Wed. AM TNT News Articles 3-16-22



An American official comments on rumors that Saudi Arabia intends to sell its oil to China in yuan

An American official described the idea of Saudi Arabia selling oil to China in yuan as “unlikely,” noting that the Saudis had raised the idea in the past during the tension between Washington and Riyadh.

The official told the “Wall Street Journal” that transferring millions of barrels of oil from dollars to yuan every day, could harm the Saudi economy due to the riyal’s peg to the US dollar.

And the “Wall Street Journal” reported that Saudi Arabia is in active talks with China to price some of its oil sales to it in yuan, in a sign of rapprochement with Beijing, amid tension with Washington.

Saudi Arabia has been pricing oil in dollars since 1974, in a deal with the Nixon administration that includes security guarantees for the kingdom.

Saudi Arabia is the largest exporter of oil to China, and data showed that the Kingdom maintained its rank as the largest exporter of crude oil to China in 2021, as supplies increased by 3.1% compared to 2020.    link

Head of the Iraqi Economy Alliance: The rise and fall of the dollar exchange is a sophisticated political game aimed at corruption

The head of the Iraqi Economy Alliance, Uday Al-Alawi, described the rise and fall of the dollar’s exchange as “a sophisticated political game whose purpose is corruption.”

Al Alawi said; For the program {Al-Mastra} broadcast by Al-Furat satellite channel tonight, that: “The issue of the rise and fall of the dollar exchange rate is a heresy and a sophisticated political game aimed at great corruption, and more than 37 billion dollars in currency difference went to the pockets of the corrupt.”

He added, “The rise in oil prices is expected and was studied by America, to increase inflation, so we see an abnormal rise in everything, including foodstuffs, and the real problem in Iraq is the lack of a clear vision of budgets, which are patchwork in light of the complete disruption of the industrial and agricultural sectors and there is no real will for their prosperity.” “.
Al-Alawi pointed out, “3 important points negatively affected the life of the citizen {global financial inflation due to the increase in the oil price, the Russian-Ukrainian war and the change in the currency exchange rate}, and Iraq has a global opportunity to be the world’s main supplier of wheat after the agreement with Turkey regarding water releases.”

He added, “Since 2003 until now, we have not had a clear economic vision due to the absence of the private sector to participate in the budget, and there is no solution to attract thousands of graduates except the private sector,” describing the government’s thought as “hostile to the private sector and all decisions against all details of the state.” 

Al-Alawi stressed, “the need for a unilateral budget to work on promoting the agricultural sector, which can employ 4 million citizens, and the industrial sector, which can employ 7 million unemployed people, in addition to optimally employing 20 million people in the tourism sector.”

He noted that “there is a problem in food security, and the solutions are clear to us, and we come out as a winner by activating the agricultural sector. Iraqi experts in the world manage the economic process in countries, and our problem is in politics, which imposes its opinion only.”

The government figures last year recorded a real deficit of about 11 trillion dinars, which means that there is no financial abundance in the 2022 budget, and therefore it must be an investment for one side, either industry or agriculture.

” Al-Alawi added, “There are private companies that have contracts to import wheat and barley, and we need 5 billion .” dollars to restore the prestige of agriculture in Iraq in one year, while the industry needs supporting laws and activating strategic visions and it will rise within 7 years.
” He added, “We have many alternatives to advance the Iraqi economy, including activating border crossings through automation, which will enter very large funds,” pointing out “ There is a global shortage of foodstuffs, and the real problem is the raw materials used in the industry.”  link

Iraq: The instability of oil markets will confuse the economies of producing and consuming countries

The Iraqi Ministry of Oil revealed, on Wednesday, its commitment to the decisions of the (OPEC Plus) system regarding oil prices, and while it indicated that the Iraqi decision is consistent with the collective decisions of the organization to achieve balance and address crises, it confirmed that the instability of oil markets will confuse the economies of producing and consuming countries .

A source in the Ministry of Oil told Shafaq News that “the Organization of Petroleum Exporting Countries (OPEC) has developed a plan since it was exposed to the economic crisis and the Covid-19 crisis, and thus succeeded in raising oil prices from $20 to the limits of $100 per barrel,” noting, “But the Ukrainian-Russian crisis It also cast a shadow on the oil market, which affected the rise in prices and negatively affected the instability of prices.”

The source, who asked not to be named, added that “the oil market is a fragile market affected by political tensions, wars, health conditions and economic crises, and leads either to a rise or a fall in prices,” noting that “(OPEC Plus), after years, it found that it has to show solidarity with each other. In order to reach a collective decision aimed at achieving stability in the oil market, because it is in the interest of all countries to achieve stability and stability, which will reflect positively not only on the producing countries, but also on the consuming countries.”

The source stressed that “Iraq is committed to the OPEC Plus agreement, and therefore any decision issued by the organization is a respectable decision, and the decisions that are issued are collective decisions whose goal is to achieve the required balance and stability in the oil market and to address crises logically,” stressing that “instability will confuse the economies of producing and consuming countries.” “.

Prices reached over the past week after traders cited media reports of an Iraqi minister claiming that the country was ready to increase production if requested by OPEC+. 

The Iraqi Sumo Company had announced on March 9 that the level of oil exports supplied to the global market (Supply) is commensurate with the level of consumption and global demand (Demand) and that the programmed increases from OPEC + are sufficient to address any shortage in supplies.

She stated that Iraq possesses an additional production and export capacity estimated at 6%, but it needs some investments to be able to provide it to the market.

And since April 2021, the “OPEC +” alliance has restricted its production to control oil prices, after these prices witnessed a significant decline during the year 2020 after the spread of Corona, and it is monthly increasing the production of its members with its allies from outside by 400 thousand barrels per month distributed according to the production capacity of each Country.  link

Source: Dinar Recaps


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