Thurs. PM KTFA News Articles 2-10-22

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Samson » February 10th, 2022

Analyst warns of a “ghost” surrounding global markets

02/10/2022 17:56:13

Investment strategist David Roche warned of the possibility of the oil price rising to the level of $ 120 a barrel.

The analyst considered that the uncertainty in geopolitics is a “ghost” that could undermine the situation in global markets, and according to Roche, in the event of a military conflict and the imposition of sanctions that would impede oil exports from Russia, oil prices would rise sharply.

Since the beginning of this year, the price of Brent crude has risen from $80 a barrel, to be trading a barrel of black gold today at $91.5.

Russia is one of the world’s leading oil producers, and an obstruction in energy supplies from Russia will have an impact on global markets. LINK

Specialists: Rising oil prices herald an explosive budget

10th February, 2022 by Hussein Hatem

Economic experts considered the rise in oil prices an “opportunity” to approve an “explosive budget” during the year 2022.

Oil prices have risen since the beginning of this year to unprecedented levels since 2014, as prices fluctuated between $90 and $93 a barrel. Oil prices jumped on Wednesday, after two sessions of losses, as industry data showed an unexpected drop in US crude and fuel stocks.

Brent crude futures rose 41 cents, or 0.5 percent, to $91.19 a barrel by 04:22 GMT, while US West Texas Intermediate crude recorded $89.74 a barrel, up 38 cents, or 0.4 percent. US crude, gasoline and distillate stocks fell last week, according to market sources citing figures from the American Petroleum Institute on Tuesday. Crude oil stocks fell by 2 million barrels, according to the American Petroleum Institute. Oil prices near $100 a barrel could attract more production from the United States. The Energy Information Administration expects US crude production to rise from 770,000 barrels per day to 11.97 million barrels per day.

And economic affairs specialist Diaa Al-Mohsen believes that “there is a significant increase in the demand for oil quantities, which will explode the 2022 budget to 140 billion dollars in oil imports if the price of a barrel of oil is set at 70 dollars,” noting that “the price of 70 dollars per barrel is the best price to protect the budget.” 

Al-Mohsen added that “there are also 50 billion dollars in non-oil resources from taxes, tourism and customs, in addition to the remainder of the rise in the price of a barrel of oil estimated in the budget, which means that the next budget will be an explosive amount of 190 billion dollars.” And he indicated that “there is a financial abundance that will be in the next budget in view of the price of oil,” adding, “But the problem lies in the financial legislator, is he able to manage investment projects and provide job grades.”

For his part, the adviser to the Association of Iraqi Banks, Samir Al-Nusairi, believes that “oil prices exceed the $90 barrier, which will strengthen the government’s financial position,” expecting “prices to reach above $100 per barrel.” Al-Nusairi continued, “The rise in oil prices will, in turn, cancel the deficit in the 2022 budget, or it may be a very small deficit.”

And the Iraqi Banks Association adviser demanded “the need to expedite the establishment of a sovereign fund (the Generation Fund) to protect the national economy in times of crisis or when prices drop.” A sovereign wealth fund or sovereign funds is a fund owned by the state consisting of assets such as land, shares, bonds or other investment devices, and these funds can be described as entities that manage state surpluses for investment and are promised billions of dollars invested by states in stocks and bonds.

Al-Nusairi called for “activating the productive sectors, including agriculture and industry, and not relying entirely on oil.”

For his part, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, said, “Oil prices reach what they are now, an opportunity to implement lagging projects and state investments.” Saleh stressed, “The rise in the price of a barrel of oil enhances investment and gives a vision for the future,” noting that “the government is in the process of creating a financing partnership with the private sector.”

The government advisor pointed out that “the rise in oil prices requires opening the budget to employment-generating and income-generating projects, whether from the state’s investment budget or supporting private sector investment activities produced with soft loans from budget revenues.”

LINK

A United Nations body: Iraq has completed the payment of compensation for the invasion of Kuwait, amounting to 52.4 billion dollars

10th February, 2022

The United Nations Compensation Authority announced, on Thursday, that Iraq has paid 52.4 billion dollars to compensate individuals, companies and governments for the damages of the invasion and occupation of Kuwait by Saddam Hussein’s regime in 1990.

About 2.7 million claims were submitted, with a confirmed value of 352.5 billion dollars, But the UN Compensation Commission agreed to pay $52.4 billion, covering 1.5 million successful claims.

The largest claim approved by the UN Compensation Commission was $14.7 billion in damages to the Kuwait Petroleum Corporation (KPC) in which departing Iraqi forces set oil wells ablaze.

Payments were suspended between October 2014 and April 2018 due to Iraq’s security and budgetary problems due to the war against the terrorist organization ISIS.

The Geneva-based body said in a statement after a closed meeting of its board of directors, that “with the final payment of compensation that took place on January 13, 2022, all compensation awarded by the committee has now been paid in full.”

She added that “the government of Iraq has fulfilled its international obligations to compensate all the claimants who were awarded compensation by the committee for the losses and damages they incurred as a direct result of Iraq’s illegal invasion of Kuwait.”  LINK

Economist: The Government Has The Ability To Reduce The Price Of The Dollar

10th February, 2022

Economic expert Kovind Sherwani affirmed on Thursday that the government has the ability to reduce the price of the dollar and return it to its previous price.

Sherwani said in a statement to “Al-Maalouma”, “The government has the ability to reduce the price of the dollar after the rise in the price of oil and its crossing of the barrier of $90 per barrel.”

He added that “the price of the dollar affected the increase in unemployment and poverty rates, and the actual need to raise it has ended, in light of the rise in the price of oil to figures that are the first of its kind.”

And it affected the price of the dollar on the rise in poverty and unemployment rates, in light of the weak purchasing power and the increase in prices in the market.  LINK

Source: Dinar Recaps

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