Iraqi News Highlights Friday Afternoon 11-25-22
Tlm724 Administrator Bondlady’s Corner
A New High In Oil Prices
Economie| 11:16 – 11/25/2022 Follow-up – Mawazine News Oil prices rose in early trading on Friday, trimming some of the week’s losses that were driven by concerns about Chinese demand and expectations that the high price ceiling proposed by the Group of Seven countries for Russian oil will keep supplies flowing. Brent crude futures rose 13 cents, or 0.2 percent, to $85.47 a barrel at 0121 GMT. West Texas Intermediate crude futures jumped 35 cents, or 0.5 percent, from Wednesday’s close, to $78.32 a barrel. No settlement was reached for WTI on Thursday due to the Thanksgiving holiday in the United States.
Diplomats from the Group of Seven and the European Union have discussed a ceiling for Russian oil prices between $65 and $70 a barrel, aimed at limiting revenues that fund Moscow’s military offensive in Ukraine without disrupting global oil markets.
“The market considers (the price ceiling) very high, which reduces the risk of Moscow taking retaliatory measures,” ANZ Research analysts said in a note to clients.
Russian President Vladimir Putin warned, during a call he made yesterday with Iraqi Prime Minister Mohammed Shia al-Sudani, of “dangerous repercussions” for setting a ceiling on Russian oil prices.
Putin said that setting a ceiling on Russian oil prices will have “serious consequences for global energy markets,” noting that Moscow will not supply oil and gas to any country that joins the imposition of a price ceiling, which was confirmed by the Kremlin on Thursday.
ANZ Research analysts also said there are indications that an increase in COVID-19 cases in China, the world’s largest oil importer, is beginning to affect fuel demand.
They added, “These are headwinds for oil demand, and in addition to the weakness of the dollar, there is a negative background for crude prices.”
Trading is expected to remain cautious ahead of an agreement on the price ceiling, which is scheduled to enter into force on December 5 when the European Union embargo on Russian crude begins, and before the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, in what is known as the OPEC + grouping, on the fourth. From December.
The OPEC+ alliance had agreed in October to cut target production by two million barrels per day until the end of 2023.
Saudi Energy Minister Abdulaziz bin Salman was quoted as saying this week that the OPEC+ grouping was ready for further production cuts if necessary. LINK
Al-Sudani to the US Congress delegation: Iraq seeks a balanced relationship with its regional and international surroundings
Friday 25 November 2022 15:09 | political Number of readings: 324
Baghdad / NINA / – Prime Minister Muhammad Al-Sudani stressed the importance of the relationship with the United States, and Iraq’s endeavor to assert a balanced relationship with its regional and international environment, in a way that preserves the national sovereignty of Iraq and supports the stability and security of the region.
Al-Sudani discussed, during his meeting today, Friday, a delegation to the US Congress headed by Senator Mark Takano, and the membership of a number of members of Congress, in the presence of the US Ambassador to Iraq, strengthening relations and partnership in accordance with the strategic framework agreement in various fields, especially cooperation in facing climate change and efforts to confront water scarcity. .
Senator Takano, who heads the Veterans Affairs Committee in the Congress, presented his congratulations to Al-Sudani on the occasion of assuming his duties and the government gaining the confidence of the House of Representatives, as the first delegation representing the US Congress to visit Iraq after the formation of the government.
The meeting reviewed the bilateral relations between Iraq and the United States, the course of the war on terrorism and the performance of the Iraqi forces in pursuing the remnants of ISIS./ End 5
China Confirms Its Willingness To Employ Iraqi Workers In Its Companies Operating In Iraq
Money and business Economy News – Baghdad The Minister of Labor and Social Affairs, Ahmed Al-Asadi, stressed the importance of employing national workers in Chinese investment companies, and implementing the labor law and government decisions regarding foreign workers in Iraq.
Al-Asadi said, during his meeting with the Chinese ambassador to Iraq, Cui Wei, that “the Iraqi government is very interested in activating previous pledges with China and economic agreements between the two countries, and it hopes to lay sound foundations for Chinese labor in Iraq,” noting that “a decision was taken not to promote new applications.” For companies licensed to employ foreign workers at the present time, until they are organized in order to ensure the employment of Iraqi job seekers.
Al-Asadi stressed that “Iraq was keen after 2003 to establish balanced relations with all countries with which it has common interests, including China, which took practical steps to regulate the labor market,” pointing to “the ministry’s keenness to develop bilateral relations further to activate the private sector.”
He pointed to “the importance of securing social security for Iraqi and Chinese workers alike,” calling on China to “establish an oil training center in the southern governorates for the purpose of developing the skills of Iraqi workers and training them in the field of the oil industry.”
For his part, the Chinese ambassador stressed “the importance of respecting and implementing Iraqi laws and his country’s readiness to employ Iraqi workers according to the Labor Law,” reviewing “a number of implemented projects in various fields in Iraq.”
Views 242 Added 11/25/2022 – 1:53 PM Updated 11/25/2022 – 8:06 PM
Iraq And Saudi Arabia Agree To Speed Up And Turn Memorandums Of Understanding Into Practical Reality
The media office of the Ministry of Oil said in a statement, “Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani arrived in Riyadh and met with his Saudi counterpart, Abdulaziz bin Salman, at his invitation. fields, especially the oil, energy and petrochemical industries.
Abdul-Ghani stressed that “the meeting stressed the keenness of Iraq and the Kingdom of Saudi Arabia to enhance the horizons of bilateral cooperation between the two brotherly countries in a way that achieves common interests.”
Abdel-Ghani referred to “the agreement to activate, accelerate and convert memorandums of understanding into a practical reality on the ground and specify specific timings for implementation, including the gas investment project in Akkas and the Nebras petrochemical project, the electrical connection, as well as gas investment projects in the southern fields, clean energy and others,”
calling Saudi companies to invest in the oil and gas sector, through the implementation of joint projects,” pointing out that Iraq seeks to provide a suitable environment for the work of Arab and international companies.
On cooperation and coordination with Saudi Arabia, the Oil Minister said, according to the statement, that “Iraq is supportive of the decisions and agreements” of OPEC and “OPEC Plus” because it aims to achieve a balance between supply and demand, and leads to more stability in global markets.
For his part, the Saudi Minister of Energy confirmed, according to the statement, that “the invitation of the Deputy Prime Minister and Minister of Oil and the ministerial delegation to Riyadh comes within the framework of the Kingdom’s interest in strengthening relations with brothers in Iraq and working to accelerate the implementation of joint projects in several fields,
calling for the formation of joint committees to resolve projects that It was agreed upon earlier in the sectors of gas investment, electrical connection and petrochemical projects.
And the Saudi Minister of Energy expressed the Kingdom’s readiness to cooperate and establish joint projects in all sectors that Iraq needs, praising the human capabilities, minds and experiences that Iraq possesses in addition to its economic capabilities and natural resources that it possesses. .
The statement continued, “The visit of the Iraqi ministerial delegation will last for one day, during which discussions will take place with the Saudi ministries of energy, Aramco, SABIC, Aqua Power, and others,” noting that “the delegation includes, in addition to the minister, the Undersecretary for Energy Affairs, the Undersecretary for Liquidation and Distribution Affairs, Hamed Yunus, and the Ministry’s advisor for energy affairs.”
Director General of the South Gas Company, Director General of the Oil Marketing Company (SOMO), Director General of the Studies, Planning and Follow-up Department, Director General of the Contracts and Licensing Department, and a number of officials at the Ministry of Oil.
Document .. The Resignation Of The First Member Of The Iraqi Parliament In Its New Session
Posted On2022-11-25 By Sotaliraq The governor of Anbar, Ali Farhan Hamid, the winning candidate in the recent legislative elections, submitted his resignation from parliament in favor of candidate Ahmed Hamid Sharqi Farhan al-Alwani.
According to a book issued by the Independent High Electoral Commission appended to the signature of the head of the Electoral Administration, Abbas Farhan Hassan, issued today and addressed to the House of Representatives under the subject of an alternative candidate, Al-Alwani follows Hamid, as indicated in the document.
Thus, Hamid remains in his position as head of the local government in Anbar Province. LINK
The Dollar Is Stable In The Iraqi Markets
Economie| 10:50 – 11/25/2022 Baghdad – Mawazine News Today, Friday, the exchange rates of the dollar witnessed stability in the local markets. The selling price of the dollar was recorded at 149,100 dinars per 100 dollars, while the buying price of the dollar was 149,000 dinars per 100 dollars. Ended 29/M99 LINK
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