Iraq Economic News and Points to Ponder Friday Afternoon 10-27-23
Tlm724 Administrator Bondlady’s Corner
Worldwide Caution
Caution October 27, 2023 Worldwide Caution Worldwide Caution
Due to increased tensions in various locations around the world, the potential for terrorist attacks, demonstrations or violent actions against U.S. citizens and interests, the Department of State advises U.S. citizens overseas to exercise increased caution. U.S. citizens should:
Stay alert in locations frequented by tourists.
Enroll in the Smart Traveler Enrollment Program (STEP) to receive information and alerts and make it easier to locate you in an emergency overseas.
Follow the Department of State on Facebook and Twitter.
https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories/worldwide-caution.html
Representative Burhan Al-Mamouri: We Will Collect Signatures To Vote On Closing The American Embassy In Baghdad
Friday 27 October 2023 | Political Number of readings: 357 Baghdad / NINA / The representative of Diyala Governorate, Burhan Al-Mamouri, announced his intention to launch a campaign to collect signatures from members of the House of Representatives to close the American embassy in Baghdad.
Al-Maamouri confirmed, in a press statement, that he is proceeding to call on the Presidency of Parliament to hold an extraordinary session in order to put forward a binding draft law for the purpose of closing the American embassy, and to vote on it within the House of Representatives.
The leader of the Sadrist movement, Mr. Muqtada al-Sadr, called on the government and parliament to close the American embassy in Baghdad, due to the unlimited support that the United States provides to Israel in its aggression against Gaza. https://ninanews.com/Website/News/Details?Key=1086305
Al-Shammari: The Sudanese Will Announce Next Week A Banking Service That Will Lead To A Decline In The Dollar
Time: 10/27/2023 Read: 3,458 times {Politics: Al-Furat News} Advisor to the Prime Minister, Fadi Al-Shammari, revealed that Prime Minister Muhammad Shiaa Al-Sudani will announce next week a new banking service for small merchants that will lead to a decrease in the exchange rate and facilitate their work procedures.
Al-Shammari said in a televised statement, “Those who manipulate the dollar are speculators. The government provides the dollar through official platforms. The government is not subject to blackmail by speculators who seek profit at the expense of citizens. At the beginning of implementing the platform, there were problems related to time, and now the delay has reduced to only three days.”
He stressed that “food supplies were not affected by the rise in the price of the dollar, and the Prime Minister reviews on a daily basis a list of food prices in the local market, and the government provides a food basket for 10 months for citizens, and 12 months for social care,” pointing out that “living issues were definitely not affected by the exchange rate.” The dollar and the government will not allow the exchange rate to affect food prices.”
He pointed out that “the services file is one of the most prominent challenges facing the government as it continues to implement its project. The government is working with an executable strategic plan, and the precise daily follow-up of the Prime Minister is reflected in the great progress in work. The daily follow-up of work has led to work progressing beyond the scheduled schedule, and there are 190 basic and strategic projects.” In Baghdad alone, this is a precedent that has occurred for the first time, and we will see a major boom in the value and quality of projects that will be launched in Baghdad and the rest of the governorates.”
Al-Shammari noted that “this year the government faced serious challenges, including the budget, and some budget items were launched and others are in the process of being launched. In previous budgets, it usually takes 3 months at a minimum to release the budget allocations when the data is completed after its already late approval. We will get rid of the problem of delay and release the budget allocations after approval.” Three-year budget.
He explained that “the government’s wisdom in dealing with various political activities and components is considered its most prominent characteristic, while dealing realistically with regard to resolving files and the coordination framework, which is distinguished by the unity of decision-making that was present in many of its scenes.”
Al-Shammari revealed, “The Prime Minister is making contacts and making an exceptional effort in constructive communication with the leaders and heads of states of the region and the world, and Iraq seeks to mitigate as much as possible the escalation taking place in the region, and what is happening in the region affects Iraq, given that the Middle East is the heart of the world and Iraq is the heart of the Middle East.” LINK
Oil Prices Rise As Tensions Escalate In The Middle East
Economy | 10/27/2023 Follow-up – Mawazine News Oil prices rose in trading today, Friday, with escalating tension in the Middle East and concerns about global supplies of crude.
US crude futures rose by 1.60% to $84.54 per barrel, while global Brent crude futures rose by 1.60% to $89.34 per barrel.
Yesterday upon settlement, Brent contracts fell by 2.45% to $87.93 per barrel, while US crude contracts fell by 2.55% to record $83.21 per barrel. https://www.mawazin.net/Details.aspx?jimare=236944
Minister Of Oil: We Succeeded In Achieving A Significant Increase In The Financial Revenues Of The State Treasury
Economy | 10/27/2023 Mawazine News – Baghdad, Deputy Prime Minister for Energy Affairs, Oil Minister Hayan Abdul Ghani, confirmed today, Friday, the ministry’s success in achieving a significant increase in the financial revenues of the state treasury.
Abdul Ghani said, in a speech on the occasion of the one-year anniversary of the formation of the government, that “the government has paid exceptional attention to the oil and energy sector, and its decisions have been characterized by boldness, courage, and future vision that achieve steps to develop and develop the oil industry, including the decision to activate contracts for the fifth licensing rounds and conclude contracts with the winning companies.”
Last February of this year, which is expected to add a quantity of (1,000) Mqmq of gas and more than (250) thousand barrels of crude oil, in addition to the Ministry announcing the fifth rounds of oil and gas licensing (the “Annex”) and the sixth, which aim to enhance Optimal investment opportunities for the national wealth of the 30 oil and gas sites and fields, which will hopefully add large quantities of oil and gas to the national oil reserve and production.” Abdul Ghani pointed out, “The importance of the government and the ministry’s decision to proceed with concluding a group of contracts
with Total Energy Company.” Global, which contributes to the advancement of the oil and energy industry and the strengthening of infrastructure and renewable energy, which included a seawater treatment contract for the purpose of providing suitable water for reservoir support for oil fields with a capacity of (5) million barrels per day, which contributes directly to sustaining and increasing the national production of crude oil.
And a contract for investing in associated gas from (4-5) oil fields, with a capacity of (600) megameters.
This contract represents a qualitative addition to the gas and environment sector, and enhances national production, and a contract for developing the Artawi field and increasing production to 220 thousand barrels, in addition to investing in associated gas, A contract to invest in solar energy to generate electricity with a capacity of one kilowatt (1000 megawatts), which is one of the pioneering projects in Iraq and the region.
Regarding associated gas investment, the Minister of Oil stressed that “the government program included the government’s strategy and steps to support the national economy and sustainable development, by supporting gas investment projects, stopping its burning and converting it into useful energy that enhances national production in the oil fields in the north, center and south, and we aim to reach Concluding more contracts in the governorates of Basra, Maysan, Dhi Qar, Anbar, Diyala and other cities to achieve full investment of the available quantities of national wealth.
Regarding the most prominent achievements in the refinery sector, the Deputy Prime Minister for Energy Affairs and Minister of Oil said, “Operating the Karbala refinery with a refining capacity of (140) thousand barrels is an important step to cover a large part of the local need, in addition to the quality and quality of petroleum products, which contribute to reducing Quantities of imported fuel.
The Minister of Oil also considered the efforts of the Southern Refineries Company in implementing a number of projects to increase production and refining capacity and improve the quality of fuel, as well as the reconstruction of the Baiji refinery through the national effort, as an important step to enhance the national production of petroleum derivatives.
He pointed out, “The efforts of the government and the ministry in strengthening infrastructure projects and increasing export capabilities from the southern port, and the interest in renewable energy projects and preserving the environment and climate, and the effective contribution to “OPEC Plus” to stabilize global markets, and the success of the government and the ministry in achieving financial revenues for the state treasury, and contributing “The Ministry of Oil has distinguished itself in promoting and stabilizing electrical energy throughout Iraq, in addition to community initiatives and great support for the health, humanitarian and cultural sectors and the families of the martyrs and the wounded.”
https://www.mawazin.net/Details.aspx?jimare=236951
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Provoking Points to Ponder on Giving:
The spirit in which a thing is given determines that in which the debt is acknowledged; it’s the intention, not the face-value of the gift, that’s weighed. Seneca (5 BC – 65 AD), Letters to Lucilius, 100 A.D.
We make a living by what we get, we make a life by what we give Sir Winston Churchill (1874 – 1965)