Oil Minister: Iraq is working to create a stable and balanced global energy economy
Oil Minister Ihsan Abdul-Jabbar thanked the members of the Organization of the Petroleum Exporting Countries and its allies for maintaining the stability of the oil market.
Abdul-Jabbar said, in a tweet on Twitter, “Thank you to all members of OPEC and its allies for their adherence to the unity of the position towards maintaining the stability of the oil market and the strength of prices.”
He added that “Iraq is working to create a stable and balanced global energy economy link
5 Files on the table to meet Al-Kazemi and the Saudiministerial delegation
Today, Monday, Prime Minister Mustafa Al-Kazemi discussed with the Saudi delegation visiting Iraq, headed by Minister of Commerce Majid Al-Qasabi, a number of common files, .including economy and investment
A statement issued by his media office, and (Baghdad Today) received a copy of it said that “during the meeting, they discussed the development of bilateral relations between Baghdad and Riyadh, and ways to enhance cooperation in the fields of economy and investment, work to enhance and develop intra-trade, overcome obstacles and delays, and facilitate implementation procedures including It enhances bilateral cooperation at various levels and .fields
He added that “Al-Kazemi welcomed the guest minister, and informed him of conveying his greetings and congratulations on the occasion of Eid Al-Adha to the Custodian of the Two Holy Mosques and the Crown Prince , and he praised the level of relations between the two countries and keenness to strengthen them, and looking forward to more prospects of joint cooperation within the framework of the Iraqi-Saudi Coordination Council, and in a manner .that achieves the interests of The peoples of the two brotherly countries
For his part, the Saudi Minister of Commerce conveyed the greetings and congratulations of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman to the Prime Minister, on the occasion of Eid al-Adha, and their .wishes for further progress and prosperity for the peoples of the two countries link
The meeting ended .. OPEC + agreed to raise the production of Iraq and Kuwait and increase the share of the UAE
Shafaq News/ “Bloomberg” news agency reported on Sunday that the meeting of the OPEC + alliance agreed to increase the UAE’s share to 3.5 million barrels per day, and to raise the production of Iraq and Kuwait by 150 thousand barrels per day, noting that the next meeting will be held in September 2021.
And she said in her report, that the OPEC + alliance agreed to increase the baseline of the UAE in the agreement to cut production to 3.5 million barrels per day, instead of 3.17 million currently.
It was also agreed to increase the production of Iraq and Kuwait by 150,000 barrels per day, to be based on the new baselines as of May 2022, in addition to extending the agreement to reduce production until the end of next year, and increase production as of next August.
The meeting of energy ministers of the “OPEC +” alliance began a few minutes after one in the afternoon, Baghdad time, which is held via video technology, chaired by Saudi Energy Minister Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak.
A representative of one of the coalition countries had revealed to Bloomberg Agency minutes before the start of the meeting that the UAE expects to review its baseline for production cuts to 3.5 million barrels instead of 3.17 million barrels currently, and officials said before the meeting that it will not be held unless the agreement is guaranteed and is expected to be completed The meeting is the Saudi-UAE dispute that has worried oil traders. As the UAE saw that the way its share was calculated was unfair. It opposed an agreement agreed upon by the rest of the coalition countries, which would have added 400,000 barrels per day each month. The brief breakdown of talks sent crude oil to a 6-year high on the New York Stock Exchange, but prices have since fallen to trade just under $72 a barrel last Friday.
Earlier this week, there were signs of progress between Saudi Arabia and the UAE towards a measured agreement that would have given the latter a more generous production quota. And then yesterday, Saturday, ministers from Saudi Arabia, the UAE, Kuwait, Bahrain and the Sultanate of Oman met via the Internet to discuss the matter, according to delegates of countries from the “OPEC +” alliance.
Source: Dinar Recaps
BAGHDAD RETAINED PORTION OF 200BN IQD TRANSFER TO REPAY LOAN OWED BY ERBIL: KRG ADVISOR
An economic advisor to Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani said on Sunday (July 18) that Iraq’s federal government transferred 180 billion Iraqi dinars ($123 million) to the Kurdistan Region, not the 200 billion dinars ($137 million) that was announced.
During an appearance on NRT’s Tawtwe interview program, advisor Rebaz Hamlan explained that Baghdad kept 20 billion Iraqi dinars ($13 million) of the expected total and used that to repay a money owed to the Trade Bank of Iraq (TBI) by the KRG
He also clarified that last week’s transfer is not the Region’s budget share, but rather a stipend that Baghdad is paying to Erbil.
Hamlan said that the KRG Council of Ministers will meet after Eid al-Adha, which begins on Tuesday, about public sector salaries and could decide to end or reduce unpopular cuts if the government’s income exceeds 897 billion Iraqi dinars ($615 million) per month.
During 2020, the KRG struggled to pay salaries to its public sector workers, missing five monthly disbursements entirely and cutting four others by nearly a quarter. Government employees have had their pay cut by twenty-one percent each month so far this year.
The salary cuts have had a significant effect on the economy of the Kurdistan Region because of the KRG’s role as the Region’s most important employer.
Average household employment income has fallen by a third in the Region since March 2020, according to UN agencies. link
Source: Dinar Recaps
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