Iraqi News Highlights Saturday Afternoon 10-29-22
Tlm724 Administrator Bondlady’s Corner
Economist: The Sudden Change In The Dollar Exchange Rate… Will Generate The Collapse Of Iraq’s Economy
Saturday 29 October 2022 10:45 | Economic Number of readings: 329 Baghdad / NINA / – An expert in economic affairs, Safwan Qusay, warned against the process of suddenly changing the dollar’s exchange rate against the dinar, stressing: “The sharp and sudden change of the value of the dinar against the dollar will lead to a strike on economic and financial stability and create winners and losers in the market. It may lead to Lack of confidence in foreign investment in the Iraqi economy.
Qusay said in a statement to the Iraqi National Agency / Nina/: “It is clear that the Central Bank of Iraq is still determined not to change the exchange rate during the next three years, and on the economic policy to correct the economic situation to reduce the inflation rate and confront unemployment and poverty,” noting: “This requires rationalizing government spending, expanding investment spending and supporting the sector.”
The private sector financially, legislatively and cognitively, with the trend towards partnership with international investment for the purpose of economic diversification and creating job opportunities for the poor and the unemployed, and all this before reconsidering the value of the Iraqi dinar.
He pointed out that “the process of determining the fair value of the Iraqi dinar needs to link it to a basket of world currencies, diversify the sources of obtaining it and invest all available resources so that the dinar can compete with the rest of the world’s currencies, especially with the expansion of the demand for the dinar in all directions.”
The economic expert continued, “The process of changing the value of the dinar sharp and sudden, will lead to a strike on economic and financial stability and create winners and losers in the market, and may lead to a lack of confidence in foreign investment in the Iraqi economy.” /
https://ninanews.com/Website/News/Details?key=1010650
The Rise In The Exchange Rate Of The Dollar On The Local Stock Exchange
Economie| 09:38 – 29/10/2022 Baghdad – Mawazine News, the dollar exchange rates rose, today, Saturday, on the local stock exchange.
And the selling prices of the dollar were 146.600 dinars per 100 dollars, while the purchase prices of the dollar were 146.500 dinars per 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=209591
Gterres Urges The New Government To Meet The Long-Standing Demands Of The People Of Iraq
The Secretary-General of the United Nations, Antonio Guterres, congratulated the Prime Minister, Muhammad Shia Al-Sudani, on his government’s gaining the confidence of Parliament, stressing the commitment of the United Nations to support Iraq.
A statement issued by the spokesperson for the Secretary-General of the United Nations said, “The Secretary-General welcomes the formation of a new government in Iraq headed by Prime Minister Muhammad Shia Al-Sudani, and commends the appointment of 3 women to the 21 ministerial positions that have been filled, and hopes that the remaining two ministerial positions will be filled quickly. “.
The spokesman added that “Guterres urged the new government to meet the long-standing demands of the people of Iraq for reform, accountability and a better future, and stressed that the United Nations remains fully committed to supporting the Iraqi government and people.”
https://www.radionawa.com/all-detail.aspx?jimare=31870
A new parliamentary comment on the approval of the oil and gas law
Political | 02:29 – 10/29/2022 Special – Mawazine News, the Parliamentary Oil Committee commented, today, Saturday, on the period of time allocated by Prime Minister Muhammad Shia Al-Sudani to approve the oil and gas law.
Committee member Ali Al-Mashkoor said in an exclusive interview with “Mawazine News”, “Al-Sudani was not very familiar with the matter, as the committee was suspended from work and stripped of its duties during a large period this year due to the absence of sessions and the disruption of the work of the House of Representatives.”
He added, “There is a need to intensify efforts to pass laws that serve the interests of the people and each province according to its bid, and we will strive to adopt a law that satisfies everyone.” Ended 29/M99 https://www.mawazin.net/Details.aspx?jimare=209615
Economist For The New Government: Do Not Count On Continued High Oil Prices
Posted On2022-10-29 By Sotaliraq On Friday, economic expert Hussein al-Khaqani confirmed that Iraq’s revenues are currently high due to the rise in oil revenues, noting that the new government should not rely on oil prices because they are subject to a decline at any moment.
Al-Khaqani explained: “Oil prices are volatile because they are not completely controlled by the producers, but are under the control of the global market and the issue of supply and demand and political events that occur here and there and affect oil production,” noting that “the new government must work diligently to support And strengthening other non-oil resources so that they would support revenues for the state treasury and not fall into a suffocating economic crisis in the event of a drop in oil prices.” LINK
Minister Of Oil: We Are Keen To Provide A Safe Environment For Foreign Investments To Develop Oil And Gas Fields
Energy Economy News – Baghdad Oil Minister Hayan Abdel Ghani Abdel Zahra affirmed, on Saturday, keenness to develop the oil industry and increase production and investment.
The ministry said in a statement, “Today, Saturday, October 29, 2022, the ceremony of handing over and receiving the tasks of the Ministry of Oil took place between Oil Minister Hayan Abdul Ghani Abdul Zahra and former Minister Ihsan Abdul Jabbar Ismail.”
According to the statement, Oil Minister Hayan Abdul Ghani confirmed that “the handover and receipt ceremonies come within the democratic practices of Iraq, and today we embody this democratic atmosphere with this ceremony to receive the tasks of the Ministry of Oil from Oil Minister Ihsan Abdul Jabbar Ismail to complete the national march to develop the oil sector, which is the main artery of the federal budget.”
Abdul-Ghani added, “We are pleased to meet the agents, consultants and general managers of the oil formations, and we will work together in a team spirit to complete and implement strategic plans and projects to develop production and raise its rates, in proportion to Iraq’s stock and oil reserves, as well as to complete projects related to gas investment, stopping its burning and converting it to Clean energy supplies gas-related industries, serious work in preserving the environment and public health, in addition to activating projects to develop infrastructure for export ports and increase export capacities through accelerating projects to lay pipelines, storage and pumping stations and other facilities.
He stressed the ministry’s keenness to “provide a safe environment for foreign investments to develop oil and gas fields, provide support for the national effort to actively contribute to the development of the oil industry, work to strengthen Iraq’s role in OPEC and OAPEC, and expand the horizons of cooperation with neighboring countries in a manner that serves common interests.”
He pointed out, “The need to pay attention to the refining and refining sector and to complete projects for developing production units, adding new units and reaching self-sufficiency, as well as giving the exploration and extraction sector great importance to enhance Iraq’s hydrocarbon reserves.”
He explained that “the government is supportive of energy projects, and the ministry will work to overcome all obstacles to raise the levels of work and achievement in order to achieve the planned goals, and work to provide job opportunities for our citizens according to the government program.”
And the minister added that “the ministry will pay great attention to supporting the development of service projects in the governorates, especially oil-producing, and upgrading them in coordination with local administrations and concerned parties.” 53 . views Added 10/29/2022 – 4:50 PM Update 10/29/2022 – 6:09 PM https://economy-news.net/content.php?id=30474
Learn About The International Companies That Buy The Most Iraqi Oil During The Month Of September
Economie| 09:18 – 29/10/2022 Baghdad – Mawazine News The Iraqi Oil Marketing Company “SOMO” announced on Saturday that the Indo-Chinese oil companies were the most numerous purchasers of Iraqi oil during the month of September.
And “SOMO” stated in a statistic published on its official website, that “Indian and Chinese companies were the most numerous among other international companies in purchasing Iraqi oil, with 6 companies each out of 36 companies that purchased oil during the month of September.”
She added that “American and South Korean companies came second with 4 companies each, then Italian companies came third with 3 companies, Greek companies came fourth with two companies, while the rest were distributed among Spanish, (Dutch – British), Turkish, Russian, Egyptian, Emirati and Kuwaiti companies. Jordanian, French, Taiwanese and Malaysian, with one company for each of them.”
Somo indicated, that it “relies in selling Iraqi oil on the main criteria for contracting with major, medium, independent and vertically integrated international oil companies,” noting that “the most prominent international companies that bought Iraqi oil are the Indian Hindustan, the Korean Kokaz, the American ExxonMobil and the Dutch-British Shell.” The Italian Wayne. Ended 29 / M 99
https://www.mawazin.net/Details.aspx?jimare=209589
Oil Prices Achieve Weekly Gains
Economie| 10:04 – 29/10/2022 Follow-up – Mawazine News: Oil prices achieved weekly gains, despite their decline in the Friday session, after China, the largest importer of crude, expanded its restrictions related to the Covid-19 pandemic.
The weekly price hike came on the back of supply concerns and the release of unexpectedly positive economic data.
In the Friday session, Brent crude futures fell $1.19, or 1.2 percent, to $95.77 a barrel when settling, while US West Texas Intermediate crude fell $1.18, or 1.3 percent, to $87.90.
US gasoline futures fell nearly 3 percent, while diesel futures rose nearly 5 percent to their highest level since mid-June.
On a weekly basis, Brent crude rose by about 2.4 percent and West Texas Intermediate crude by about 3.4 percent.
Friday’s drop in crude prices came after Chinese cities ramped up COVID-19 restrictions Thursday to stem the spread of the virus after China reported 1,506 new COVID-19 infections on October 27, the National Health Commission said, up from 1,264 new cases the day before.
The world’s largest oil and gas companies, including ExxonMobil, Chevron and Equinor, posted huge profits in the third quarter, benefiting from rising energy costs that fueled inflation around the world and hit consumers hard.
These massive profits are drawing criticism from consumer advocacy groups in the United States and Europe as inflation rises.
In the meantime, OPEC is likely to maintain its forecast that global demand for oil will rise for another decade. https://www.mawazin.net/Details.aspx?jimare=209593
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