Iraqi News Saturday Evening 9-3-22
Tlm724 Administrator Bondlady’s Corner
Companies Call On The United States And Other Countries To Enter The “Oil” Crisis Line Between Baghdad And Erbil
Posted On2022-09-03 By Sotaliraq Today, Friday, an economic report revealed that oil companies operating in the Kurdistan Region requested assistance from Washington to defuse the crisis between Baghdad and Erbil regarding their work and the flow of oil to Turkey. In the region, I contacted four governments in this regard.
“The oil companies operating in the Kurdistan Region have asked the United States to help defuse the growing tension between the federal government and the regional government,” Reuters news agency said.
Reuters based its report on “a message I have seen, and three sources, who say that this US intervention is necessary in order to ensure the continued flow of oil through northern Iraq to Turkey to prevent the latter from increasing oil shipments from Iran and Russia.”
According to this message and sources, “the economy of the Kurdistan Region may be at risk of collapse if it loses its revenues from oil sales.”
The Reuters report stated that “relations were strained last February when the Federal Court considered that the oil and gas law related to regulating the oil industry in Kurdistan is unconstitutional,” noting that “after the ruling was issued, the federal government strengthened its efforts with the aim of controlling export revenues from Erbil.”
According to a copy of the letter seen by Reuters, “Before the ruling was issued, the Dallas-based company (HKN Energy) wrote to the US ambassadors in Baghdad and Ankara, specifically last January, asking for mediation. The United States is in a separate case dating back to 2014 related to the Iraqi-Turkish pipeline (ITP).
The report stated that “Baghdad “claims that Turkey violated the ITP agreement by allowing the transit of Kurdistan Regional Government exports, which Baghdad considers illegal, through the pipeline to the Turkish port of Ceyhan.”
The report indicated that “the Iraqi Oil Ministry said that the last session to consider the case was held in Paris last July, and that the International Chamber of Commerce will announce its final decision in the coming months.”
“Reuters” quoted three sources as saying that “the possible next steps on the part of Turkey are still not clear if the verdict is issued in favor of Baghdad, which is a likely possibility.”
The agency quoted a representative of the company, who asked not to be identified, as saying that “at least one other oil company has moved continuously with higher authorities in four governments concerned, directly and indirectly, in order to encourage participation.”
Reuters pointed out that “other operators in the Kurdistan Region, “General Energy” and “Chevron” refused to comment on the arbitration case, while “DNO” and “Gulf Keystone” did not respond to requests from Reuters for comment.
Oil Drums Are In Danger
According to the message obtained by “Reuters” and addressed by “HKN” to the ambassadors of the United States, “stopping the flow of oil through (ITP) will lead to the collapse of the economy of the Kurdistan Region of Iraq.”
Neither the Ministry of Natural Resources in the Kurdistan Regional Government nor the Ministry of Oil in Baghdad have commented on requests from “Reuters” to comment on the news.
The report pointed out that “(ITP) has a pumping capacity of 900,000 barrels per day of crude, which represents about 1% of the daily global demand for oil, through the state marketing company (SOMO) as well as the regional government. Currently, 500,000 barrels per day are being pumped from the northern Iraqi fields.
According to analysts, “the companies will withdraw from the region unless the work environment improves.”
“With the deteriorating security situation, a group of small and medium-sized companies have moved in order to achieve US involvement to help deter attacks targeting energy infrastructure and enhance security in general,” the report stated.
The report, quoting sources concerned with the case, stated, “These companies also endorsed letters written by members of the US Congress to Secretary of State Anthony Blinken in August, urging them to engage in high-level engagement with Erbil and Baghdad with the aim of protecting the stability of the Kurdistan Region’s economy and ensuring Iraq is free from interference. Iranian”.
Faded American Interest
The report quoted US State Department spokesman Ned Price as saying on August 16, that “the differences between Baghdad and Erbil concern them, but the United States encourages dialogue.”
The report pointed out that “the US State Department summoned the American law firm (Elkins & Vision), which represents the Iraqi Ministry of Oil, in order to review the data on the dispute over (ITP) in July.”
The report continued, quoting an informed source as saying that “it is likely that two more sessions will be held in Baghdad and Washington.”
While the US State Department declined to comment, industry experts said they “believe that US intervention is not likely and may not help anyway.”
The report quoted Raad Al-Qadri, Managing Director of Energy, Climate and Sustainability in the “Eurasia Group”, as saying that “the United States separated from Iraq during the past decade, and that pressure from Washington or other governments, will not resolve the issues between Baghdad and the Kurds.”
A Kurdish official told Reuters last August that “the regional government has asked the United States to strengthen its defense capabilities,” but he indicated that he was “not optimistic because the most important priority for the United States is to revive the nuclear agreement with Iran.” link
The Central Bank Determines The Functions Of The Window For Selling Hard Currency And Its Importance To The Iraqi Economy
Saturday, 3 September 2022 10:02 AM Baghdad/National News Center Today, Saturday, the Central Bank identified the functions of the hard currency sale window and its importance to the Iraqi economy.
The Deputy Governor of the Central Bank, Ihsan Al-Yasiri, said in a statement received by the National News Center, that “the window for selling currency was found to meet the needs of the private sector to finance foreign trade, but some view it as a unilateral view, as if the state’s resources of foreign currency are supposed to be untouchable, and this may be The desire or wish of the people, but there are functions for the window for selling foreign currency.”
He added that “the window performs two very important functions, the first is to provide dollars to the economic sector and importers, because the importer cannot buy dollars from another place except from banks or the central bank, so the central bank transfers the dollars that the merchant needs to the bank to deal with the entity that exports the commodity to Iraq,”
stressing that “this job is important because the real sector in Iraq cannot meet all the requirements of the Iraqi economy and consumer, so it is still highly dependent on imports.”
Al-Yasiri added that “the second function of the currency sale window is that the central bank’s function in managing and issuing the Iraqi currency is based on providing the Iraqi dinar to the government, which is the first consumer, and in turn it sells the dollar to the central bank,” noting that “the central bank delivers the dinar For the government to spend it on salaries, operational issues and contractors, through banks.”
He stressed that “when the dinar comes out of the central bank, it is called idiomatically (the exporter of circulation) because the dinar exited from the coffers of the central bank and went to the banking system and then to the private sector,” noting that “in the event that the dollar is not sold from the central bank, inflation will be at high levels.” .
Al-Yasiri added that “the banks are the source of circulation and have 83 trillion dinars, and these amounts compete for goods and services at certain prices,” noting that “in the event that the central bank does not sell the dollar, the citizen has to deposit the dinar in the banks, which in turn deposit it in the central bank.”
He pointed out that “the Ministry of Finance is selling the dollar to the central bank in order to obtain the dinar for the purposes of salaries and other uses, which are estimated monthly at 7 to 8 trillion dinars,”
noting that “the central bank, in the event that the dinar does not reach the dinar from the parties that buy the dollar, it must print the dinar.” And therefore, every month, it is necessary to add to the source for circulation in the range of 7 to 8 trillion dinars.”
And he continued, “In this case, the source for circulation will become annually, increasing by 70 to 80 to 90 trillion Iraqi dinars, and therefore it is possible for the source for circulation within 5 years to reach 300 or 400 trillion Iraqi dinars,” stressing that “every monetary issuance of this level without being There is control or recovery of it, sterilization of the market or sterilization of the source for circulation,
meaning there will be large quantities and amounts of dinars competing for limited levels of goods and services, and thus inflation will reach unacceptable levels, as happened to Germany after World War II when a person goes to buy bread or bread on it. To fill the basket with money and go to the bakery.”
He pointed out that “the function of the currency sale window must continue to meet the import and to provide the Iraqi dinar so that the process continues with the dinar going out to the market and sterilized by returning it to the coffers of the Central Bank and the source decreases for circulation, and thus the pace of the source’s escalation of circulation is now simple, possible in the month or year to rise A certain rise, but not every batch of sums goes out to the source for circulation.”
Al-Shammari stated, “there is no discrimination between banks through the currency sale window,” stressing that “the central bank, by its law, sells the dollar simply and without conditions.”
And he indicated that “the infallibility or transcendence in the central banks is the national currency and not the foreign currency, so when the national currency comes and examines its sources, it is the right of any citizen who carries the Iraqi dinar to convert it to the dollar,” noting that “the central bank has established controls and not determinants of examination for the safety of the customer and the principle of know your customer with respect to to the banks and the sources of his money commensurate with his income.” https://nnciraq.com/150193/
US Energy: Iraq Is The Third Largest Oil Exporter To The United States Last Week
Saturday 03, September 2022 09:23 | Economic Number of readings: 213 Baghdad / NINA / – The US Energy Information Administration announced today, Saturday, that Iraq’s oil exports to America increased during the past week, exceeding Saudi Arabia.
The administration said in a report, “The average US imports of crude oil during the past week from nine countries amounted to 5.121 million barrels per day, down by 234 thousand barrels per day from the previous week, which amounted to 5.356 million barrels per day.”
She added, “The rate of Iraq’s oil exports to America amounted to 401 thousand barrels per day last week, up from the previous week, in which oil exports to America reached 225 thousand barrels per day, surpassing Saudi Arabia and becoming the third largest exporter to America last week.”
She pointed out that “most of America’s oil revenues during the past week came from Canada at a rate of 3.093 million barrels per day, followed by Mexico at a rate of 440,000 barrels per day, and oil revenues from Saudi Arabia at a rate of 330,000 barrels per day, and then Colombia at a rate of 289,000 barrels per day.”
According to the administration, “the amount of US imports of crude oil from Nigeria amounted to 137,000 barrels per day, from Brazil 134,000 barrels per day, and from Trinidad and Tobago 67,000 barrels per day, while no amount was imported from Russia.” / https://ninanews.com/Website/News/Details?key=997932
Ihsan Al-Shammari: The International Community Will Not Allow Things To Go Wrong In Iraq.. And Internationalization Is Possible / Expanded
Saturday 03, September 2022 10:30 | political Number of readings: 359 Baghdad / NINA / – Head of the Center for Political Thinking, Ihsan Al-Shammari, affirmed: “The international community will not allow things to go awry in Iraq.”
Al-Shammari said in a statement to the National Iraqi News Agency ( NINA ): “The Security Council’s recent statement on Iraq is a warning message to the political forces that the international community will not allow things to go awry in Iraq, especially since the political forces have not yet realized that they are facing major transformations in the region.” Therefore, the international community will not allow a new conflict to occur in the region.”
He explained: “The statement paves the way for greater involvement of the United Nations mission in Iraq, by setting a map to solve the problems between the political parties, meaning that the United Nations is the one who adopts the vision, and it is the guarantor between the political parties.”
He pointed out that: “In the event that the United Nations fails to reach an agreement between the political parties, we may witness an internationalization of the Iraqi issue and the issuance of decisions regarding the political process, parties, entities and leaders, from the Security Council, and this matter will be possible.”
He pointed out: “The positions of the political forces may vary towards the statement of the Security Council. Some issued statements warning against disregarding the statement, but some parties will not deal with this statement because they do not have the political vision and sort things out, and this matter will have a heavy price in the future for those leaders and leaders. “.
The members of the UN Security Council had condemned the violence in Iraq on August 29 and 30, and expressed concern about casualties, during the clashes that took place in the Green Zone./End of 9
https://ninanews.com/Website/News/Details?Key=997954
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
