Sunday Evening Iraq Economic News Highlights 8-28-22
Iraq Repays $1.6 Billion Of Iranian Gas Debt
Energy Economy News _ Baghdad Today, Sunday, the director of the Iranian Gas Company, Majid Jakni, announced that Iraq has paid $1.6 billion in gas export funds.
In an interview with Fars News Agency, Jakni said that the amount comes within the debts owed by Iraq from the export of Iranian gas. He pointed to the growth of gas swaps by 138%, as well as the continuation of gas swaps with Armenia, and negotiations with various countries, especially neighboring countries, in this regard.
Jakni indicated that Iran’s position has risen in the field of gas trade, as a record number of gas condensate exports has been achieved in the past three years, and that gas export revenues have grown by 64%, and its export to Turkey has increased by 11%, and negotiations are continuing in this field.
Views 13 Added 08/28/2022 – 1:45 PM Update 08/28/2022 – 2:50 PM
https://economy-news.net/content.php?id=29488
225 Thousand Barrels Per Day .. Iraq’s Oil Exports To America Within A Week
Shafaq News/ The US Energy Information Administration announced, on Sunday, that Iraq’s oil exports to the United States increased during the past week, reaching an average of 225 thousand barrels per day.
The administration said in a report seen by Shafak News Agency, “The average US imports of crude oil during the past week from eight countries amounted to 5.356 million barrels per day, down by 52 thousand barrels per day compared to the previous week, which amounted to 5.404 million barrels per day.”
She added that “Iraq’s oil exports to America amounted to an average of 225,000 barrels per day last week, higher than the previous week, in which they reached an average of 163,000 barrels per day.”
The administration also indicated that “most of America’s oil revenues during the past week came from Canada, at a rate of 3.834 million barrels per day, followed by Mexico at a rate of 503 thousand barrels per day, and oil revenues from Ecuador at a rate of 278 thousand barrels per day, and then Saudi Arabia at a rate of 247 thousand barrels per day. Daily”.
According to the administration, “the amount of US imports of crude oil from Colombia amounted to an average of 143,000 barrels per day, from Nigeria at a rate of 72,000 barrels per day, and from Trinidad and Tobago at a rate of 54,000 barrels per day, while no quantity was imported from Brazil and Russia.” LINK
More Than 8,000 Cars Sold In A Month.. The Car Market Rises In Iraq And Hyundai Is Down By More Than 46%
Shafaq News/ Focus2Move company, which specializes in providing special data on cars, stated that the car market in Iraq in June 2022 continues to rise steadily, indicating that Hyundai is declining by more than 46%.
The company said in a report seen by Shafak News Agency, “The car market in Iraq continued to increase its car sales for the month of June 2022, with an increase of 7.1% compared to the previous month.”
And she added, “8,444 cars were sold in June alone, which raised the current year’s sales for the first quarter of 2022 until March at 42,132,000 cars, an increase of 7.2% over the same period in 2021.”
And she pointed out that “in terms of the brand, Kia announced a decrease in its sales by 6.8% since the beginning of this year until June despite owning 34.9 of the Iraqi market share, followed by Toyota, which grew by 60.4%, while Hyundai recorded the largest decline with a rate of 46.9%.
And she indicated that “the first quarter of 2022 sales remained stable, with an increase of 0.8%, with 18,257 cars sold, while sales increased in the second quarter by 12.6%, with 23,875 cars.” LINK
At A Price Of 1000 Dinars.. Oil Sets The Date For The Launch Of “Super” Gasoline
Energy Economy News – Baghdad The Oil Products Distribution Company, one of the companies of the Ministry of Oil, announced, on Saturday, the date of launching the super high-purity gasoline product at filling stations, while setting the price of one liter of it.
The company’s general manager, Hussein Taleb, told the official news agency, “The Ministry of Oil has approved the launch of a third product (super high purity) for the gasoline product, which is a 100% imported product, to supply citizens with it starting from the first of next September.”
Taleb added, “The aim is to equip modern vehicles and citizens’ requests by offering a high-purity substance,” explaining that “this product of gasoline is imported with hard currency.”
He pointed out that “the price of one liter, as a start, is 1000 dinars, and it is supported by the state up to 400 dinars, because the price of its import is 1.400 dinars, but the state will offer it with a thousand dinars as support for the citizen.”
He pointed out that “the price is subject to periodic review every three months or every two months according to international market prices, and it is not fixed but rather variable according to the variables of the global market for the import of oil derivatives.”
He continued, “We will allocate some stations to sell this product, as we cannot make all stations sell three products, and therefore the station that sells super gasoline does not sell another product.”
He continued, “In Baghdad, we identified two stations for the experiment, one in the Rusafa sector, which is Musa bin Naseer station, and the other in the Karkh sector, which is the government message station in the Al-Mansour area, to sell this product. And 650 dinars, while in the rest of the governorates, we have identified one station in each governorate as a starting point for this project, and it will be in the center of the governorate.” Views 292 Added 08/27/2022 – 5:04 PM Update 08/28/2022 – 12:49 PM
https://economy-news.net/content.php?id=29480
The Iraqi Market Enters A Recession Stage
Reports Economy News – Baghdad The Iraqi market entered a stagnation phase as a result of the political developments taking place in Baghdad, which led to the storming of Parliament by supporters of the Sadrist movement, in addition to threats of civil disobedience in the southern provinces.
The trader, Muhammad Karim, told Al-Iqtisad News, “The market is in a stagnation stage now, and political developments have negatively affected it,” adding that “buying and selling is only for basic needs.”
He stressed that “political statements, regarding the lack of salaries for the next year, made the employees not shrink in spending, for fear of the unknown.”
He pointed out that some retail stores in residential areas have closed their doors, and this puts pressure on the economy and increases the rate of unemployment and poverty.
On the other hand, Hamid Salem, the owner of a real estate office, told “Al-Iqtisad News” that the real estate market is witnessing a stagnation, as a result of the lack of clarity in the future, adding that the demand for real estate has witnessed a significant decrease due to the political situation.
He pointed out that the citizen who wants to sell his property quickly, reduces the price by 10%, and this will contribute to reducing the price in the coming period.
Yesterday, Parliament Speaker Muhammad Al-Halbousi talked about the existence of an 80 trillion surplus of oil sales in the Ministry of Finance, and the government is unable to spend it due to the absence of a budget law. 54 . views Added 08/28/2022 – 11:01 AM Update 08/28/2022 – 12:38 PM
https://economy-news.net/content.php?id=29483
Iraq’s Oil Exports To The United States Increased During The Past Week
Energy Economy News _ Baghdad Today, Sunday, the US Energy Information Administration announced that Iraq’s oil exports to the United States increased during the past week, reaching an average of 225,000 barrels per day.
The administration said in a report seen by “Economy New”, that “the average US imports of crude oil during the past week from eight countries amounted to 5.356 million barrels per day, down by 52 thousand barrels per day from the previous week, which amounted to 5.404 million barrels per day.”
She added that “Iraq’s oil exports to America amounted to an average of 225,000 barrels per day last week, higher than the previous week, in which they reached an average of 163,000 barrels per day.”
The administration also indicated that “most of America’s oil revenues during the past week came from Canada, at a rate of 3.834 million barrels per day, followed by Mexico at a rate of 503 thousand barrels per day, and oil revenues from Ecuador at a rate of 278 thousand barrels per day, and then Saudi Arabia at a rate of 247 thousand barrels per day. Daily”.
According to the administration, “the amount of US imports of crude oil from Colombia amounted to an average of 143,000 barrels per day, from Nigeria at a rate of 72,000 barrels per day, and from Trinidad and Tobago at a rate of 54,000 barrels per day, while no quantity was imported from Brazil and Russia.”
35 . views Added 08/28/2022 – 8:38 AM Update 08/28/2022 – 12:49 PM
https://economy-news.net/content.php?id=29482
Through One Port, Iran Exports Goods To Iraq Worth 350 Million Dollars Within 5 Months
Money and business Economy News – Baghdad The director of customs at the “Khosravi” port, located in western Iran and adjacent to Iraq, announced the export of goods worth about 350 million dollars to Iraq within 5 months.
Abbassian explained that “the volume of exports in the mentioned five months exceeded 850,500 tons, with a value of more than $349 million, with a quantitative growth of 65 percent and a price of $59 million over the previous corresponding period 2021.”
Abbassian said, in a statement carried by the Iranian “Fars” news agency, that “the Khosravi port is one of the most important Iranian land crossings with Iraq.”
60 . views Added 08/27/2022 – 4:57 PM Update 08/28/2022 – 11:22 AM
https://economy-news.net/content.php?id=29479
Parliamentary Finance: Approval Of The Budget Or Not Does Not Affect The Salaries Of Employees
Shafaq News/ Today, Sunday, the Parliamentary Finance Committee confirmed that the approval of the general budget law does not affect the payment of state employees’ salaries, while noting that Parliament Speaker Muhammad al-Halbousi’s statement is to motivate parties to solve problems and the political crisis.
Committee member Jamal Kougar told Shafaq News Agency, “Article 13 of the Financial Management Law states that in the event that the general budget law is not approved, the government goes to the last approved budget, and accordingly salaries are paid according to the 12/1 principle, and therefore its approval is from Failure to do so does not affect employee salaries.
He added that “the government has all the powers to pay the salaries of employees and retirees, and that the employee does not bear the political problems,” noting that “there are a number of countries that have been without a budget for more than a year and the salaries of their employees have not stopped.”
And regarding the statement of Parliament Speaker Muhammad al-Halbousi, a member of the Parliamentary Finance Committee, said, “Al-Halbousi indicated in his statement to motivate the political parties to go towards dialogue to solve the crisis in the country, and if there are more than 4 million employees in the Iraqi state, there are 35 million unemployed, Disrupting the approval of the budget is to disrupt the interests of everyone through the operational and investment budget.
Yesterday, Saturday, the Speaker of the Iraqi Parliament, Muhammad al-Halbousi, warned of upcoming economic crises that Iraq will face if the political crisis continues in the country and the constitutional institutions are disrupted.
Al-Halbousi said; The Financial Management Law, which will continue to manage the country’s financial affairs in an emergency, in the event that the budget for the year 2023 is not approved, will not allow any additional financial spending, which will put the country in front of major economic crises in the year 2022. LINK
A Lawyer Responds To Al-Halbousi: No Country In The World Dares To Stop Salaries
Shafaq News/ Legal expert Ali Al-Tamimi stated, on Saturday, that the Iraqi state is obligated to pay the salaries of employees and retirees, and to continue public spending even with the presence of the current caretaker government headed by Prime Minister Mustafa Al-Kazemi.
This comes in response to what Parliament Speaker Muhammad al-Halbousi said earlier in the day that “the financial management law, which will continue to manage the country’s financial affairs in case the 2023 budget is not approved, will not allow any additional financial spending, which will put the country in front of major economic crises, a phase of year 2022″.
Al-Tamimi said in a statement today, “The text is explicit and clear in Article 13 first of the Financial Management and Public Debt Law 6 of 2019 in the event of delay in approving the budget until December 31, the Minister of Finance will issue circulations of exchange at a ratio of 1 to 12 of the total expenditures of the previous budget.” .
He explained that this means that there is a legal continuation of spending even if the budget continues to not be approved and the 2021 budget is adopted, and this is the legal basis because no country in the world dares to stop salaries and public spending, and even with the caretaker government, one of his most important priorities is the payment of salaries.
And he added, “It is not possible to read the text in Article 13 with a static view that strays from the legislative dimensions intended by the legislator, and it is not hidden from the clever legal, as it is understood from it the adoption of the monthly percentages for the closest budget that has been legislated, and certainly this is the closest to reality in line with Articles 30 and 31 of the constitution obligating the state to provide Salaries and incomes, as without that the state will vanish and there is no legal value for its existence,” noting that “the presence of the government is associated with and accompanies the presence of public utilities.. the basis of its permanence are salaries.”
He continued by saying, “Once again, the text says in Article 13 of the Financial Management and Public Debt Law for the previous fiscal year, that is, that preceded the legislation of the budget law, and this does not mean the year adjacent to it, because the important thing is the existence of a previous legislated budget, whether it was two or three years, and there is no diligence in the resource of the text.” LINK
