Thurs. AM TNT News Articles 7-1-21



Global oil prices rise to 74.72, the day after the OPEC+ meeting

Oil prices rose on Thursday, as investors awaited a decision from major producers on whether to continue or ease supply cuts in the second half of this year.

Brent crude for the month of September rose to seventy-four dollars and seventy-two cents a barrel, while the US West Texas Intermediate crude for the month of August recorded seventy-three dollars and sixty-one cents a barrel.

Observers expected a widening of the global supply deficit in the second half of the year, with the Organization of Petroleum Exporting Countries and its allies, known as OPEC Plus, continuing to cut production as demand rose.   link

Tishwash:  International experts implement dozens of Al-Kazemi White Paper projects 

Adviser to the Prime Minister, Alaa Abdul-Hussein Al-Saadi, clarified, on Wednesday, June 30, 2021, that the white paper included 64 .projects, stressing that international experts would be hired to implement them

Al-Saadi told Al-Masala that the white paper issued by the Iraqi government, in its first and second parts, identified a number of oil projects to increase export capacity, increase production, increase oil refineries, design energy, gas and extract gas through 6 well-defined projects entrusted to the Ministry .of Oil

He added that the white paper includes two parts, the first part of which deals with the Iraqi economic reality and the goals and strategies followed by the government and the translation of these goals and strategies through the second part issued by the government and which included the mechanisms .and governance of implementation, in addition to dividing these goals into strategic projects in various ministries

He added that there are approximately 64 projects, and each project is divided into a number of goals that must be implemented, and set in a time .period, pointing out that there are approximately 366 goals within the projects

He resumed saying that an announcement to start implementing the projects of the white paper will be issued soon, pointing out that some ministries have started implementing some projects, but the official announcement of the implementation has not started, explaining that during the coming .period, preparations for the implementation process will be completed

He pointed out that the 64 projects included in the white paper, we will use to implement them with international expertise and international organizations, in order to provide the best experiences for each project separately, and we will launch a website for the implementation of the white .paper, in order to achieve transparency and announce it to people within a very soon period

The Prime Minister, Mustafa Al-Kazemi, had said that the country is going through multiple crises and there are attempts to obstruct the government’s work, and we succeeded in preventing the country’s economic and financial collapse, noting that an important reform represented by the white paper, .which contributed to the continued regular payment of salaries

Adviser to the Prime Minister, Mazhar Muhammad Salih, considered on Wednesday, March 3, 2021 that the white paper approved by the Council of .Ministers sets a profile and an institutional entity for economic reform, which is the backbone of this development sustainability

Saleh said that Iraq is on the verge of economic recovery because there is a tangible agricultural boom that will achieve growth in non-oil GDP in 2021 by more than 4%, which is about one and a half times higher than the growth of the population, and the boom in the energy demand sector in the .world, an indicator Positive enhances the general financial capacity of the country  link

A deputy confirms: The government’s steps to benefit from the surplus oil revenues go to strengthen the cash reserve

After the outbreak of the Corona pandemic and its impact on the global economy, Iraq was also affected economically, which prompted the government to borrow from the central bank and thus decreased the cash reserve of the central bank, which means that the government has to compensate for the shortfall in the cash reserve, which is what the government actually started with with the high prices oil. 

Representative Jamal Cougar says, so far, the government’s steps to benefit from the amounts of the increase in oil revenues are to enhance the bank reserves, as it has fallen to very low levels from 82 billion dollars to less than 55 billion dollars, adding that it is now being strengthened and I think it has reached more than 60 billion dollars. 

As for the second reason for excluding presenting a supplementary budget, MP Cougar continues, that this budget needs to be prepared and then sent to the House of Representatives, and the House needs to hold sessions in the Parliamentary Finance Committee with the participation of the rest of the committees, communicate with the ministries, make a first reading and then a second reading and vote on it, we believe the government

She will not go for this option while she is now busy preparing a draft budget law for 2022, stressing that preparing the supplementary budget needs time to prepare, discuss it in the parliament and vote on it, and we are heading to elections, which have become the preoccupation of many deputies nominated for an upcoming election cycle, thus completing the quorum and reading the draft The budget law is a first and second reading and voting on it needs to complete the quorum.    link

Source: Dinar Recaps


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