Clare » November 7th, 2023
The Minister of Oil announces an increase in oil revenues in support of the financial budget
Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayyan Abdul-Ghani, affirmed the keenness of the government and the ministry to advance the oil industry, work to increase oil and gas production, and the financial revenues achieved by supporting oil and gas field development projects and increasing export capacities.
Abdel Ghani said during his hosting of the Seventh Ambassadors Conference that: “The government program emphasized the importance of investing in associated and free gas to enhance national production to support the energy sector,” indicating “support for oil and gas field development projects through the announcement of the fifth (supplement) and sixth licensing round.”
He added, “The set of contracts for the Integrated South Project with Total Energy Company is an important addition to the oil and gas industry, infrastructure and renewable energy, and to support projects to increase export capacities from the South outlet.”
Abdul Ghani continued, “An increase in the rate of oil exports from the southern fields was achieved by adding an amount of 350 thousand barrels per day, and the rehabilitation of the Al-Amaya port in the south to add an amount of 500 thousand barrels as export capacity.”
He pointed out, “Activating the contract for the project to add a new single buoy with the aim of adding 900,000 barrels of new export capacity from the southern port. An increase in oil revenues was also achieved in support of the financial budget, and we also achieved an increase in increasing refining capacities.”
Abdel Fanni stated, “Activating Iraq’s role in OPEC Plus, working with producing countries to stabilize global markets, and working to enhance and increase the horizons of cooperation with neighboring countries, the region, and the world.” LINK
Sulaymaniyah.. The “cash” dollar raises the exchange rate and demands for direct delivery to money exchangers
A member of the Sulaymaniyah Stock Exchange Market Council, within the Kurdistan Region, Ismail Muhammad, revealed the reasons for the rise in the dollar exchange rate on Monday afternoon, while demanding that the Central Bank of Iraq hand over the cash amounts directly to the approved banking companies.
Muhammad told Shafaq News Agency, “The price of the dollar has risen again, due to the statements of the Central Bank of Iraq about increasing the amounts of cash in the markets after the amount of cash pumped during the past week declined to approximately 100 million dollars, and it was pumping approximately 200 million dollars weekly.” .
He explained that this matter led to an increase in demand for the dollar in the local markets, in addition to the fact that the Central Bank of Iraq confirmed that since the beginning of the new year, pumping cash amounts into the markets will be stopped.
Ismail called on the Central Bank of Iraq and the federal government to “organize the process of pumping cash into the markets in a way that ensures its access to citizens,” calling at the same time to “deliver the cash directly to approved local banking companies, since the banks to which the cash is delivered do not pump more than 20 % of it to the markets.
Regarding the impact of the rise in the dollar exchange rate on the prices of consumer goods, he stressed that “the Central Bank of Iraq grants the dollar to importers of food and electrical supplies at the government exchange rate, and the rise in the exchange rate has no impact on the prices of those goods.”
The exchange rate of $100 this afternoon reached 166,500 dinars, which is the highest in a while, especially after the price of the dollar exceeded 160,000 during the past three weeks. LINK
Source: Dinar Recaps
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