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Tishwash: Tamimi calls on the government to make optimal use of the high oil prices

On Thursday, a former member of Parliament, Sabah Al-Tamimi, called on the government headed by Mustafa Al-Kazemi to make optimal use of the current high crude oil prices.

“The current prices of a barrel of crude oil are heading towards an increase due to recent data from the World Health Organization about the end of the Corona pandemic in June 2021, in addition to Saudi Arabia’s decision to reduce its daily production by one million barrels for two months,” Al-Tamimi said in a press release. The next two, in addition to an improvement in the profit margin of the refiners, and a decline in the value of the US dollar against other major currencies.

Al-Tamimi added that the Iraqi government should now benefit from the high prices of black gold in establishing a sovereign emergency fund to be a buffer against any future crisis, indicating that “the Iraqi economy is rentier and is directly affected by the occurrence of any global crisis.”

And Iraq depends by up to 95%, according to government estimates, on the financial revenues achieved from the sale of crude oil on the global markets.

Iraq’s oil exports for the month of February reached more than 82 million barrels, with a daily production rate of 2 million – 960 thousand barrels per day, with an initial financial revenue of $ 5 billion, at a weighted price rate of $ 60 per barrel, according to the SOMO statement on its official website.   link


Tishwash:  Oil prices rise on economic outlook and fuel inventories fall

Crude oil prices rose Thursday as vaccine launches boosted economic prospects and U.S. fuel inventories fell sharply, although gains were crowned by higher crude oil inventories after last month’s Texas storm.

Brent crude futures for May rose 57 cents, or 0.84%, to $68.50 a barrel by 0505 GMT, while West Texas Intermediate for April was up 54 cents, or 0.82%, at $64.98.

U.S. gasoline inventories fell 11.9 million barrels in the week ended March 5 to 231.6 million barrels, the Energy Information Administration said.

However, crude oil inventories rose by 13.8 million barrels in the week ended March 5 to 498.4 million barrels, as the country’s oil industry continued to feel the effects of winter. A mid-February storm that halted refining and forced production in Texas was forced.

Meanwhile, the U.S. House of Representatives on Wednesday gave final approval to one of the largest economic stimulus measures in U.S. history, a $1.9 trillion comprehensive relief bill from COVID-19 that would give President Joe Biden his first major victory in office.   link


Cutebwoy:  The House of Representatives intends to pass the 2021 budget by majority in Monday’s session

Economy News – Baghdad

MP Mansour Al-Baiji confirmed that the budget will be passed by a majority in a session on Monday, stressing that there is consensus on that.

Al-Baiji said in a statement seen by “Al-Eqtisad News”, that “the general budget of the country has been decided and amended with the exception of the share of the Kurdistan region, which has not yet been decided, stressing that it will pass by the majority inside the parliament and there is unanimous approval among the representatives.”

Al-Baiji considered that “the Kurdistan Regional Government does not want to reach a solution to settle its share of the budget, and it has stalled throughout the previous period and the approval of the budget has been delayed to this day because of the Kurdistan region. Therefore, more than 150 parliamentary signatures were collected in order to present the budget for passing it.”

The MP explained that “after the consensus that occurred among the representatives on the incompatibility on the account of our governorates with the general budget of the country, as was the case previously with the Kurdistan Regional Government, the signatures were collected to present the Budget Law at the nearest session in order for it to pass because it was too late and this delay cannot continue because the injured The only one of them is all of the Iraqi people. ”

He added, “The Kurdistan Regional Government must obey the law and the constitution as is the case in other governorates, and hand over all its revenues to the central government, and do not procrastinate on that, because our Kurdish people are the ones affected and they must realize well that the Kurdistan Regional Government is the reason.”

Al-Baiji stipulated that if he wants “his share in the budget, he must hand over his revenues in full, otherwise we will not vote on his share in the current year’s budget as happened with the borrowing law.” He continued, “Justice must be applied between all governorates and the Kurdistan Region because it is not possible or reasonable for us to surrender. A share to the Kurdistan Regional Government, and he does not hand over to the federal government anything. ”

The House of Representatives intends to pass the 2021 budget by majority in Monday’s session

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