Iraqi Economic News Highlights Wednesday AM

Wednesday AM Iraq Economic News Highlights 10-26-22


3 Billion Dinars Won By Speculators And Lost By Citizens As A Result Of Selling Their Dollars For Licenses.. Rally To Sue Mps Who Confused The Market


2022-10-26  Yes Iraq: Baghdad


It is known that during the past days, the exchange rates of the dollar decreased significantly and continuously until the purchase price of the exchange shops from citizens reached the dollar, at a price of 1455 dinars to the dollar. From reducing the price of the dollar and returning it to 1200 dinars to the dollar during the coming period.


These fears came as a result of the deputies’ statements that confused the markets, which prompted economists to open fire on the deputies who accused them of helping and increasing the profits of “speculators” as they caused the dollar to be offered in the market at a low price and to be bought by the citizen, before the dollar price returned to its real price in the days


The coming time is when everyone realizes that the dollar will never change, and the demand for the dollar will rise again, which may raise it to 1485 dinars to the dollar, so that the citizen who sold his dollars will lose 30 dinars per dollar, and the speculators and exchange owners profit in return.


The economic researcher, Mustafa Abu Dhaif Allah, says that the fool is the one who sold his dollars because of the deputies’ campaign to reduce the price of the dollar, noting that “the banks and exchangers (speculators) are very thankful to the deputies who signed and say we have finished the Iraqi dinar that we own and we have bought all the dollar in the market, and the time has come. Let’s sell our dollars, with a profit margin of 4-5%.


Addressing the citizens who sold their dollars at low prices these days, Abu Dhaifallah said that they had lost 3-5% of your dollars, so you should file a lawsuit against every deputy who participated in this deal, noting that “from the last hours of today’s date, the price hike continued The dinar against the dollar.


On the other hand, the economic researcher, Mortada Al-Azzawi, said that “anyone who exchanged his dollars and lost part of his money during the previous days should go to complain about these MPs who participated in speculation through their statements in reducing the exchange rate.”


Cash sales of dollars per day in the Iraqi market are estimated at about 30 million dollars on average, which means that the citizens who sold with a price difference of 30 dinars per dollar due to the decline and offer their dollars for sale in a large way in the market, which led to a decrease in prices, they lost about one billion dinars per day,


and while it continued The decline is due to the offer to sell the dollar in a large way for about 3 days, which means that the loss of citizens amounted to 3 billion dinars, and at the same time, speculators gained 3 billion dinars due to this crisis and the confusion in prices caused by the statements of representatives about the reduction of the exchange rate.  LINK


New Statistics Indicate The Difficulty Of The World’s Countries To Give Up “Oil And Gas”


Energy  Data and statistics for the British company BP monitored today, Wednesday, that about 90% of the world’s energy consumption comes from fossil fuels during the year 2021.


A recent statistic, seen by “Economy News”, showed that “the world’s consumption of energy that comes from fossil fuels, which included oil, natural gas, coal and nuclear energy, amounted to 89% of the rest of the other clean fuels, which included hydropower and renewable energy.”


And she added, “States’ consumption of crude oil reached 31%, so the percentage of countries’ consumption of coal was 27%, and the percentage of countries’ use of natural gas was 24%, and nuclear energy of it 7%.”


She noted that “the share of countries’ use of clean fuels was 7% of hydroelectricity, while the share of renewable energy from wind and sun was 4%.”


The countries of the world are seeking to reduce fossil fuels and increase clean energy after the climate changes that swept the countries of the world, while the countries of the world were shaken after the Russian and Ukrainian war, so that European countries returned again to dependence on fossil fuels after the oil and gas cut off by Russia.


These statistics indicate that the countries of the world cannot give up oil and gas “easily”.


27 . views   Added 10/26/2022 – 11:51 AM  Update 10/26/2022 – 1:03 PM


Low Dollar Exchange Rates In Iraq Today


Economie  2022-10-26 | 02:46  11,119 views  Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets on Wednesday.


And the selling prices of the dollar were 145.900 dinars per 100 dollars, while the purchase prices of the dollar were 145.800 dinars per 100 dollars.   LINK


Oil Prices .. Brent Is Falling, And US Crude Is Giving Up The Gains Of The Previous Session


Economie  2022-10-26 | 02:29  565 views  Alsumaria News – Economy  Oil prices fell, today, Wednesday, after industry data showed that crude stocks in the United States rose more than expected, but supply concerns limited the losses.


Brent crude futures for December were down 72 cents, or 0.8%, at $92.8 a barrel by 03:30 GMT, after closing up 26 cents in the previous session.


And futures contracts for US light sweet crude for December delivery fell 48 cents, or 0.6%, to $ 84.84, reversing the gains of the previous session.


“The possibility of a global economic slowdown and monetary tightening outweighs the specter of supply cuts in recent weeks,” ANZ Research analysts said in a note.


US crude stocks rose by about 4.5 million barrels in the week ending October 21, according to market sources, citing figures from the American Petroleum Institute.


While the increase in crude inventories has fueled fears of a global recession that will reduce demand, persistent supply constraints keep prices trading in a narrow range.


“The (OPEC) production cut that takes effect from November and the new European Union sanctions on Russian oil that come into effect from December should give a boost (to prices),” said Stephen Innes, managing partner at SBA Asset Management. .


US President Joe Biden announced, last week, a plan to sell the remaining record withdrawals from the Strategic Petroleum Reserve by the end of the year, in an effort to reduce high gasoline prices.  LINK



The OPEC Oil Cut Scattered The Papers Of The US Congress Elections.. What Is The Role Of Saudi Arabia?


Economie  2022-10-26 | 05:02   Source:  Arabic 21 153 views   Alsumaria News – Economy


Experts indicated in a report to the American newspaper, The Intercept, the possibility of Saudi interference in the mid-term elections for Congress through the OPEC Plus decision to reduce oil production, which was approved by the organization at the beginning of this month.


Quote the report on Sarah Leah Whitson The executive director of the Organization for Democracy in the Arab World, said that “the Saudi crown prince is using oil very naked as a way to try to influence the midterm elections, in an effort to win over more obedient Republicans, in an attempt to show us all who is in control “the president.” Even in our democracy.


“America has artificially helped make Saudi Arabia more powerful in energy markets, by imposing export sanctions on the oil of other major producers,” said Trita Parsi, executive vice president of the Quincy Institute.


He continued, “Biden must turn the current crisis into an opportunity to reduce the United States’ dependence on…Riyadh, by rethinking the failed energy sanctions on Iran and Venezuela.”


A blatant intervention


The Saudi Foreign Ministry also revealed in a statement issued in the middle of this month, that the United States requested to postpone the decision of the “OPEC Plus” group to reduce oil production “for a month,” noting that That “postponement will have negative economic repercussions.”


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Which was interpreted as an attempt by Biden to prevent the impact of this decision on the results of the midterm elections, as its postponement means that it will be issued after the elections, especially as he sought during the past months to reduce fuel prices in his country to help his Democratic Party candidates.


For his part, a researcher specializing in international relations and American affairs believes, AF  Khaled Al-Tarani And that “the reduction in oil production by OPEC was in fact a clear and flagrant interference in the elections to help the pro-Trump wing in the Republican war.”


Al-Tarani said that “it is not known what pressure cards Trump has against bin Salman, so that Saudi Arabia entered the line in this somewhat crude and daring way and tried to tip the balance in his favor, without fearing the consequences of this blatant interference.”


He stressed that “at a time when things were going in favor of the Democratic Party, the increase in oil prices came as a result of reducing its production, which led to the confusion of the Democrats’ accounts, so there is a hard-line trend within the American administration and Congress by the Democratic Party against Saudi Arabia, and this may lead to punishment Bin Salman, if the Democrats retain the Senate and the House of Representatives.”


Al-Tarani expressed his belief that “the file of Saudi-American relations is not managed by…RiyadhShe does not have the ability to manage this file with this kind of arrogance and professionalism.”


He added: “Meaning, for example, to come Joe Biden He is received by a medium-sized employee, meaning that the President of the United States is received in this way, which clearly indicates that the person who manages the file possesses security and intelligence information and secrets about how to manage things in Washington, and I do not think that Riyadh You have the information or capabilities to manage a file of this complexity and with this degree of arrogance.”


He explained that “RiyadhIt cannot manage this file, not because it does not have capabilities. Yes, it may have technocrats and experts, but the confrontation in this way with the Biden administration, I think, needs two things. First, understanding the combination within the current US administration, in addition to accessing intelligence information that protects Saudi Arabia from the consequences of these The confrontational behavior with the White House administration.”


Al-Tarani suggested that “this decision and the management of Saudi interference in the elections were made through Trump’s son-in-law Jared Kushner, who gave him two billion dollars as an investment given to him to manage despite the objection of Saudi experts. He explains that there is ambiguity in the relationship that exceeds the value of the investment.


He added: “In the sense that a year after Trump’s departure from power, the New York Times reveals that Kushner has received two billion, this means that the relationship with Trump and part of his team is still continuing and that there is confidence that he and his supporters will return to the keys to power.”


Failures in the American Electoral System


The talk about the existence of Saudi interference in the midterm elections brought to mind the issue of accusations leveled by Washington against Moscow about its interference in the 2016 presidential elections in favor of former President Donald Trump against his opponent, Democratic candidate Hillary Clinton.


The Biden administration accused Moscow of seeking to influence the American voter through social media and others, by spreading “rumors and lies” about his rival.


Although Moscow denied these accusations, and Saudi Arabia did this time as well, the question remains what has changed in the electoral system, which enabled other countries to interfere in the US elections, whether presidential or congressional.


Confirmed David Bateman Director of Undergraduate Studies at Cornell University’s Brooks School of Public Policy, “All systems of open, free, and fair elections are vulnerable to at least some degree of outside interference, and in fact, even the United States has had a hand in interfering in democratic elections around the world.”


“I have no idea if the OPEC decision is intended to influence the US election – it seems plausible at least that it has more to do with the revenue interests of OPEC producers in the context of high demand and a strong dollar,” Pittman continued.


“But in general, US presidents – and their party – have long been responsible for economic performance, even if it is outside their control, and this offers the potential to influence US elections through economic measures,” he added.


He added, “But most of the time the intervention, its economic or political costs, are not worth it for a country to do so, given the low probability that it will make a fundamental difference in the US elections.”


He explained, “If there is an increasing vulnerability, it probably comes from the polarizing nature of US policy and the ability to effectively transmit disinformation via social media, and this is the minimum risk that countries in general have to pursue, as disinformation can be produced.” It can be deployed at low cost and can be outsourced to non-state actors, but again, the potential to make a serious difference in the U.S. election in particular is limited.”


He emphasized that “political polarization makes it easier and more likely to share disinformation, but mostly by those who are actually likely to believe it.”


It is likely that the Russian influence campaign will not persuade many Democrats to vote for Trump, and while it may try to encourage them not to vote at all, there are huge sums of money being spent domestically to try to get them out.


“One of the really worrying risks is the potential for the electoral systems themselves to be hacked, but the past few decades have seen massive improvements in data security in election management,” he said.


In short, I am not entirely sure that the United States is more vulnerable to interference now than it has ever been, but in the end of any intervention there is no real security against because it is a possibility inherent in any open and free election, which is more than compensated. No cost to intervene.


In turn, the researcher believes in American affairs Khaled Al-Tarani [/url]  It is the election of Donald Trump as president in 2016 and his ability to be subject to influence, which led to this kind of shift in the ability of some countries to influence the American elections, which was not present previously.


He continued, “There were suspicions and some indications that there was collusion between the Trump campaign and Russia, for example, General.   Michael Flynn  Who was Trump’s candidate for the position of National Security Adviser, one of the most important jobs in the White House, had meetings with Russian agents that he did not disclose and was convicted of lying to investigators and was going to serve an inevitable prison sentence until Trump pardoned him.


He added, “Also the idea of the conspiracy that accompanied the election of the president The previous ones led to a kind of doubt about the electoral process and all the results and its outcomes.   LINK