Mon. AM TNT News Articles 11-21-22



Goldman Sachs lowers its forecast for the average price of Brent crude to $100 a barrel

Goldman Sachs cut its forecast for the average price of Brent crude by $10 to $100 per barrel for the fourth quarter of this year

Goldman Sachs attributed this reduction to the decline in demand due to the closures in China caused by the Corona pandemic

The bank kept its forecast for the average Brent crude for 2023 at $110 a barrel

Goldman Sachs expected a decrease in Russian production by about 600 thousand barrels per day, warning that stocks may run out again in the first half of 2023 if OPEC + maintains current production quotas

Fitch Solutions had expected the average Brent crude price to reach $102 this year, then drop to $95 in 2023 and then $85 in 2026

The agency added that the downward revision of its forecast for the average price of Brent crude this year instead of its previous estimate of $105 per barrel reflects the decline in prices recorded in recent months, a decline in market sentiment and a deteriorating macroeconomic environment


About $100 billion Iraqi oil revenues in 10 months

The Iraqi oil revenues from the crude oil that was exported during the ten months of the current year 2022 amounted to about $100 billion.

According to the statistics of “SOMO” company, seen by Shafaq News agency, “the revenues of the Iraqi oil source during the first ten months of the current year 2022 amounted to 99 billion 646 million 786 thousand 336 dollars, at a monthly rate of 9 billion 964 million 678 million 633 dollars.”

And she added, “These revenues increased from last year 2021 by 65 percent, as the financial revenues amounted to 60 billion, 648 million, 11 thousand, 368 dollars, at a rate of 6 billion, 64 million, 801 thousand and 136 dollars.”

And she indicated that “the month of May of the current year 2022 witnessed the highest financial revenue from oil sales, amounting to 11 billion, 477 million, 514 thousand and 4 dollars, while the month of January was the lowest month in terms of revenues, as it amounted to 8 billion and 322 million 679 thousand and 526 dollars.” .

Iraq relies 96 percent on oil revenues in its general budget, and the previous government was subjected to great pressures with its inability to pay employee salaries and other operating expenses as a result of the drop in oil prices below $30 a barrel at the beginning of 2020 with the spread of Covid-19 disease before it returned. Prices to go up again.   link

Parliamentary Finance: The 2023 budget will amount to 130 trillion dinars, with a deficit of about 25%


Member of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, suggested on Monday that the Iraqi government will send the draft budget law for the year 2023 within the next two weeks, noting that the budget ceiling may reach 130 trillion dinars, with a deficit rate of less than 25%.

Al-Dulaimi told Shafaq News agency, “The general budget law, according to the Financial Management Law, is sent in mid-October to the Parliament, and the Parliament and the Parliamentary Finance Committee can make amendments to the law and approve it within a maximum period of two months.”

And she emphasized that “the draft budget law has been studied in the Ministry of Finance, but it has not yet been presented to the Council of Ministers, which in turn sends it to the House of Representatives for a vote.”

And she indicated that “the price of a barrel of oil currently ranges between 85 to 87 dollars, but we do not know the exact price in the budget law, and that the real price of a barrel of oil will be determined when the draft budget law reaches the House of Representatives, and through previous experiences we usually set the lowest prices for a barrel of oil despite from the continued rise in global oil prices.

Al-Dulaimi expected that “the draft budget law will be presented to the Council of Ministers within 15 days, after which it will be sent to the House of Representatives, and the budget may be approved in Parliament during January of the year 2023.”

It also suggested that “the total amount of the budget law will range between 128 to 130 trillion dinars, and the deficit rate we believe is less than 25% of the total amount.”

It is noteworthy that the financial budget for the current year 2022 was not approved by the Council of Ministers and the House of Representatives due to the turmoil that Iraq witnessed after the early elections in October 2021, which escalated to dangerous levels that ended with the events of the Green Zone, with armed confrontations between supporters of the Sadrist movement and the security forces, which claimed lives. Dozens and hundreds injured.

After the end of the crisis, with the agreement of the political blocs to elect the President of the Republic and to grant confidence to the government of Prime Minister Muhammad Shia’a al-Sudani, the latter pledged that he would present the draft federal budget law for the year 2023 as soon as possible. link

Expert: The international community has called for cooperation with Iraq and previous mistakes can be corrected

{Politics: Al Furat News} Anti-corruption expert Saad Yassin confirmed today, Sunday, that the international community called for cooperation with Iraq, stressing at the same time the possibility of correcting previous mistakes in combating corruption.


“The international community has called on countries, including Switzerland, to cooperate with Iraq,” Yassin told the “Alam al-Mustarah” program on Al-Furat TV channel, noting that “the recovery fund operates according to the pre-2003 money recovery law.”

He pointed out that “the law requires institutions to file lawsuits to determine the extent of corruption damage,” explaining that “the Anti-Corruption Commission formed is part of the Integrity Commission.”

He pointed out that “the Anti-Corruption Support Authority undertakes the implementation of arrest and recruitment orders,” stressing the possibility of “rectifying previous mistakes that occurred in the fight against corruption.”

He added, “There are clear havens for large sums looted from the country, and some of these funds have become part of the economies of some countries,” noting that “the judiciary can freeze, seize, and recover funds for corruption at home.”

He continued, “There are differences between the concepts and legal mechanisms in Iraq and other countries,” stressing that “most of the recovered money is for crimes before 2003.”

Source: Dinar Recaps


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