Iraqi News Economic News Highlights Friday Early AM

Friday Early AM Iraq Economic News Highlights 11-11-22


Iraq Loses More Than A Quarter Of A Billion Dollars During October.. India’s Import Of Iraqi Oil Decreases By About 10%


2022-11-11   Yes Iraq: Baghdad   After Iraqi oil exports to India exceeded one million barrels per day over the past two years, last October recorded the largest drop in 20 months for the quantities that India imported from Iraqi oil, as they decreased to more than 900,000 barrels per day, in a decrease that led to Iraq losing export About 100,000 barrels per day.


Preliminary data showed that India’s imports of Iraqi oil recorded their lowest level in 20 months last October, as oil refiners continued to buy Russian crude at a reduced price and boosted their purchases of West African crudes.


According to Reuters, the data showed that “India, the third largest importer and consumer of oil in the world, bought 907,500 barrels of oil per day in October from its largest supplier, Iraq, down 9.6 percent from the previous year, the lowest level since February 2021.


The data also showed that “India’s imports from Russia, New Delhi’s second supplier, also slowed during this period, as Nayara Energy, partly owned by the major Russian oil company Rosneft, reduced purchases before maintenance at its refineries as of this month.”


According to this, Iraq lost 100,000 barrels per day of its exports to India, which is approximately 3 million barrels during the month of October, meaning that Iraq lost 265 million dollars (more than a quarter of a billion dollars) during last October due to the decline in its exports to India.


Data Volatility


Last October, the map of Iraqi oil’s share in the Asian market fluctuated between India and China, as Iraq left the forefront of the Indian market and returned to the lead of the Chinese market.


However, Reuters data, which indicates that Iraq exported more than 900,000 barrels per day during October to India, slightly contradicts previous data that said that Russian oil accounted for 22% and Iraqi oil accounted for 20.5% of India’s oil imports during October.


The data indicated that India’s imports of crude oil from Russia amounted to 946 thousand barrels per day during last October, representing Russian oil 22% of India’s total imports of crude oil, and according to this percentage, India imported 4.3 million barrels per day during October. Iraq’s share of it was 20.5%. It is assumed that Iraq’s oil exports to India amounted to only 881 thousand barrels per day, meaning that the percentage of decline in Iraqi oil exports to India amounted to about 12%, not 9.6%, as Reuters indicates.   LINK


The Governor Of The Central Bank Denies Talking About Fixing The Exchange Rate For Years


Economie  2022-11-10 | 15:12  Source:  Alsumaria news  8,150 views  Central Bank Governor Mustafa Ghaleb Mikheib denied the talk about fixing the exchange rate for years.


An informed source said in an interview with Alsumaria news, that “the governor of the central bank denies his talk about the current dollar price, which will be established for other years to come.”


He was the prime minister Muhammed Shiaa Al-Sudani  He confirmed, a few days ago, that the decision to raise the dollar exchange rate was not accompanied by measures to protect the vulnerable classes. LINK


Parliamentary Finance Rules Out A Change In The Value Of The Dinar Against The Dollar In The Budget


1,543   The Parliamentary Finance Committee ruled out a change in the value of the dinar against the dollar in next year’s budget, pointing out that the price of a barrel of oil will not be the same as its predecessor in the budget, especially with the increase in global prices.


Committee member Jamal Ahmed said in a press interview seen by “Progress”, that “there is an urgent need to make changes in the investment budget to suit the actual need of the country in order to implement the government program of the Sudanese government.”


He added that “the dollar’s exchange rate in the budget will remain fixed without making any change, especially since the central bank is responsible for this policy and has made clear its opinion on this issue.”


And he indicated that “the price of a barrel of oil in the budget will change from its predecessor, and it is likely that it will be lower than the price offered in the global markets,” pointing out the importance of “putting a reserve price of oil in the budget, especially since global markets may witness an increase in the quantities supplied of oil.”


Governor Of The Central Bank Of Iraq: The Current Dollar Price Will Be Established For Other Years To Come


Economie| 03:31 – 10/11/2022   Baghdad – Mawazine News   The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, said that they do not intend in any way to prejudice the current exchange rate of the US dollar against the Iraqi dinar.


“We will not touch this exchange rate,” Makheif said on the sidelines of the IBBC conference to develop economic, trade and investment relations between Britain and Iraq in Dubai.


And about the period in which the current exchange rate will be adopted, the Governor of the Central Bank of Iraq said, “It will be adopted for a number of coming years,” stressing that they did not think about compromising the current exchange rate of the dollar against the dinar. Ended 29 / h


Scary: The Current Dollar Exchange Rate Will “Fix” For Years To Come


Economie  Thursday, 10 November 2022 11:24 AM  Baghdad/National News Center  Today, Thursday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhaif, announced that the current dollar exchange rate in the country “will be established for years to come.”


Makheif said in a press statement: “We do not intend in any way to prejudice the current exchange rate of the US dollar against the Iraqi dinar.”


He added that “the current price will be fixed for other years to come.”


And Prime Minister Muhammad Shiaa al-Sudani said in a press conference on the first of this month that: “The decision to change the exchange rate in the past was not accompanied by protection measures for the poor, middle and low-income classes, and this exacerbated the problem and its negative repercussions on citizens.”


The Exchange Of The Dollar Stabilizes In The Iraqi Markets


Economie| 09:35 – 11/11/2022   Baghdad – Mawazine News   The dollar exchange rates witnessed, today, Friday, stability in the local markets.   The selling prices of the dollar were 147.150 dinars per 100 dollars, while the purchase prices of the dollar were 147.050 dinars per 100 dollars.


Iraqi Oil Minister: We Are Working To Achieve The Highest Financial Revenues Through The Marketing And Export Of Crude


Shafaq News/ Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani affirmed on Wednesday, Iraq’s keenness to deal realistically with the challenges facing the global oil market.


This came in his speech during the meeting of the pricing of Iraqi crude oil for global markets, which is held monthly at the Ministry’s headquarters.


At the meeting, the minister said that Iraq respects the (OPEC Plus) agreement in achieving balance and stability for the global market, stressing that Iraq’s policy aims to raise the value or financial return of a barrel of oil in a way that fulfills the wishes of producers and consumers.


And he added, “We are working to achieve the highest financial revenues through the marketing and export of crude oil in support of the federal budget.”


Abdul-Ghani also indicated that Iraq is a founding country of the organization and the second largest producer that works to bring the views of the members closer, in order to achieve the producers’ goals in stabilizing the global market, stressing that the financial revenues of crude oil constitute 95 percent of the federal budget.


The Minister stressed the adoption of the most accurate standards of transparency in the marketing of Iraqi oil, the revenues generated, and cooperation with Transparency International.


He continued by saying that the marketing price of Iraqi oil is determined on a monthly basis, after studying and reviewing reports, research and challenges surrounding global markets.   LINK



With The Closure Of The Stock Exchange .. Dollar Prices Rise In Baghdad


Shafaq News/ The exchange rates of the dollar rose against the Iraqi dinar, today, Thursday, with the closure of the main stock exchange in Baghdad.


Shafak News Agency correspondent said that the central Al-Kifah and Al-Harithiya stock exchanges closed in Baghdad at 147,600 Iraqi dinars for $100.


While the prices this morning were 147,050 Iraqi dinars, compared to 100 dollars. Our correspondent indicated that the buying and selling prices in banking shops in the local markets in Baghdad increased, as the selling price reached 148000 Iraqi dinars, while the purchase prices amounted to 147000 dinars per 100 dollars.    LINK


Parliamentary Finance: The 2023 Budget Will Be “Different”


Money  and business   Economy News – Baghdad   Today, Thursday, the Parliamentary Finance Committee described the financial budget for the year 2023 as “different.”


Committee member Jamal Cougar said that “the budget for the year 2023 will be somewhat different, especially the investment budget in it.”


He explained, “The operational in it will be similar. As for the investment, we believe it will be different, as the budget is supposed to include job opportunities, support for the private sector, and support for small projects.”


In a statement to “Al-Furat News”, which was followed by “Al-Iqtisad News,” Cougar added, “We also expect that it will include steps that lead to the construction of strategic projects such as roads and dams,” stressing “the need to focus on these areas.”


422 views    Added 11/10/2022 – 6:59 PM   Update 11/11/2022 – 1:58 PM



Italy: $656 Million, The Volume Of Trade Exchange With Iraq Last Year


Money  and business   Economy News – Baghdad  The Italian Commercial Attaché confirmed, on Friday, that the volume of trade exchange between Iraq and Italy amounted to 656 million dollars last year, indicating that the volume of Iraqi exports to Italy amounted to 3.4 million dollars annually.


The Italian regional commercial attaché for Iraq, Elisa Salazar, said, “The participation of Italian companies in this year’s Baghdad exhibition comes to efforts to contract with the Iraqi government to rehabilitate the infrastructure, especially industrial (transformational) facilities capable of manufacturing Iraqi raw materials for the purpose of importing them, given the Iraqi raw materials enjoyment. of high quality.”


She added that “Iraqi exports to Italy have declined a lot in recent years, after Italy was importing wool, leather and various kinds of salt from Iraq,” stressing “her country’s keenness to establish the best economic and trade relations with Iraq in a way that parallels the historical relationship between the two peoples,” according to the official news agency. .


29 . views   Added 11/11/2022 – 1:17 PM  Update 11/11/2022 – 2:18 PM


Dollar Exchange Rates In The Iraqi Market Today


Economie  11-11 2022 | 01:32   Source:   Alsumaria news   2,142 views   Today, Friday, the dollar exchange rates witnessed stability in the local markets.


The selling prices of the dollar were 147.150 dinars per 100 dollars, while the purchase prices of the dollar were 147.050 dinars per 100 dollars.


mention that Central Bank of Iraq  On December 19, 2020, it was officially announced that the US dollar exchange rate would be 145,000 dinars for every $100, according to the state’s general budget for 2021 approved by the House of Representatives.   LINK