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More Iraqi News Iraqi News Saturday PM 3-13-21

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BP Statistic Puts Iraq In Fifth Place In World Oil Reserves

13:07 – 13/03/2021  The information / translation…A new statistical study by British Petroleum, the British global energy company, revealed that the total proven oil reserves in the world reached 1.73 trillion barrels, with the production of nearly one hundred million barrels globally on a daily basis.

“Oil is the main economic artery of the world during the last century, while it is estimated that the planet Earth derives more than a third of its total energy production from oil – and as a result, often “Those countries that control large parts of the world’s oil reserves boast of the greatest geopolitical and economic power.”

He continued, “Venezuela tops the list of global reserves with 304 billion barrels of proven reserves, representing 17.5 percent of the global market share. Venezuela has been able to surpass Saudi Arabia in the volume of reserves since 2011, while the latter ranked second with reserves of more than 300 billion barrels with a share. It stands at 17.2 percent of the global market.

And he continued, “Canada ranked third with proven reserves amounting to nearly 170 billion barrels of oil, or 9.8 percent of the global market share. Iran came in fourth place despite economic sanctions, with reserves amounting to 156 billion barrels, or 9 percent of the world’s share.”

And that ” Iraq It ranked fifth with reserves amounting to 145 billion barrels, which constitutes 8.4 percent of the global share, while Russia came in sixth place with reserves amounting to 107 billion barrels, or 6.2 percent of the global share, and then Kuwait ranked seventh with a share of 100 billion and 200 million barrels, representing 5.9 percent of the global share “.

He explained that “the UAE ranked eighth with a share of 98 billion barrels, or 5.6 percent of the global total, then the United States ranked ninth, whose reserves amount to 69 billion barrels, or 4 percent of the global total, while Libya came in tenth place with reserves of 48 billion barrels, or 2.8 percent of the market. Global”.

The report indicated that these are the ten most important world countries that possess the largest proven reserves of oil. End / 25 z    https://www.almaalomah.com/2021/03/13/524966/

Al-Nusayri Calls On The Government To Support And Involve The Private Sector To Achieve Economic Advancement

Money  and business  Economy News _ Baghdad  The banking advisor and member of the International Union of Arab Bankers, Samir Al-Nusiri, called on Saturday the government’s Supreme Committee for Economic Reform, headed by the Prime Minister, to develop, support and involve a vital national private sector that contributes to achieving economic advancement and reform.

He said in a press interview with “Al-Eqtisad News”, that international indicators, reports and expectations of “OPEC Plus” confirm that the instability of oil prices, up and down, will continue in 2021, at prices ranging between (50‐75) dollars a barrel at their best, indicating that according to the data that there is Relative improvement will happen for the years (2022-2023).

Al-Nusiri noted that the Iraqi economy, through study, capabilities, and available factors, can overcome the imbalances, deviations, and poor performance in the economic structure and achieve balanced and varied economic and structural reforms of the economy, with the assumption of continuing objective and subjective economic conditions in the country.

Al-Nusiri emphasized the stimulation, encouragement and support of the real private sector in accordance with the government’s plan in the reform white paper, which aims to change the economic approach towards the proper strategic construction of the economy and to emphasize the adoption of the private banking sector as a lever for the economy and end the role of government banks as a basic arm of banking finance and create new foundations for balance and joint coordination For the return of banks to their financing and investment role and their transition from the role of banking to the developmental role.

He added that the focus is to move at steady institutional and legislative steps to implement the strategy for developing the private sector (2014 – 2030) and in accordance with the vision of Iraq 2030 based on the provisions of Article 25 of the Constitution which states (the development of a vibrant and prosperous national private sector that is locally initiated, regionally competitive and integrated globally with the aim of achieving economic diversity and development. Sustainable and job creation).

He indicated the need to leave the rentier economy dependent on 93 percent of oil revenues and to develop other vital economic sectors, agricultural, industrial, and tourism through, restructuring state-owned industries and a gradual shift towards the private sector, and encouraging partnerships with local and foreign investors as well as reviewing the environment.

Legislative work for the industry and the provision of infrastructure to secure the requirements of a stable work environment, and the expansion of the establishment of industrial zones.

Al-Nusairi also considered improving agricultural production and livestock, providing effective supplies and treatments for fields and farms, maintaining irrigation and drainage projects, supporting agricultural products for export, improving the quality of seeds, and ensuring the state’s prices, as well as providing support to small and medium enterprises and activating the central bank’s initiatives to revitalize the economic cycle and grant soft loans. In order to ensure the availability of the elements of resilience and economic advancement.

And he indicated that the country is now suffering from a stifling and complicated economic and financial crisis. As a result of the continuing instability of oil prices in the global market, the requirements of the war on terror, the spread of the Corona pandemic for the second year in a row, as well as the mismanagement of public funds and the failure to approve the general budget for 2021.

Al-Nusiri hinted that the recent reports issued by the World Bank and the International Monetary Fund indicate the fragility of the Iraqi economy and the low rate of growth in the gross domestic product. And since the country has the elements of resilience and economic advancement, which is represented by the fact that it possesses oil reserves of up to 148 billion barrels, second in the Arab world and fifth in the world, and water resources in addition to a workforce estimated at more than 10 million people capable of work,

and experts in economics and finance who possess academic and executive experiences, he can Overcoming the crisis and exiting healthy, by providing a suitable work environment and securing an encouraging investment climate to attract private capital and contribute to economic development.

Al-Nusiri concluded his speech by referring to the deficiency of the legislative environment for managing the economy and the laws that regulate economic work, which calls for reviewing and making fundamental adjustments for all of them in line with the new situation for managing the economy, to reduce the unemployment cases that rose to more than 30 percent and the poverty rate that exceeded 31 percent. Two negative indicators indicate the aggravation of the Iraqi economy crisis.

Number of observations 127 Date of addition 3/13/2021  https://economy-news.net/content.php?id=24433

Advisor To Kazemi: Sisi And Abdullah II Will Visit Iraq Soon

Prime Minister Mustafa Al-Kazemi, the Jordanian king and the Egyptian president

Money  and business  Economy News – Baghdad  An advisor to the Prime Minister, Mustafa Al-Kazemi, revealed the imminent visit of Egyptian President Abdel Fattah Al-Sisi and King Abdullah II of Jordan to Baghdad to hold the tripartite summit.

Chancellor Mashreq Abbas said, during the application of the clubhouse , and “Al-Eqtisad News” followed him, that the Egyptian President and the King of Jordan will visit Iraq soon, to hold the tripartite summit, indicating that the Iraqi government has a plan of action for economic integration with Egypt and Jordan.

He added that the talks between Iraq, Egypt and Jordan in Baghdad will focus on exporting Iraqi oil, industrial cities and others, explaining that Iraq has an infrastructure linked and coherent with Jordan, and there is an intertwining of destinies with Egypt.   Number of observations 150 Date of addendum 3/13/2021 https://economy-news.net/content.php?id=24434

OPEC: Iraq Is The Second Largest Oil Exporter During Last February

Energy   Economy News _ Baghdad  Today, Saturday, OPEC announced that Iraq ranked second, among the member states that increased its oil production, during the month of February.

The organization stated in its monthly report, seen by Al-Iktissad News, that “the production of the 13 member states of the Organization of Petroleum Exporting Countries (OPEC) decreased last February, reaching an average of 24.848 million barrels per day, a decrease of 647 thousand barrels per day from the levels of a month January 2021, which amounted to 25.496 million barrels per day.

According to the OPEC report, “9 countries increased their production during the past month in varying numbers, most notably Nigeria, which increased its production by 161 thousand barrels per day to 1.488 million barrels per day, followed by Iraq by 59 thousand barrels per day, bringing production to 3.898 million barrels per day.”

The report indicated that “Iran has also increased its production by about 35 thousand barrels per day, while Venezuela and Libya increased their production by 33 thousand barrels per day, then Kuwait by 8 thousand barrels per day, Algeria and Gabon by 7 thousand per day each, and the Congo by 3 thousand barrels per day.” .Number of observations 132 Date of addendum 3/13/2021

https://economy-news.net/content.php?id=24425

Dollar Exchange Rates In Local Markets

Market  Economy News _ Baghdad  “Economy News” publishes the prices of the dollar against the Iraqi dinar on Saturday (March 13, 2021).   The sale price of the dollar is 146,000  The purchase price of the dollar is 145,500   Number of observations 105 Date of addendum 3/13/2021

https://economy-news.net/content.php?id=24430

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