Iraq Economic News Highlights Wednesday Evening

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TLM724 Administrator BondLady’s Corner

Nine Countries, Including Iraq, Increase Their Oil Supplies In June

Wednesday 13 July 2022 10:55 | Economic Number of readings: 248   Baghdad / NINA / – The oil production of the 13 member countries of the Organization of Petroleum Exporting Countries increased by 234 thousand barrels per day during the month of June, reaching 28.716 million barrels per day, supported by increased supplies from nine countries, including Iraq.

According to the monthly report of the Organization of the Petroleum Exporting Countries, “the largest increases came from Saudi Arabia, as its oil production rose by 159,000 barrels per day, to reach 10.585 million barrels per day, followed by the UAE, which recorded an increase of 39,000 barrels per day.”

He added that Iraq increased its production by 17,000 barrels per day to reach 4,434 million barrels per day, noting that “the increase in Iraq’s oil production rose by 385,000 barrels per day over the same period in 2021.”

She added, “The increase also came from Iran, by 31 thousand barrels per day, and the rest of the increases also came from Kuwait’s oil, by 29 thousand barrels per day, Angola by 27 thousand barrels per day, Gabon by 16 thousand barrels per day, Algeria by 9 thousand barrels per day, and Nigeria by 5 thousand barrels per day. “.

As the report indicates, the largest drop came from Libya, where shipments decreased by 78,000 barrels per day, bringing its production to 629,000 barrels per day, followed by Venezuela by 14,000 barrels per day, then Congo by 5 thousand barrels per day, and Equatorial Guinea by 1,000 barrels per day. .

And OPEC kept forecasts of global demand growth this year at 3.4 million barrels per day in 2022, and expectations of growth in demand for OPEC oil at 29.2 million barrels per day this year./End 8

https://ninanews.com/Website/News/Details?key=987322

International Energy: Oil Demand Will Rise By 2.1 Million Barrels Per Day In 2023

Energy   Economy News / Baghdad   The International Energy Agency said on Wednesday that the global oil market was walking a “tightrope” between a supply shortage and a possible economic recession, with demand already affected by higher prices and deteriorating economic conditions.

The agency added that the spare production capacity of Saudi Arabia and the United Arab Emirates together may drop to only 2.2 million barrels per day in August with the elimination of the OPEC + cuts.

It said demand will rise in 2023 by 2.1 million barrels per day to 101.3 million barrels per day, led by strong growth in non-OECD countries.   136 . views  Added 07/13/2022 – 12:25 PM Update 07/13/2022 – 6:17 PM

https://economy-news.net/content.php?id=28890

Iraq’s Water Revenue Drops To Its Lowest Level In 100 Years

Money and business  Economy News / Baghdad  Today, Wednesday, the Ministry of Water Resources announced a decrease in water reserves in Iraq by 60% compared to last year, while confirming that the percentage of water revenues with the general average is the lowest in 100 years .

The Director-General of the National Center for Water Resources Management of the ministry, Hatem Hamid Hussein, told the Iraqi News Agency that “water revenues reached approximately 35% of the general average, which is the lowest compared to the percentage of the previous year,” noting that “the revenue in the Diyala River coming from Iran is estimated at 20%.

As for the Zab River, it is estimated at 40%, while our revenues in the Tigris River coming from Turkey are estimated at 35%, and the Euphrates River is also at 35% compared to the general average for the previous 100 years .”

Hussein added, “These percentages came as a result of water scarcity for the third year in a row, especially since it is present in Iraq in particular and in the upstream countries Iran, Turkey and Syria, which affected the water revenues towards Iraq .”

He continued, “The water storage is less than last year by 60%, and the ministry is trying to manage the currently available storage in dams and reservoirs to complete the summer plan and keep part of the storage for the upcoming winter plan .”

He stressed, “The priorities of the ministry are to secure drinking water on an ongoing basis and to reduce agricultural plans and expenses of the marshes based on the available storage according to a drought management plan drawn up in the strategic study of water and land resources in Iraq prepared in 2014. ”

He pointed out that “the ministry’s plan to use wells was ambitious for the current summer and last winter seasons, in agreement with the Ministry of Agriculture, as a result of the scarcity of water revenues, and a lot of renewable groundwater was exploited for agricultural and drinking water purposes .”

Hussein noted, “The agricultural plan based on groundwater for the summer season is estimated at one million dunams, which is equal to the agricultural plan of surface water,” expressing his hope for farmers to “not exceed and drain this water because it is water that is supposed to be sustainable for the purpose of sustaining its use .”

He explained, “There has been more than one workshop on this subject, which needs in-depth studies for the purpose of its use,” stressing that “there is a real tendency for the Iraqi government with all its institutions to study this issue in more depth to invest it in the coming years because the seasons of scarcity according to the known frameworks will be more during the periods. coming .”

55 . views  Added 07/13/2022 – 4:56 PM   Update 07/13/2022 – 6:03 PM

https://economy-news.net/content.php?id=28895

Oil And Total Are Discussing Investing 1,000 Megawatts Of Solar Energy In Iraq

Economie| 11:46 – 12/07/2022  Baghdad – Mawazine News  Today, Tuesday, Minister of Oil Ihsan Abdul-Jabbar discussed with the CEO of the French Total Energy, Patrick Pouyanne, the investment of 1,000 megawatts of solar energy in Iraq.

The ministry said in a statement received by Mawazine News, that “the Minister of Oil confirmed the progress in implementing the set of oil contracts concluded by the Ministry of Oil with the French Total,” noting that “this came during his meeting with the CEO of the French Total Energy, Patrick Pouyanne in The French capital, Paris.

The Minister of Oil stated, according to the statement, that “this meeting came to follow up the technical and administrative progress of the four contracts within the agreement, including the follow-up of the Artawi field gas investment contract after signing the design contract for the Artawi Central Complex between the South Gas Company and KBR in cooperation with Total.”

He pointed out that “the study of the sea water transfer project for its importance in sustaining and increasing the production of oil fields in southern Iraq, as well as researching the development of the Artawi field and the mechanisms for implementing an investment project (1000) megawatts of solar energy.”

For his part, the CEO of French Total Energy, Patrick Pouyanne, affirmed: “Standing with Iraq to achieve its development goals in developing the energy and oil sector,” stressing that “Iraq is one of the most promising countries in attracting global investments to implement projects in this framework, and that Total is committed to partnership.” With the Iraqi government for its keenness to deal with us in a transparent manner, and to achieve the principles of mutual trust and in a way that serves the common interests.

It is noteworthy that the Ministry of Oil has concluded with Total a set of contracts, the largest in the history of the local oil industry in terms of the volume of investments that are monitored by the international company and the Ministry of Oil.    https://www.mawazin.net/Details.aspx?jimare=199224

Trade Confirms The Preference Of Local Companies In Contracts And Credits

Amani sabah   Today, Tuesday, the Ministry of Commerce confirmed achieving a balance in contracts and credits between international and local companies, preferring the latter in most cases.

The spokesman for the ministry, Muhammad Hanoun, told the official agency, followed by (Al-Oula News), that

“Iraq is open to the world, and relies on international and local companies, preferring local ones, according to the type of contracts and credits, to create a state of balance.”  Hannoun added,

“We rely on foreign companies in huge contracts and always try to integrate foreign companies with national companies, and  the merger gives a state of balance as it allows companies to make the most of foreign companies with credits.”    https://www.awla.news/التجارة-تؤكد-تفضيل-الشركات-المحلية-في/

The Turkish Ambassador Absolves His Country And Holds Iraq Responsible For Drought: Water Is Wasted Greatly

Politics, 2022/07/12 20:14, Number of readings: 237 Baghdad- Iraq today:  On Tuesday, the Turkish ambassador in Baghdad held Iraq responsible for the drought that the country suffers from because of the “wasting” water and not using it in an optimal way, denying that his country cuts water and changing the rivers of rivers.

“The water is wasted greatly in Iraq, and immediate measures must be taken to reduce this waste, and solving the problem of drought is not to ask for more water but use it efficiently and we are ready to help,” said Gonai.

“Investments in the infrastructure and Turkish companies must be done, and

Turkey, by its nature, uses water in a way that requires to meet its requirements for agriculture and energy.”  He pointed out that

‘drought is not only the problem of Iraq, but Turkey and our entire region as a result of global warming, and there will be more droughts in the coming years.’  Gonai said that

“the most effective way to combat this problem is not to ask for more water from Turkey, but the use of water available in the most efficient way to rationalize water consumption.”

He stressed the necessity of ‘irrigation systems and abandonment of primitive irrigation that causes waters of water.’

Gunai denied that Turkey changes the rivers of rivers and does not cut off its water’, noting that

“Turkey is not a country rich in water despite this, and as the President of our Jahmouri said: Water is a blessing from God, we will not deprive our Iraqi brothers of this grace.”

The Turkish ambassador concluded by saying,

“The important thing is that Iraq will properly perform Iraq.”

http://iraqtoday.com/news/64276/السفير-التركي-يبرئ-بلاده-ويحمل-العراق-مسؤولية-الجفاف-المياه-تهدر-بشكل-كبير

Al-Kazemi: We Are Investing In The Gas That Burns And Converts Our Sun’s Rays Into Electrical Energy

Political     Today, 19:34   Baghdad – conscious Prime Minister Mustafa Al-Kazemi confirmed, today, Wednesday, that  the government is working quickly to invest gas that is burned in oil fields, while referring to efforts to convert strong sunlight into electrical energy.

Al-Kazemi said in an article published in the Foreign Policy magazine and received by the Iraqi News Agency (INA):

“When US President Joe Biden arrives in the Middle East this week, he will reach a region that faces many challenges, such as terrorism, food security, and climate change,” noting that

“The Middle East today is a region facing these challenges with a group of leaders seeking to bring about positive change.  He added,

“I will represent a recovering Iraq that stands with greater confidence on the international stage and is stronger than it has been since President Biden’s last visit in 2016, or even than it was when we met in the Oval Office last year,” noting that

“the United States has a major role in We have supported Iraq over many years, and we are grateful for the help and sacrifices the Americans have made to support us.”  He continued,

“Iraq today is drawing its own path, locally, regionally and internationally,” explaining that

“US President Biden should realize, after our meeting in Saudi Arabia on Friday, my personal determination, and the determination of the Iraqi people to solve Iraq’s problems through Iraqi solutions.”  He stressed that

“Iraq is now a multi-party and multi-ethnic constitutional democracy, and

we are still in the protracted process of forming a new government after the elections last fall, as the formation of the government took a long time, and it really raised a feeling of frustration among many inside and outside Iraq,” adding,

I am proud of the country’s ability to continue to serve Iraqi citizens, protect our natural resources, and play a leading role in regional initiatives that advance prosperity and security.”  And he stated,

“Nearly two decades have passed since the elections were called, which is a great evidence of the extent to which democracy has been consolidated in Iraq after more than three decades of Saddam’s brutal dictatorial rule, and this is a success story that cannot be overlooked,” noting that

“the political difficulties that result from the elections It is an example of the confused conditions that democracy sometimes produces.”  He stressed,

“the need to consolidate the principles of democracy in Iraqi public life, and to ensure its sustainability in a way that is not limited to the ballot boxes,” noting that

“the path towards a successful democracy requires time, will and leadership, and

as we stand on our two feet after the expulsion of ISIS from our land, we are able today to: Looking towards better prospects, our country is no longer a passive member of the international community;

we are now active at the regional and international levels, including the initiative to host the multilateral summit aimed at strengthening regional cooperation and stability.  He pointed out that

“last year, Iraq hosted the Baghdad Conference for Cooperation and Partnership with the leaders of Jordan, the United Arab Emirates, France, Qatar, Kuwait and Egypt, with the participation of ministers from Turkey, the Islamic Republic of Iran, and the Kingdom of Saudi Arabia.”  He added,

“The conference discussed security, economic, and environmental issues whose solutions require goodwill, sincere participation, and cooperation between countries, through these and other initiatives, we were able to play a positive role in the region,” noting that

“this is evidence of the commitment of my government.”

By sparing no effort to achieve stability in our country and the region, and while we seek to de-escalate tensions by bringing the various parties together,

we also strongly support respect for the sovereignty of each country and the need for non-interference in the internal affairs of other countries.  He stated that

“Iraq’s relationship with the United States has witnessed a change for the better, and while our historical cooperation revolved around security and combating terrorism, the relationship is now expanding to include other no less important societal challenges, such as: economy, energy, climate change, environment, health, and education, and culture”.

He continued, “With progress made by Iraq, the strategic dialogue with the United States has also advanced, and the transition from the American combat role to another broad-minded form has taken place with a deepening of relations outside the security framework,” noting that

“our partnerships with the United States Agency for International Development and other American institutions provide us with influential support and technical expertise in our journey to build our country.”  And he indicated that

“the main motive for this growth in the relationship was the Iraqi national need to invest in the repercussions of regional stability, economic development, environmental security, solutions to climate change, and food security,” explaining that

“Iraq is located in the hottest regions in the world, and the most affected by climate changes, and became Concern about dust storms, heat waves, drought and lack of water supply is more prevalent among our people than the terrorist threat.”  He stated that

“Iraq remains an important producer of oil at the international level, with huge reserves that are not fully explored, but this our economic artery increases our environmental challenges,” pointing out that

“working quickly to invest gas that burns in oil fields, and we want to turn our strong sunlight into Electricity can support the development of our industries, and create jobs for our younger generations.”  He explained that

“Iraq has a lot to offer the region, whether in terms of economic integration, free trade opportunities, or the stability of energy markets.” In various forms, including the development of electrical interconnection with our Gulf neighbors, as well as Jordan, the pivotal regional state.  And he indicated,

“We completed at the end of last year the payment of the dues of the State of Kuwait, which resulted from the disastrous invasion carried out by Saddam in 1990,” noting that

“there are problems that we need to address, foremost among which is that we Iraqis strengthen the state’s authority and control over the proliferation of uncontrolled weapons.”  He explained that

“the problem of recovering weapons after they fell into the wrong hands suffered by the most powerful countries; in order to protect their democracies, and addressing them in Iraq will require Iraqi solutions that are sustainable, and require strategic patience inside Iraq and by our partners,”

calling on “the United States and our other international partners to That they look at the Iraqi issue and deal with it from the perspective of the progress we have made, and they should also note the difficulties we are facing.”  He stressed,

“We are strengthening and protecting our pluralistic democracy in the midst of a region full of complexities, compared to the transitions that our long history has witnessed in the Middle East,” adding,

“We in Iraq have achieved a lot in a relatively short period.”    https://www.ina.iq/160703–.html

A Proposal To Create A Ministry For The Private Sector And International Support To Diversify Iraq’s Resources

Sweetened    Today, 18:16  Baghdad – conscious – Nassar al-Hajj  Today, Wednesday, the Iraqi Federation of Industries announced an international move to develop two main sectors and provide job opportunities in Iraq, and while

it identified three pillars to advance economic development,

it warned of a looming crisis.

The Vice-President of the Iraqi Federation of Industries, Adel Al-Dakhili, told the Iraqi News Agency (INA), that

“the seven major industrial countries had a meeting recently with the International Monetary Fund, the World Bank and the European Union, to support Iraq and diversify its rentier economy and not rely on oil,” noting that

“the meeting included International blessing and support for the advancement of the Iraqi economic reality.  He added,

“The government should take advantage of this support, which will lead to the transfer of expertise and technology to develop industry and agriculture and open new horizons that serve the youth,” noting that

“European support comes annually to Iraq, but there is no real program or seriousness to invest that.”

He added that  “Iraq is now suffering from a rentier economy that depends on oil,”

calling on the government to “establish petrochemical refineries with the involvement of the private sector.”  He stressed,

“the need for a ministry for the private sector, which needs a special pause in terms of creating job opportunities for the huge numbers of graduates,” noting that

“this advancement of this sector will solve a large part of the unemployment problem according to an integrated program and continuous support.”  And he indicated that

“the private sector is without support, in addition to that bribery and corruption have become repelling investment,” explaining that

“investment is a partner in building the state, but how can it work in the midst of these difficulties, as all raw materials are at very high prices and support does not exist, and all these things led to to create a crisis in the country.  He added,

“Iraq contains 40 million consumers, and the Iraqi consumer is the best in the region,” pointing out that

“with this population density, we can build a strong economy.”  He stated that

“economic development does not advance in Iraq except with three important pillars, which is the government through a program consisting of the Prime Ministry and the Ministry of Trade, Industry, Agriculture, Planning, Culture and Finance and setting an action plan,” noting that

“one of the difficulties that stand in front of investment is the problem of land ownership, and it is not possible to That there will be industrial loans if the land file is not resolved,

in addition to the necessity of deducting the entry of raw materials and providing product protection, how to protect borders and protect the consumer.”  He stressed the

need to “create a safe and investment environment,” stressing

“the need to attract investors, who will not come if there is no law, safety and a real environment.”  He pointed to

“the importance of the government offering temptations to foreigners, because our situation is confusing, and other countries must be taken advantage of,”

warning of “a looming crisis because oil is a commodity that is likely to run out in the future and less demand for it.”    https://www.ina.iq/160697–.html

 

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