Tuesday AM Iraq Economic News Highlights 8-23-22
Saudi Arabia: “OPEC +” Has Become More Committed And Flexible
Economie 2022-08-22 | 13:00 Source: Agencies 232 views Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz stressed today, Monday, that the volatility of oil markets and poor liquidity are giving wrong signals to the markets at a time when the need for clarity is most urgent.
And “Bloomberg” agency quoted the minister as saying, “The OPEC Plus group is more committed and flexible, and it has means within the framework of the cooperation declaration mechanisms that enable it to deal with these challenges, which include the possibility of reducing production at any time, and in different ways, which was proven by the OPEC Plus group. repeatedly and clearly during the years 2020 and 2021 AD.
Prince Abdulaziz bin Salman stressed that “the oil futures market has fallen into a vicious and recurring negative cycle consisting of severe weakness in liquidity and volatility in the markets, which together undermine the most important basic functions of the market, namely, effectively accessing appropriate and correct prices, and making the cost of hedging and managing The risks are very great for dealers in the spot market, and this situation has a significant negative impact on the smoothness and effectiveness of dealing in the oil markets, and the markets for other energy products, and other commodities because it creates new types of risks and concerns.”
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The Director of “International Energy” urges “OPEC +” to increase oil production
02:42 | 2022-02-16
Oil prices.. What after the “OPEC Plus” decision
16:31 | 2022-08-3 The first statement of the elected OPEC president: Oil has passed the worst period
14:22 | 2022-01-4 He pointed out that “this episode is becoming increasingly negative with allegations that are not actually based on evidence about a drop in market demand, repeated news about the return of large quantities of supplies to the markets, ambiguity and uncertainty about the possible effects of setting a price limit on crude oil and its products, and the embargo measures.” and imposing sanctions.
On the impact of the fluctuating situation on the performance of the markets, the Saudi Energy Minister said, “This situation is very harmful, because without sufficient liquidity, the market cannot meaningfully reflect its real reality, but it can, in fact, give a false sense of security, at a time when the spare production capacity is limited. very high, and the risk of severe supply disruptions is very high.”
The Saudi Energy Minister said, “We will soon start working on drafting a new agreement beyond 2022 AD, in which we will continue to build on our previous experiences, achievements and successes, and we are determined to make the new agreement more effective. negatively in the fundamentals of the market’s performance, and undermined its stability, only increases our determination to achieve this.” LINK
After The Saudi Warning, Oil Prices Are Rising Again
Economie 2022-08-23 | 01:47 1,614 views Alsumaria News – Economy
Oil prices rose today, Tuesday, after Saudi Arabia warned that the Organization of the Petroleum Exporting Countries (OPEC) may cut production to correct the recent decline in oil futures.
Brent crude futures rose 32 cents to $96.80 a barrel by 00:04 GMT, after a volatile session on Monday when it fell more than four dollars before paring losses to near stability.
US West Texas Intermediate crude futures also rose 37 cents to $90.73 a barrel.
On Monday, Saudi Arabia said that the organization stands ready to cut production to correct the recent drop in oil prices, which is due to weak futures market liquidity and macroeconomic concerns.
In the meantime, faceEuropeNew disruption to the energy supply due to damage to the pipeline system that transports oil fromKazakhstanAcrossRussia, raising fears of reduced gas supplies. LINK
Dollar Exchange Rates In Local Markets
2022-08-23 | 02:20 2,907 views Today, Tuesday, the dollar exchange rates witnessed a decline in the local markets.
And the selling prices of the dollar were recorded at 147,900 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 147,800 dinars per 100 dollars.
Was Central Bank of Iraq’ It was decided to adjust the exchange rate of the dollar against the Iraqi dinar at the end of the year 2020, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at (1460) dinars per dollar, while the selling price to the citizen is at (1470) dinars per dollar. . LINK
During 2022… The Arab Monetary Fund Expects The Iraqi Economy To Grow By 5.5 Percent
Internationals 2022-08-23 | 03:11 322 views The Arab Monetary Fund launched the seventeenth edition of the “Arab Economic Prospects” report, including economic growth expectations and trends in the development of domestic prices for Arab countries, including Iraq, during 2022 and 2023.
The report expected that the Iraqi economy would recover and achieve a growth of 5.5 percent in the current year, and a relative decline in economic growth to 4.4 percent in the year 2023.
It reviewed part of the government and the Central Bank’s measures to contribute to achieving growth in the country, indicating that the Central Bank was placed among its priorities in its plan. The strategy for the years 2021-2023 Supporting digital financial and banking services by preparing for the “Know Your Customer Electronically” project, to adopt the use of digital identification to open bank accounts and digitally integrate customers, and to oblige the banking sector to use digital applications, such as mobile phone applications and online banking services in accordance with international best practices .
The report indicated that the Central Bank launched, in coordination with the government, several initiatives in order to stimulate economic activity, especially in the field of financing small, medium and large enterprises, and in the field of housing and personal loans, and to enhance credit to the private sector by reducing the interest imposed on loans granted. LINK
Under The Direction Of The Minister Of Justice.. Launching The Electronic Form For Registration In The Poverty Rule
Iraq 21:03 – 08-22-2022 Today, Monday, the Ministry of Labor and Social Affairs announced the launch of the electronic form for registration on the poverty base.
The ministry said in a statement, that “at the direction of the Minister of Labor and Social Affairs, Salar Abdul Sattar Agency, the Social Protection Authority announces the launch of the electronic form for registration in (the poverty rule according to Protection Law No. 11 of 2014).”
The authority confirmed, according to the statement, that “the form is available free of charge via the link below, and it will be available 24 hours a day, from today, Monday, until 11/22 2022,” noting that “those who want to register should give the correct data so that they do not fall under the burden.” Legal accountability”. https://kirkuktv.net/AR/Details/8331
The President Of The Baghdad Chamber Of Commerce Meets The Merchants To Find Out The Obstacles To Their Work And The Needs Of The Market
Economie| 08:34 – 22/08/2022 Baghdad – Mawazine News, President of the Baghdad Chamber of Commerce, Firas Al-Hamdani, met, on Monday, with a number of shop owners in the Armenian market to diagnose the most important problems and obstacles facing commercial work and to find effective solutions to them.
For their part, the merchants reviewed the problems facing their work, including those related to the weakness of the communications network of Asia Cell and the urgent need of the market for fire protection systems and equipment, as well as their demand to solve the problems of the delay in issuing the visa, which is harmful to their commercial dealings. They also demanded the security authorities to provide the necessary protection for them and their commercial stores. .
Al-Hamdani made several contacts during the meeting with the relevant authorities, stressing that official books were directed to these needs and that the Baghdad Chamber of Commerce stood by the commercial family and sought to overcome all difficulties and cooperate with the relevant authorities to solve the problems facing their work.
The Baghdad Chamber of Commerce was keen to have a marketing representative at the Development Bank attend to discuss the possibility of granting merchants appropriate bank loans and simplifying their procedures.
This ban was met by the head of the supervision and follow-up department, the head of the Traders Affairs Committee, Omar Al-Sudani, and Lieutenant-Colonel Youssef Kazem, an assistant civil defense officer, Al-Shorja, the Civil Defense Center. https://www.mawazin.net/Details.aspx?jimare=203173
Finance Denies Its Refusal To Spend The Sums Allocated To Contracting With A Foreign Coach
Political | 12:04 – 23/08/2022 Baghdad – Mawazine News The Ministry of Finance clarified, today, Tuesday, regarding the disbursement of the funds allocated to the Iraqi Football Association to contract with a foreign coach for the national team.
A statement by the ministry, which Mawazine News received a copy of, stated, “Some media and social networking sites dealt with misleading information, claiming that the Undersecretary of the Ministry of Finance refrained from disbursing the amounts allocated to the Iraqi Football Association to contract with a foreign coach for the national team.”
The statement added that “the ministry denies the validity of this information, which falls within the framework of the fierce attack targeting the ministry’s joints and its people, and in a miserable attempt to reduce the ministry’s role and efforts in implementing the financial reforms package and fighting corruption.”
The ministry confirmed, according to the statement, “it is proceeding with the procedures for implementing the decision of the Council of Ministers, and the Ministry of Youth and Sports must complete the financing of the amounts allocated under the decision to support the Arab Gulf Cup for football, which it is hoped will be held in the city of Basra,” calling on the “Ministry of Youth and Sports to complete the requirements for financing the allocated amounts. In this regard.” https://www.mawazin.net/Details.aspx?jimare=203223
Oil Ministry: Kerosene Consumption Rose To 30 Million Liters Per Day In 2022
Energy Economy News-Baghdad The Undersecretary for Distribution Affairs affirmed the ministry’s keenness to supply petroleum products to vehicles, electric power plants and private generators, and that the consumption needs are met with a high flow
Hamed Yunus said, in a statement, that “the operations of pumping and supplying kerosene to fuel filling stations in Baghdad and the governorates for vehicles are continuing in accordance with the program, planned quotas, and the electronic monitoring program, in conjunction with the implementation of the program to supply the owners of private generators with kerosene, according to a cabinet decision in July.”
Last year, which requires increasing the supply of private generators owners with fuel and reducing its price, in order to cope with the heat wave, and to compensate for the shortage in the supply of electric power for citizens, explaining that the quantities of consumption rose this year to more than 30 million liters per day compared to consumption last year, which amounted to 22 million liters . ”
The undersecretary indicated that “the ministry has succeeded in addressing many fabricated crises, and illegal trafficking, smuggling or monopoly operations, through qualitative campaigns in cooperation with the security services, as well as continuing the intensive follow-up and oversight operations to monitor violations in the distribution outlets . ”
Younes stressed the Ministry and the company’s affirmation and their keenness to “achieve a high flow of processing mechanisms in light of the price difference supported by the state and the government for fuel” (kerosene), which is exploited by some owners of weak souls, for monopoly, smuggling and illegal trade, or what is called the (black market). ” .
And he continued, “With regard to the (gasoline) product, the ministry pumps large quantities through distribution outlets and fuel filling stations in Baghdad and the provinces, appealing to citizens to cooperate with the ministry and the company in obtaining the quantities they actually need, and not to try to obtain quantities in excess of their needs, and cause them to fabricate queues”.
It is reported that Cabinet Resolution No. 159 of 2022 stipulated “reducing the price of fuel supplied to owners of private generators to (250) dinars per liter, and the Ministry of Oil increasing the amount of fuel supplied to owners of private generators, and opening outlets in all (the governorates that are not organized in the region). To sell gas/kerosene oil to owners of private generators to meet their fuel needs
4 . views Added 08/23/2022 – 1:09 PM Update 08/23/22 – 1:10 PM
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