the Prime Minister clarified the importance of strategic projects that provide a direct service to the citizen, stressing the need for state agencies and concerned parties to plan to place these projects at the forefront of their priorities during the coming period. / End 3

Masrour Barzani: I Urge Everyone To Respect The Judiciary System In The Kurdistan Region

2021-02-19 11:40  Shafaq News / The Prime Minister of Kurdistan Regional Government, Masrour Barzani, urged “everyone” to respect the Kurdistan region’s judiciary decisions, after several parties criticized the issuance of prison sentences against journalists and activists.

On Monday, seven citizens from Duhok, including two journalists, were put on trial in Erbil for “endangering the national security of the Kurdistan Region.” Five of the defendants – Sherwan Sherwani, Shvan Saeed, Ayaz Karam, Hariwan Issa, and Guhdar Zebari – were found guilty and were sentenced to six years in jail.

Barzani said in a tweet,” I strongly urge everyone to respect the judiciary system in the Kurdistan Region and to let it do its job independently and without interference.”

The defendants were convicted against the background of bloody protests in al-Sulaymaniyah governorate late last year, when demonstrators attacked government and party headquarters, set fire to them and assaulted their cadres.

Pentagon ‘Open’ To Increasing Troop Levels In Iraq

The Pentagon is reportedly open to the possibility of sending more American troops to Iraq in an expanded NATO training mission for Iraqi security forces.

Secretary of Defense Lloyd Austin discussed the training mission with his NATO colleagues Thursday, according to CNN. Although an increase in troop levels is on the table, there are no imminent plans for it at the moment, Pentagon spokesperson John Kirby clarified Thursday night.

“The US is participating in the force generation process for NATO Mission Iraq and will contribute its fair share to this important expanded mission,” Pentagon spokesperson Jessica L. McNulty said to CNN. The aim of the mission is reportedly to support Iraqi forces in the fight to prevent ISIS from re-emerging as a substantial regional threat. (RELATED: President Biden Briefed After 5 Americans Injured In Iraq Rocket Attack)

NATO Secretary-General Jens Stoltenberg said Thursday that NATO’s presence for the mission would jump from about 500 personnel to around 4,000, CNN reported. Austin reportedly “welcomed the expanded role” of NATO in Iraq, and Stoltenberg stressed the importance of keeping ISIS in check. “ISIS is still there. ISIS still operates in Iraq, and we need to make sure that they’re not able to return,” Stoltenberg said.

Stoltenberg also added that the increase in NATO personnel in the country came at the request of the Iraqi government.

An increase in American involvement in Iraq would be a change in direction from policy under former President Donald Trump. Troop levels in the country fell to 2,500 by the end of Trump’s term. Before the transition to the Biden administration, Trump’s acting Secretary of Defense Christopher Miller said the troop reduction was a sign of success: “The drawdown of US force levels in Iraq is reflective of the increased capabilities of the Iraqi security forces. Our ability to reduce force levels is evidence of real progress.”