Iraq Economic News and Points To Ponder Late Friday Evening 11-1-24
Iraq Economic News and Points To Ponder Late Friday Evening 11-1-24
In Cooperation With A Foreign Advisor.. A Parliamentary Committee Announces Its Efforts To Amend The Oil Ministry Law
Economy | 01/11/2024 Mawazine News – Baghdad The Parliamentary Oil and Gas Committee announced today, Friday, a move to amend the Ministry of Oil Law 101 of 1976, while indicating that the draft will be presented to the Council of Ministers soon.
MP Basem Naghmish, a member of the Oil and Gas Committee, said: “A subcommittee was formed within the Oil and Gas Committee to review the legislation related to the oil sector, and it was called the “Oil Legislation Committee”.
He explained that “the committee is working to review several laws, with the aim of amending them to suit the current requirements of the oil sector”, indicating that “among these laws is the Oil Ministry Organization Law No. (101) of 1976, which is considered an old law that was amended about three times, the last of which was in 1982”.
He added that “the ministry witnessed many technological and administrative developments during the period after 2003, as the work of the Oil Ministry expanded and formations multiplied, in addition to the creation of some formations”.
He pointed out that “the draft to amend the law is still in the preparation phase, and cooperation is being done with a foreign consultant contracted with the ministry to provide his comments, and then the draft will be submitted to the Council of Ministers and to the advisors, and then to the State Council, in order to study the extent of its consistency with the legal system in the country”.
He continued: “After that, the draft will return to the Council of Ministers and then to House of Representatives to complete legislative procedures https://www.mawazin.net/Details.aspx?jimare=256263
Oil Prices Continue To Gain.. Brent Exceeds $ 74
Energy Economy News - Follow-up Oil prices extended gains in early Friday trading, jumping more than a dollar a barrel, trimming their weekly losses after reports that Iran was preparing to launch a retaliatory strike on Israel from Iraqi territory in the coming days.
Brent crude futures, which began trading for January, rose $1.31, or 1.80 percent, to $74.12 a barrel by 0128 GMT.
U.S. West Texas Intermediate (WTI) crude futures rose $1.35, or 1.95 percent, to $70.61 a barrel after settling 0.95 percent higher in the previous session, Reuters data showed.
Israeli intelligence indicates that Iran is preparing to attack Israel from Iraqi territory in the coming days, perhaps before the upcoming US presidential elections on November 5, according to what the Axios website reported yesterday, Thursday, citing two unnamed Israeli sources.
https://economy-news.net/content.php?id=49365
Iraq Reduces Oil Exports To 3.3 Million Barrels Per Day
Friday 01, November 2024 | Economic Number of readings: 174 Baghdad / NINA / The Ministry of Oil announced today, Friday, that Iraq has reduced its production and reduced its oil exports to 3.3 million barrels per day.
The ministry stated in a statement, "In line with the commitment of the Republic of Iraq to the decisions of OPEC and the allied countries within the Joint Cooperation Agreement (DoC) regarding the voluntary reduction of oil production, we confirm that Iraq has reduced its production and reduced its oil exports to 3.3 million barrels per day, in addition to reducing domestic consumption."
The statement added, "This reduction will continue during the coming months to ensure that production remains within the agreed limits, and to compensate for the surplus produced in the past months," stressing that "this measure aims to enhance balance and stability in global oil markets." / End8
https://ninanews.com/Website/News/Details?key=1165668
Al-Mandlawi And Al-Hakim Agree To Proceed With The Legislation Of Important Laws And Activate The Supervisory Aspect
Friday 01 November 2024 | Politics Number of readings: 217 Baghdad / NINA / The First Deputy Speaker of the Council of Representatives, Mohsen Al-Mandalawi, received at his residence today, Friday, the head of the National Wisdom Movement, Ammar Al-Hakim.
Al-Hakim congratulated the success of the process of electing a new Speaker of the Council of Representatives, which contributes to completing the political entitlements and continuing the steps to strengthen the oversight and legislative role, praising the great role of Al-Mandalawi, who worked to manage the legislative authority with all professionalism and transparency and contributed to the completion of a group of the most important laws that were suspended for long periods.
Al-Mandalawi said that all national political forces work on the principle of keenness, responsibility and integrated work to activate the oversight and legislative aspect and increase interest in meeting the aspirations of the people and supporting service orientations, and preserving security and stability. /End8 https://ninanews.com/Website/News/Details?Key=1165676
Presidencies Congratulate And Powers Bless The Resolution Of The Knot Of Choosing The Speaker Of Parliament
November 1, 2024 Baghdad - Nada Shawkat Baghdad streets turned into lakes after a wave of heavy rains, the day after MP Mahmoud al-Mashhadani was elected as Speaker of Parliament following disputes over the position that lasted for about a year after the dismissal of former Speaker Mohammed al-Halbousi by a decision of the Federal Supreme Court, indicating that his election reflects a new beginning full of goodness and opportunities.
Al-Mashhadani said after announcing that he had gained the confidence of the representatives that (this responsibility is an important and great assignment and I will do my utmost to live up to your expectations and I hope to be at its level, and from here I pledge to you that we will work as a cohesive team to legislate laws that serve the people of our country, and I put my hand in yours to monitor the performance of the government and its program that it presented to the House of Representatives when it was approved and during the remaining period of its life to reach the best desired results). Prime Minister Mohammed Shia al-Sudani congratulated al-Mashhadani on his election as Speaker of Parliament.
Al-Sudani confirmed in a statement received by (Al-Zaman) yesterday (the government's determination to continue implementing its service and development program, in full cooperation with the constitutional authorities, foremost of which is the legislative and oversight authority, represented by the House of Representatives).
For his part, President of the Republic Abdul Latif Jamal Rashid considered the election of the parliament as its speaker an important step in completing the constitutional and national entitlements.
Rashid said in a post on the X platform (Sincere congratulations to Al-Mashhadani on the occasion of his election as Speaker of the Council of Representatives), adding that (the election of the Council of Representatives as its Speaker is an important step in completing the constitutional and national entitlements).
Meanwhile, the President of the Kurdistan Region, Nechirvan Barzani, expressed in a statement received by (Al-Zaman) yesterday his hope that (the election of Al-Mashhadani will contribute to strengthening national solidarity, and will push everyone to make every possible effort to serve the homeland with all its components).
For his part, the Prime Minister of the region, Masrour Barzani, congratulated Al-Mashhadani in a statement yesterday on the occasion of his election as Speaker of the Federal Council of Representatives, wishing him success in performing his duties).
The First Deputy Speaker of the Council of Representatives, Mohsen Al-Mandalawi, congratulated Al-Mashhadani on the occasion of his election as Speaker of the Iraqi Council of Representatives in its fifth session.
In a statement received by (Al-Zaman) yesterday, he said that (the presidency and members of the House of Representatives are keen, during the current parliamentary session, to complete the maturation and legislation of laws that meet the aspirations of the people and touch their living and service reality). Meanwhile, the Minister of Industry and Minerals, Khaled Batal Al-Najm, congratulated Al-Mashhadani on his election as Speaker of the Iraqi House of Representatives.
In a statement received by (Al-Zaman) yesterday, Al-Najm wished (Al-Mashhadani success in his duties to serve Iraq, achieve the aspirations of the people, and enhance the legislative and oversight role of the Iraqi Parliament).
In addition, the head of the Progress Party, Mohammed Al-Halbousi, received Al-Mashhadani after his election as Speaker of the House of Representatives. Yesterday's statement said that (the meeting witnessed discussion of a number of files and laws to be legislated in Parliament).
Al-Halbousi had previously accused Al-Sudani of communicating with the representatives to support another candidate for the presidency of Parliament. He said in a televised statement yesterday that (many forces have abandoned their position for political motives).
The former head of the Sovereignty Alliance, Khamis Al-Khanjar, also met with Al-Mashhadani and a number of the alliance’s representatives.
Yesterday’s statement indicated that (Al-Khanjar congratulated Al-Mashhadani on gaining the confidence of the representatives, and reminded him of the amnesty law and the dissolution of the Accountability and Justice Commission).
The head of the Azm Alliance, Muthanna Al-Samarra’i, received the new Speaker of the House of Representatives.
Yesterday’s statement said that (Al-Samarra’i received Al-Mashhadani, and praised the support provided by the national forces to back the alliance’s demand to hold the session and elect him with the aim of achieving this important entitlement).Al-Mashhadani received 181 votes, compared to 43 votes for Salem Al-Issawi.
The House of Representatives went to a second round to elect its new speaker, during a session held the day before yesterday, after no candidate received enough votes to win.
The results of the first round showed that the candidate of the Progress Party, the Sunni majority, and a number of blocs of the Coordination Framework, Al-Mashhadani, came ahead after receiving 153 votes, while Al-Issawi, the candidate of the Azm and Sovereignty Alliances, received 95 votes, while independent MP Amer Abdul Jabbar received 9 votes, while there were 15 invalid votes. LINK
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