Wed. PM TNT News Articles 6-29-22




With more than 145 billion barrels, Iraq is the fourth largest proven oil reserves in the world

OPEC announced, on Wednesday, that Iraq possesses the fourth largest proven oil reserves in the world, while indicating that these reserves do not include oil rocks.

The organization stated in its annual report in June, seen by Shafak News Agency, that “the proven crude oil reserves in the world amounted to 1.545.071 trillion barrels at the end of 2021,” indicating that “OPEC’s share of these reserves amounted to 1,241.819 trillion barrels.”

She added that “Iraq ranked fourth globally in the world’s largest proven reserves, with 145.019 billion barrels, after Venezuela, which came first, with 303.468 billion barrels, while Saudi Arabia came second, with 267.192 billion barrels, and Iran came third with 208.600 billion barrels.”

The organization indicated that “the countries of the Middle East have the largest reserves in the world, with 869.612 billion barrels, thanks to the reserves of Saudi Arabia, Iran, Iraq, Kuwait and the UAE, while Latin America came second, with 329.481 billion barrels, thanks to the reserves of Venezuela, while Africa came third, with 120.210 billion barrels, thanks to Libya.” and Nigeria.”   link

Kurdistan Parliament ratifies the amendment of the Oil and Gas Law

Kurdistan Parliament approved, on Wednesday, the amendment of the oil and gas law in the region.




Shafak News Agency correspondent said that 79 parliamentarians out of 111 voted to amend the law.

Parliament also voted on a draft law (the first amendment to the Law on the Protection and Reform of the Environment in the Kurdistan Region of Iraq No. 8 of 2008).   link

Central Bank Governor: We saved the Iraqi economy from collapse

The Central Bank of Iraq said, on Wednesday, that it saved the Iraqi economy from collapse in 2014, while America said that it contributed 40 billion dollars in aid to Iraq to develop the Iraqi economy.

Central Bank Governor Mustafa Ghaleb Makheef said during the “Access to Finance” conference: “The bank was able to stop the collapse of the Iraqi economy during the year 2014 with the collapse of security conditions and the drop in oil prices globally through a package of financing operations,” noting that “the tasks of the Central Bank are Addressing challenges at critical times for the economy.

He added that “the bank was able, through launching financing initiatives, including liquidity support for government banks and initiatives to finance farmers’ dues,” noting that “the financing of these initiatives has currently reached 18 trillion dinars.”

He pointed out that “the bank intensified its efforts in the field of clean energy through the initiative to finance one trillion dinars to purchase electricity generating units operating on solar energy,” explaining that this financing was “launched in cooperation with the Association of Banks, a social initiative that contributes to linking the banking sector with society to develop some shrines.” religious, tourist facilities, job opportunities, and others.




For her part, the US Ambassador to Iraq, Alina Romanowski, confirmed that “the United States government is proud to launch the activities of the conference to build a thriving private sector on the basis of transparency,” pointing out that her country “continues to support the development of the Iraqi private economy, and during the last period it contributed 40 billion dollars to strengthen the Iraqi economy.” “.

And she added, “I announce today an important partnership project to build the first gas separation plant between the private sector and the Ministry of Industry and Minerals. The project creates more than 30,000 job opportunities.”    link

World Bank: Iraq has an opportunity to diversify its economy and address the crisis of its human capital

The World Bank confirmed, on Wednesday, that Iraq has an opportunity to diversify its economy and address the human capital crisis.

The Special Representative of the World Bank in Iraq, Ramzi Neiman, said during the “Access to Finance” conference, which was attended by Shafak News Agency, that Iraq began to gradually emerge from the crisis after the contraction of its economy in the year 2020 following the decline in oil prices, noting that “the Iraqi economy grew in the year 2021.” With the rise in oil prices and the increase in oil revenues.

He added, “The World Bank believes that Iraq has an opportunity to reorient the government program, diversify the economy, and address the human capital crisis in the country,” noting that “the World Bank sees that the solutions lie in supporting small companies and establishing and supporting projects and companies through electronic support.”

And the Iraqi state’s continuation of relying on oil as the only source of the general budget makes Iraq at risk of global crises that occur from time to time due to the impact of oil on it, which makes Iraq turn every time to cover the deficit through borrowing from abroad or inside, which thus indicates the inability to manage Effectively state funds, and the inability to find alternative financing solutions.  link

Source: Dinar Recaps


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