Friday Evening Iraq Economic News Highlights 9-16-22
The Minister of Oil stresses the importance of developing the Eridu field and investing in gas in West Qurna/2
Economie| 12:28 – 09/15/2022 Baghdad – Mawazine News, Minister of Oil, Ihsan Abdul-Jabbar Ismail, stressed today, Thursday, the importance of developing the Arido field and investing gas in West Qurna/2.
The ministry’s media office said in a statement, “Oil Minister Ihsan Abdul-Jabbar Ismail received the Vice President of Lukoil for Central Asia, the Middle East and North Africa Stepan Gorji and his accompanying delegation.”
He added, “The meeting took place in the presence of the First Deputy of the National Oil Company, Hamid Younis, and the Director General of the Petroleum Contracts and Licensing Department, Ali Maarij, and from the Russian side, the Director General of Lukoil Mid-East Ltd. Alexei Yakovlev, the project manager of the tenth patch of Lukoil Company, Edward Chiluynch, and the Deputy Director of the Iraq branch, Director The representative office of Lukoil Mid-East Ltd. in Baghdad, Rasan Sidnafi.
The Minister of Oil stressed the importance of “accelerating and directing development and production operations from the Arido field, which is located within the tenth exploration block located between the governorates of Muthanna and Dhi Qar, due to its importance in enhancing national production,” noting that “the ministry is awaiting the approval of the Council of Ministers on the joint development program for the said field.”
He praised the “technical development study prepared by Lukoil in cooperation with the national effort,” expressing his hope to “begin production operations during the coming period.”
The Minister of Oil stressed “the need to continue developing the West Qurna 2 field within the development program, to maintain and increase production, and to work on improving economic indicators that are in the interest of both parties,” pointing out “the importance of expediting the expansion of optimal investment projects for the associated gas from the aforementioned field.” Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=205523
Experts: Surplus Oil Sales Bring Iraq $20 Per Barrel
Posted On2022-09-15 By Sotaliraq Baghdad/Bright news Energy experts expected that oil prices would achieve a surplus for Iraq at a rate of $20 per barrel until the end of this year, pointing out that global markets are affected by a number of factors, the most important of which is the Ukrainian crisis and the decisions of the Organization of Petroleum Exporting Countries.
And energy expert Bilal Khalifa said in an interview with (Al-Mada), that “many reasons affect international oil prices, most notably the US sanctions on some countries.”
Khalifa continued, “The prices rose after the war between Russia and Ukraine from $70 to $100 and in some cases reached $120.”
He pointed out that “recent days have witnessed a decline in prices after the fears of oil-consuming countries faded from the impact of the war on the lack of energy supplies.”
Khalifa noted, “The prices also depend on the seasons of the year, and we are on the cusp of entering the winter season, which needs energy, especially by European countries.”
He stressed, “The changes in prices are also the result of the decisions of the Organization of Petroleum Exporting Countries (OPEC) and the recent decision to cut 300,000 barrels, although it is a simple number, but it has a clear role in oil prices.”
Khalifa explained, “Oil prices during the remainder of this year may be between 95 to 100 dollars, and there are no indications that they will drop below that.”
As for the effects of oil prices in Iraq, he replied that “the lack of a budget provided us with more than 25 trillion dinars, in addition to the Ukrainian crisis, which raised oil prices, and this left positive effects on Iraq.”
Khalifa stressed that “the government and the parties will face a real predicament with the end of the Ukrainian crisis, as oil prices will drop.”
And he added, “The lowest price that covers the state’s public spending is about $75 a barrel, and this means that the surplus that is being achieved for Iraq at the moment is about $20 per barrel.”
Khalifa went on to say, “The Iraqi citizen has not, so far, seen any positive results from the rise in oil prices.”
For his part, oil expert Hamza Al-Jawahiri said, in an interview with Al-Mada, that “oil prices are currently entering into a confrontation between the United States, OPEC countries and Russia in particular due to international sanctions and the Ukrainian crisis.”
Al-Jawahiri added, “The file took different paths after the paths of the movement of oil changed from producers to traditional consumers, and those who continue to sell oil to other countries.”
He pointed out, “This is caused by sanctions against Russia,” noting that “the United States prevents European countries from buying Russian oil, but this oil has reached those countries through China, India or Saudi Arabia.”
Al-Jawahiri said, “Changing the oil paths has changed, and the United States is trying with all its capabilities to put pressure on oil prices and reduce them.”
He stressed, “The American side sold more than a million barrels of its strategic reserves in order to contribute to lowering prices while accelerating the issue of sanctions against Iran in the hope of returning to the agreements, but these efforts have stumbled.”
Al-Jawahiri pointed out that “the return of the agreement with Iran will contribute to increasing global production by about 1.5 million barrels, and Libya has resumed pumping at a rate of 1.25 million barrels, but new disturbances have occurred and made its export fluctuate.”
And he continues, “The main task of OPEC is to maintain oil prices in global markets,” noting that “prices by about a year will remain more than $90 until the end of this year.”
Al-Jawahiri added, “The developments of next year will depend on the developments of the Ukrainian crisis and dialogue with Iran and China, as they are factors that greatly affect the decisions of the Organization of the Petroleum Exporting Countries, but prices will remain above $90 despite all the variables.” LINK
Al-Jubouri: The Size Of The GDP For The Current Year Will Not Exceed 300 Billion Dollars
Money and business Economy News – Baghdad Haitham al-Jubouri, technical advisor to Prime Minister Mustafa al-Kazemi, set, on Thursday, the value of government and private domestic product for the current year, and while he expected the volume of total spending for this year, he revealed projects to increase non-oil revenues.
Al-Jubouri said, “The volume of domestic product for the public and private sectors for the year 2022, according to current oil prices, will not exceed $300 billion,” noting that “the government is currently spending according to the exchange rule 12/1 of last year’s budget, in addition to what was allocated in the Food Security Law.”
He added, “What was allocated from food security amounted to 25 trillion dinars, in addition to 103 trillion dinars spent last year 2021, as it is a base we rely on, so that the total amount disbursed by the end of this year is 128 trillion dinars, which is equivalent to 88 or 89 billion dollars,” noting.
He pointed out that “the government output alone will range approximately, according to the current oil prices, from 145 to 155 billion dollars at the end of the year.”
On the government’s steps to provide additional non-oil resources, he explained that “there are efforts to activate the transit of goods through Iraq and the port of Faw, as well as the completion of plans and designs for new railways linking northern and southern Iraq by an Italian company, and these will increase revenues, and other steps to complete the automation of border crossings.
And the relationship between the currency sale window, customs and tax, which is supposed to be reflected in the increase in revenues in addition to political and security stability,” he said, explaining that “the investment situation in Iraq is improving dramatically.”
Al-Jubouri stressed, “the need to conduct a population census to make the numbers of segments of society clear accurately, especially since the Financial Management Law stressed the need for the budget to be based on gender,” noting that “determining the percentage of women, the elderly, children and youth is very important according to the expected census,” according to the news agency. official.
With regard to the government’s efforts to reduce the effects of population growth on the country’s economy, al-Jubouri stated that “the growth is continuing, and we should be guided by accurate numbers that we are waiting for from the housing census so that we can rely on them in decision-making.”
And he added, “Iraq is one of the very advanced countries in the process of population growth, which reaches an annual rate of 3%, while globally it reaches under half a percent,” noting that “this needs an increase in spending and the provision of services and many plans to be parallel to this increase.”
140 . views Added 09/15/2022 – 7:46 PM Update 09/16/2022 – 12:34 PM
https://economy-news.net/content.php?id=29729
Iraq Is India’s Largest Oil Exporter In A Month
Thursday, 15 September 2022 12:10 PM Follow-up / National News Center
Data from industrial and commercial sources showed that Iraq retained the first place in the list of oil suppliers to India last August, while it came in second place, according to data published by “Reuters”.
According to the data, 863,950 barrels per day of crude were shipped from Saudi Arabia to India, the third largest importer and consumer of oil in the world, up 4.8% from the previous month, while purchases from Russia fell 2.4% to 855,950 barrels per day.
Despite the rise of Saudi Arabia, the share of oil from the Organization of Petroleum Exporting Countries (OPEC) to India fell to 59.8%, the lowest level in at least 16 years as India cut imports from Africa.
India became the second largest buyer of Russian oil after China, after others reduced their purchases following Moscow’s invasion of Ukraine in late February.
New Delhi has not publicly criticized Moscow for its “special military operation” in Ukraine. Prime Minister Narendra Modi is scheduled to meet with Russian President Vladimir Putin on Friday on the sidelines of the summit of the Shanghai Cooperation Organization, a regional security organization.
India’s monthly imports of Russian oil continue to decline after hitting a record in June, as Moscow reduced the cuts offered on its oil.
Also in August, the UAE remained India’s fourth largest oil supplier, while Kazakhstan displaced Kuwait to become fifth. https://nnciraq.com/151942/
Iraq And Syria Agree To Unify Their International Discourse To Obtain Their Water Rights From Upstream Countries
Shafaq News/ On Friday, the Iraqi government and its Syrian counterpart agreed on the need to unify their discourse in international forums in order to obtain their water rights from upstream countries.
The Iraqi Ministry of Water Resources said in a statement today that Minister Mahdi Rashid Al-Hamdani met with Syrian Prime Minister Hussein Arnous, in the presence of the technical representative authorized with the powers of the Minister of Environment Jassem Abdul Aziz Al-Falahi and Tammam Raad, the Syrian Minister of Water Resources and the Iraqi charge d’affaires in Damascus Yassin Sharif.
He added that during the meeting, they discussed common issues between the two countries in water and environmental affairs in light of the challenges of decreasing water imports and the extremism of climate change and their negative effects on reducing agricultural areas and irrigation projects.
The statement pointed out that the two parties also discussed “the necessity of coordination for joint action between the two countries to harness science and technology, exchange experiences, enhance areas of training and unify discourse in international forums in order to obtain the two countries’ water rights from upstream countries with the importance of expanding the horizons of cooperation to include broader areas such as exchanging data and establishing monitoring stations.”
Joint management and research applications to achieve sustainable integrated management of water resources and adapt to climate change.
The Minister of Water Resources, Mahdi Rashid Al-Hamdani and Jassim Abdul-Aziz Al-Falahi, who has the powers of the Minister of Environment, arrived last Wednesday to the Syrian capital, Damascus, at the head of a high-level delegation from the Ministries of Water Resources, Environment, Higher Education and Scientific Research and the Ministry of Water Resources and Agriculture in the Kurdistan Region to participate in the high-level bilateral meetings.
Level with the Syrian side, represented by the Syrian Ministry of Water Resources, which is related to the international hydrological program, and to discuss the implementation of the implementation plan for the said program. LINK
Realme 9 “Best 108MP” Device In Iraq Will Be Launched On September 20
The world’s fastest growing smartphone brand
Officially announced today the arrival of the first smartphone with a 108MP ProLight camera, the realme 9 is coming to Iraq on September 20, powered by the Samsung ISOCELL HM6 sensor.
realme numbers series is popular among young people all over the world because it provides an outstanding shooting experience that exceeds expectations from start to finish.
realme 5 Pro was one of the first mid-range smartphones with 48MP camera, realme 8 was one of the few smartphones with 64MP camera. With realme 9, we are ready to make a breakthrough.
Highlight of Samsung’s ISOCELL HM6 Image Sensor
NonaPixel Plus technology featuring 9Sum Pixel Binning
The latest NonaPixel Plus technology, upgraded from the traditional 3Sum-3Avg solution to an unprecedented 9Sum reading solution, brings great brightness to images captured by realme 9. In practice, the 9Sum Pixel Binning of NonaPixel Plus technology improves the total amount of light by 123% compared to With the Samsung ISOCELL HM2 image sensor.
Moreover, after comparing the actual image, realme found that the realme 9’s low-light image shot is noticeably brighter with better color reproduction.
Ultra-Zoom Technology Inside The Sensor
In an effort to provide users with a high-quality photo experience, realme 9 uses the HM6 sensor’s super zoom technology with a built-in algorithm to create a beautiful magnified shot to get close to the details and compose the photos the way they want it. LINK
