Al-Kaabi : The Emergency Food Security Support Law is ready for a vote
Today, Thursday, the head of the Parliamentary Finance Committee, Hassan Al-Kaabi, confirmed that the emergency support law for food security and development is ready for voting, and while he specified the amounts allocated to three ministries within the law, he announced an increase in the allocations of the Ministry of Electricity to 5 trillion and 300 billion Iraqi dinars.
Al-Kaabi said, in a statement to a number of media outlets, including the “National News Center”, that “after the parliament completed the second reading of the emergency food security support law, there is a team inquiring about the schedules of the law and what the allocated amounts are, and certainly there is nothing to hide.”
He noted that “there is an investment for 50% of the non-oil revenues, which are the border crossings for all governorates, and the petrodollars will be distributed for the first time in this law at a rate of one trillion to all governorates, and Basra will have more than 85% of this amount.”
He stressed, “The law on emergency support for food security is ready for voting, but the legal periods need a few days to proceed with that.”
Oil prices drop as investors take profits before the OPEC + meeting
Oil prices fell today, Thursday, as investors reaped the latest recovery with major producers meeting later in the day to pave the way for expected increases in production.
Brent crude fell $2.09, or 1.80 percent, to $114.20 a barrel at 04:43 GMT, after rising 0.6 percent the previous day.
US West Texas Intermediate crude fell $2.26, or 1.96 percent, to $113.00 a barrel, after rising 0.5 percent on Wednesday.
Benchmarks have been climbing higher for several weeks as European Union and United States sanctions against Moscow over its invasion of Ukraine squeeze Russian exports, and China’s gradual exit from strict COVID-19 lockdowns further supports prices.
However, the rise of the US dollar led to a decline in oil prices on Thursday as it makes crude oil more expensive for those holding other currencies.
Five sources in OPEC + said yesterday, Wednesday, that OPEC + is ready to stick to its modest monthly increases in oil production, despite the tightening of global markets.
Two sources from OPEC + said that an OPEC + technical committee cut its forecast for the oil market surplus in 2022 by 500,000 barrels per day to 1.4 million barrels per day. link
Source: Dinar Recaps
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