Saturday AM Iraq Economic News Highlights 10-1-22
For the first time since 2020, OPEC + holds its meeting in person
Economie| 12:00 – 01/10/2022 Follow-up – Mawazine News, a source in the Organization of the Petroleum Exporting Countries (OPEC), said on Saturday, that the OPEC + group will hold its meeting on the fifth of October in Vienna with personal attendance, according to Reuters news agency. This is the first time that coalition members will meet in person, since the start of the Corona pandemic in 2020.
The option to participate online will be available for some delegations who may not be able to travel to attend the meeting due to the short time available.
And Reuters agency had quoted sources in the “OPEC +” alliance that the oil-producing countries are considering reducing production at the October meeting by between 500 thousand and one million barrels per day, with the aim of supporting the market.
And OPEC +, which includes the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC allies including Russia, had previously agreed to cut the production target by 100,000 barrels per day at their meeting in September, the first reduction since 2020.
The October meeting comes amid sharp market volatility and a significant drop in oil prices from levels recorded in March, which were the highest in several years. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=207015
An Economist Explains How To Increase Imports Through The Establishment Of Refineries And The Export Of Derivatives
Posted On2022-09-30 By Sotaliraq Baghdad…Today, Friday, economic expert Dr. Safwan Qusay explained how to work to increase Iraq’s oil imports through the establishment of refineries at home and abroad, pointing out that there is a possibility to open a new window to accommodate the owners of engineering degrees and specializations in the new refineries.
Qusay said that “there is a tendency to establish the Al-Faw refinery, which will contribute to strengthening the ability of the Ministry of Oil to meet the need for oil derivatives, as it is assumed that all refineries in the governorates will be completed because Iraq is still exporting crude oil away from the export of oil derivatives.”
He added, “If Iraq manages to open the investment window in the private sector through the establishment of refineries and the purchase of crude oil at the international price by these refineries and re-export it, it will open a new window for Iraqis, especially those with certificates and specialization in the engineering oil, petrochemical and chemical engineering sectors, as it will contribute to increasing revenues Iraq and reduce dependence on the process of importing derivatives.”
And he indicated that “Iraq consumes 700,000 barrels of derivatives daily, and this is a large number, and there is a possibility to open an investment window to establish refineries in countries such as India, China and the European Union, as it buys crude oil and operates refineries that do not belong to Iraq, so if there is a new strategy to invest financial savings internally and externally in order for Iraq to guarantee its market share in Iraqi oil consumption.” finished 25 LINK
Dollar Exchange Rates Against The Dinar
Economie| 10:26 – 01/10/2022 Baghdad – Mawazine News The dollar exchange rates witnessed, today, Saturday, stability in the local markets. Selling price: 147.500 dinars per $100 purchase price: 147,400 dinars per $100 https://www.mawazin.net/Details.aspx?jimare=207006
Dollar Exchange Rates In Local Markets
Economie 2022-10-01 | 03:57 Source: Alsumaria news 2,244 views Today, Saturday, the dollar exchange rates witnessed stability in the local markets.
And the selling prices of the dollar were recorded at 147,500 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 147,400 dinars per 100 dollars.
Earlier, the Central Bank of Iraq decided to amend the exchange rate of the dollar against the Iraqi dinar, 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 (1470). dinars per dollar. LINK
Oil Prices Are Falling After Volatile Trading
Economie 2022-10-01 | 05:10 561 views The two crudes, Brent and West Texas Intermediate , rose 2% and 1% on a weekly basis, to record their first weekly rise since August, after hitting their lowest levels in nine months this week.
Oil prices rose, supported by the dollar’s decline earlier in the week from its highest levels in 20 years. The decline of the dollar makes oil denominated in the US currency cheaper for holders of other currencies, which improves demand.
The market had received support from the possibility of reducing the Organization of Petroleum Exporting Countries (OPEC) and its allies to production quotas at their meeting to be held on the fifth of October.
Analysts expect production cuts as demand concerns related to a possible global economic recession and higher interest rates weighed on crude oil prices.
Brent and West Texas Intermediate prices ended the third quarter with significant declines of 23 percent and 25 percent, respectively. LINK
Iraq Is The Third Largest Importer From Turkey In August
Money and business Economy News-Baghdad The Turkish Statistics Authority announced that Iraq was the third largest importer from Turkey in August, noting that Turkish exports and imports increased by 13.1% and 40.4%, respectively.
In a report, the authority said that “Turkey’s exports for the month of August amounted to 21 billion and 337 million dollars, an increase of 13.1 percent, compared to the same month of 2021,” noting that “Turkey’s imports in August amounted to 32 billion and 531 million dollars, Recording an increase of 40.4 percent, compared to the same period in 2021.
She pointed out that “Iraq came third in Turkish exports to the world last August with a value of 1 billion and 258 million dollars, while Germany was the main partner country for exports with 1 billion and 664 million dollars, followed by the United States of America second with 1 billion and 664 million dollars.
483 million dollars, then the United Kingdom came fourth with 1 billion and 104 million dollars, and Russia fifth with 949 million dollars,” noting that “the proportion of the first five countries of the total exports amounted to 30.3% in August 2022.”
And she indicated that “Turkish exports during the 8 months from January to August 2022, Germany was the main partner country for exports with a value of 13 billion and 775 million dollars,
followed by the United States of America with 11 billion and 416 million dollars,
and Iraq third with a value of 8 billion and 609 million dollars,
followed by the United Kingdom with a value of 8 billion and 604 million dollars,
Italy 7 billion and 460 million dollars,
and Iraq 7 billion and 352 million dollars,” explaining that “the proportion of the first five countries of the total exports amounted to 30.6% in the period from January to August 2022.”
Iraq imports most of its goods and foodstuffs from neighboring countries, especially Turkey and Iran, and to a lesser extent than the Arab Gulf states and Jordan.
115 . views Added 10/01/2022 – 9:19 AM Update 10/01/2022 – 1:12 PM
https://economy-news.net/content.php?id=29972
Oil Closes With Weekly Profits, And Basra With Slight Gains
Shafaq News/ International oil prices closed on gains at the end of last week, which witnessed price fluctuations.
And Basra Heavy crude closed in its last session on Friday, at an increase of 95 cents, to reach $82.67, and recorded weekly gains of $3.45, equivalent to 4.35%.
Brent crude closed in the last session, down from Friday by $2.04 to $87.96, but it recorded a weekly profit of $2, or 2.2%.
US West Texas Intermediate crude also closed lower in the last session of Friday, by $1.74, to reach $79.49 a barrel, but it also recorded a weekly profit of 75 cents, or 0.95%.
And last week witnessed fluctuations in oil prices with the scarcity of supply and the decline in oil stocks, offset by the fear of economic stagnation after the interest rate hike. LINK
The Minister Of Water Resources In The Federal Government Arrives In The Kurdistan Region
Shafaq News/ The Minister of Water Resources, Engineer Mahdi Rashid Al-Hamdani, arrived this morning, Saturday, to the Kurdistan Region / Sulaymaniyah for the purpose of participating in the International Conference on Water Resources, which will be held under the slogan (Trends and Risks) at the invitation of the Kumar University of Science and Technology in the region.
He was received by the Governor of Sulaymaniyah, Haval Abu Bakr, the President of Kumar Salah al-Din Saeed University, the Director General of Dams in the Region, Abdul Rahman Ali Hussein, the Director General of the Northern Region Studies Center Bakr Rahim Faraj, the directors of Dokan and Darbandikhan dams, and a number of water specialists.
Minister Al-Hamdani was accompanied on his visit by the Director General of the Planning and Follow-up Department at the Ministry’s Center, the General Authority for Operation and Maintenance of the Tigris River Basin and the General Authority for Dams and Reservoirs. LINK
