Samson » February 14th, 2022
Oil prices recorded their highest jump in 7 years
14th February, 2022
Monday, Oil prices hit their highest levels in more than seven years, amid fears that a possible Russian invasion of Ukraine would lead to US and European sanctions that would disrupt exports from the world’s largest producer in an already tight market.
Brent crude futures were at $95.49 a barrel, up $1.05, or 1.11%, after earlier hitting a peak of $96.16, the highest since October 2014. US West Texas Intermediate crude rose $1.27, or 1.36%, to $94.38 a barrel, hovering near a session high of $94.94, the highest since September 2014.
Comments from the United States regarding an imminent attack by Russia on Ukraine rattled global financial markets. LINK
Economist: We Cannot Benefit From High Oil Prices If The 2022 Budget Is Not Approved
13th February, 2022
The economic expert, Nabil Al-Marsoumi, said Sunday, that Iraq cannot benefit from the rise in oil prices in global markets because there are many indications that the 2022 budget has not been approved.
Al-Marsoumi said in an interview with Earth News, “The global market today is witnessing a significant increase in international oil prices, Brent crude reached about $95, and the rise in oil prices will certainly reflect positively on the oil-producing country, including Iraq.”
He added, “We noticed last January that Iraqi oil revenues increased to more than eight billion and 250 million dollars, which is a large number that is expected to increase in the coming months of this year, especially since all expectations indicate that the issue of oil reaching the hundred dollar barrier or perhaps breaking this the number is in light of the positive expectations in the global oil market, and this will reflect positively on Iraq, and Iraq will achieve significant financial revenues this year, perhaps exceeding 120 billion dollars.”
Al-Marsoumi continued, “It is assumed that with the increase in Iraqi oil revenues, this increase will reflect positively on the Iraqi people in the direction that leads to improving the quality of life of citizens, providing them with basic services and seeking to find the necessary ways to create job opportunities for the Iraqi citizen, especially the number of unemployed people in Iraq is more than three million people.“
He added, “We also hope that it will be reflected in the level of the ration card items and other basic services such as health and education, and that officials will think well about the need to build a sovereign fund in which part of the oil revenues can be saved in order to face future shocks or crises.”
The economic expert added that “there is an important part of the additional oil revenues (ie, the achieved oil benefits) this year in order to build an investment fund that can build many investment projects in Iraq or complete the existing ones, especially the great port of Faw and the dry canal.” He stressed that “but what hinders such an approach is the absence of a budget in Iraq for 2022, and all indications and all indications indicate that the budget is not approved before the middle of this year, and perhaps there will be no budget in this year, and when there is no budget, the exchange is according to the law.” Iraq’s financial management on the basis of 12/1 for the previous year.”
And he indicated that “there will be no new investment projects and there will be no expansion in operational spending, appointments, bonuses and promotions will stop, and investment projects will stop, and therefore we count on politicians the need to end disputes and conflicts to prepare the budget because this is the only way to serve the Iraqi people.” LINK
Increasing optimism after Iraq entered the field of sulfur export..a substance that Iraq owns 60% of the world’s reserves and its prices compete with oil
13th February, 2022
Optimism is increasing in economic circles after the news that Iraq started exporting sulfur because of its economic feasibility and being the first exploitation of minerals after Iraq relied on oil only, while the great importance of this substance lies in the fact that Iraq owns 60% of the world’s reserves.
Today, the Ministry of Transport, represented by the General Company for Ports of Iraq, announced the anchoring of a ship intended to transport sulfur through the southern port of Umm Qasr.
The Director General of Ports, Farhan Al-Fartousi, said in a statement today, “We are keen on facilitating the processes of entering sulfur and transferring it to private ships and providing the best port services.” He added that berth (6) in the southern port of Umm Qasr received a ship dedicated to transporting Iraqi sulfur. The government official added that work is underway to complete its shipment with this substance in coordination and continuous cooperation between the port administration and maritime navigation operations.
Last Sunday, the General Authority of Customs announced that Iraq had exported more than 4,000 tons of sulfur to India. A statement by the authority stated, “The customs center of Khor Al-Zubair port provided all the effort and facilitated the procedures for the process of exporting 4540 tons of sulfur to India, on board the ship ART.” ” He continued, “This is the first ship to export this substance.”
It is noteworthy that the reserves of Al-Mishraq Fields 1, 2, and 3 in Nineveh Governorate are estimated at 354 million tons out of the total world reserves of 600 million tons of sedimentary sulfur, which means that Iraq owns about 60% of this substance in the whole world.
The price of one ton of sulfur is about $500, while a ton of oil, which represents about 7 barrels, is about $490 per ton, if the price of a barrel is calculated at about $70 as an average.
The Iraqi Economists Network commented on the news of sulfur export with optimism, saying: “We hope that the government agencies will form a working cell between the concerned authorities, including the General Company for Railways and Railways, to transfer and increase the export of this substance; And they found it economic.” LINK
Coordination framework: The new government will be resolved within the next two days
12th February, 2022
The coordination framework, which brings together the Shiite political forces, confirmed today, Saturday, that the next two days will be decisive for the positions of the political forces regarding the formation of the largest bloc and the new Iraqi government.
The leader in the framework, Ali Al-Fatlawi, told Shafaq News Agency, “The next two days are decisive for the positions of the political forces regarding the formation of the largest bloc and the new government, and it will reveal the position of who will be in the opposition and who will be in the government, or everyone is in the government.”
Al-Fatlawi indicated that “important dialogues will start in the coming hours, and these dialogues and negotiations will decide the positions of the political forces,” explaining that “the results of these dialogues will be the decisive factor in the political forces going to the opposition or being part of the new government.”
Al-Fatlawi stressed, “The coordinating framework is still insisting on the entry of all its forces into the next government, and otherwise all the framework’s forces will be in the opposition, and this decision will never be reversed.” And on Wednesday (February 9), the coordination framework, which includes all Shiite political forces with the exception of the Sadrist bloc, presented an initiative to end the political blockage in Iraq.
It is not the “first” political initiative, but was preceded by an initiative by Kurdish leader Massoud Barzani, which was put forward by Kurdistan Region President Nechirvan Barzani and Parliament Speaker Muhammad al-Halbousi during their visit to the leader of the Sadrist movement Muqtada al-Sadr in al-Hananah last week.
Al-Sadr seeks to form a national majority government by excluding some of the forces with which he disagrees, including the State of Law coalition led by former Prime Minister Nuri al-Maliki, while Shiite forces affiliated with the coordination framework insist on forming a consensus government in which all political forces participate, similar to the scenario of forming previous governments.
Earlier today, the leader of the National Coalition, head of the Civil National Front, Iyad Allawi, warned against forming an “powerless” Iraqi government because of political differences, noting that “Iraq has become a laughingstock to the world.” LINK
Source: Dinar Recaps
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