Monday Morning Iraq Economic News Highlights 3-20-23

The Decline In Dollar Prices In Baghdad And Erbil

2023-03-20 02:14  Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar decreased today, Monday, in the main stock exchange in the capital, Baghdad, and in the Kurdistan Region.

Shafaq News agency reporter said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded 155,900 Iraqi dinars for 100 US dollars this morning.  While the prices on Sunday morning were 156,300 dinars, compared to 100 dollars.

 Our correspondent indicated that the buying and selling prices decreased in the exchange shops in the local markets in Baghdad, as the selling price reached 157,000 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 155,000 Iraqi dinars per 100 US dollars.

In Erbil, the capital of the Kurdistan Region, the stock market also recorded a decrease, as the selling price of the dollar reached 156,150 dinars per 100 US dollars, and the buying price reached 155,150 dinars per 100 US dollars.   LINK

Al-Sudani: Iraq Continues To Benefit From Gas Wealth To Improve Revenues

Energy   Economy News / Baghdad  Prime Minister Muhammad Shia al-Sudani confirmed today, Sunday, that Iraq is continuing to benefit from the gas wealth, in both the explored and accompanying forms.

Al-Sudani's office said in a statement that "Prime Minister Muhammad Shia'a Al-Sudani received today the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais," noting that "the meeting dealt with the most important challenges facing oil markets today, ways to work on their stability, and the importance of coordination." between oil-exporting countries, in order to ensure that prices do not fluctuate, affecting both exporting and consuming countries.

The Prime Minister reaffirmed Iraq's pivotal role as a founding member of the organization, whose founding was embraced by Baghdad, and has always contributed, as a positive element, to securing stability in the region.

He added, "Iraq continues to benefit from both explored and associated gas wealth, in a way that secures the best returns for the Iraqi people, and contributes to reducing carbon emissions and environmental impacts and their economic and health effects." https://economy-news.net/content.php?id=33016

A Slight Decrease In The Exchange Rates Of The Dollar In Baghdad Markets

Economy  |Today, 11:21  A slight decrease in the exchange rates of the dollar in Baghdad markets 1679299108_2

Today, Monday, the exchange rates of the dollar against the dinar recorded a slight decrease in exchange shops in the capital, Baghdad.

The (Baghdad Today) correspondent said, "The Al-Kifah and Al-Harithiya stock exchanges recorded an exchange rate of 156,000 dinars for every 100 dollars.

He added, "The buying and selling prices decreased in the exchange shops in the local markets in Baghdad, where the selling price reached 157,000 dinars per 100 dollars, while the purchase prices reached 155,000 dinars per 100 dollars."   LINK

Oil Prices, The Deficit And The Kurds... The Budget Is Still Hovering In The Corridors Of Parliament

Information / Baghdad...  The decline in global oil prices and the deficit, which exceeded 60 trillion dinars in the budget, represent the most important obstacles that stand in the way of approving the budget, at a time when the people are waiting for a vote on it by the House of Representatives, as it is still oscillating in its corridors amid fears of price fluctuation and its decline to lower levels,

as the parties are still The parliament confirms that there is a need to study the budget and settle the share of the Kurds and ensure that they do not object to the percentage specified for them in the budget, despite the fact that the Prime Minister settled matters during his visit to Erbil and the matter was confirmed by members of the State Administration Coalition.

The representative of the Kurdistan Democratic Party, Sharif Suleiman, told Al-Maalouma that "most of the outstanding problems between Baghdad and Erbil occurred due to the failure to approve the oil and gas law, which would solve many problems related to the oil file,

as the region aspires to more understandings with the government, especially since Kurdistan has signed a document of direct dealings between the governments of the center and the region to end all obstacles facing the political process between the two sides,

in addition to that there is optimism about the relations between Baghdad and Erbil, especially in the budget file, which will be applied properly in the event that all parties adhere to its provisions and the constitution to overcome any obstacles that stand. between the center and the region.

On a related note, former MP Jassim Muhammad Jaafar ruled out, during his interview with Al-Malooma, that "the Kurds will boycott the parliament sessions in protest against the failure to increase the region's share in the budget," pointing out that the Kurds will not repeat the ball, as the budget will pass with their acceptance or boycott of parliament. ".

On the other hand, economic expert Abd al-Rahman al-Mashhadani told Al-Maalouma that “the budget deficit occurred as a result of the exaggeration of some important figures that were set, as the continued decline in global oil prices will put the government in front of the problem of lack of financing, which will be the investment aspect.”

From the budget, it is the victim for the sake of the operational side, similar to previous years,” pointing out that “fixing the price of a barrel of oil at 60 dollars will be better in all respects in relation to the budget,

and therefore one of the reasons for the delay in approving the general budget is the fluctuation of global oil prices and a review of the numbers The task of the general budget before voting on it inside the dome of Parliament.

And in a legal context, as expert Ali Al-Tamimi explained to Al-Maalouma, “any additions to the increase in the general budget law from Parliament must be accompanied by the approval of the government and the Council of Ministers in accordance with Article 62 of the Constitution, and unlike it, the law is subject to appeal before the Federal Court, and Parliament has the right to transfer And the reduction between the chapters of the budget law,”

stressing that “the percentage of deficit in the budget stipulated in Article 6 of the Financial Management Law for the year 2019 has confirmed that the deficit does not exceed 3 percent for the planning budget, at a time when the budget law is considered an amended law,

and as a result, the deficit percentage If it is low or high, then this is considered an amendment to what was stipulated in the financial management law, and as a result, the budget law is applied, and the deficit percentage is not considered a violation of the aforementioned law. LINK

Al-Sudanese Detonates A Bomb: Big Names Are On Their Way To Trial

Baghdad-Iraq today:  Prime Minister Muhammad Shia' al-Sudani said, "We expect big names to be tried soon because of their involvement in corruption."

Al-Sudani said in a press statement, "The agreement that we signed with Iran today stipulates maintaining the common borders and handing over the wanted persons."

He expressed his hope that "the agreement we signed with Iran will be a factor in stabilizing the situation on the common borders."

He pointed out, "The relationship between Iran, America and some Gulf countries should not be reflected inside Iraq."

Al-Sudani affirmed Iraq's rejection of "any aggression against any neighboring country from Iraqi territory."

He stressed, "We do not need foreign combat forces in Iraq, and friends in Washington understand this matter," as he put it.

He noted that "the demands of the Arab Sunnis are not impossible. It is an entitlement that was supposed to be accomplished years ago."

Regarding weapons outside the framework of the state, Al-Sudani said: “We will soon reach the stage of disarming all forces, and there will be no weapons outside the control of the state.”

He pointed out that "the Sadrist movement is not in a state of retirement, but with drew because it was unable to form a government according to its vision," stressing that "holding early parliamentary elections requires a decision by Parliament to dissolve itself."   LINK

Iraq Is Close To Activating An Agreement With "Total" Worth 27 Billion Dollars

Economy| 06:12 - 03/19/2023  Baghdad - Mawazine News   raqi Oil Minister, Hayan Abdul-Ghani, said on Sunday that the talks Iraq is holding with the giant French energy company Total Energies to resolve the sticking points in a delayed activation deal worth $27 billion have reached "advanced stages."

"They are close to activating the contract," Abdul-Ghani said at an energy conference.

The agreement, which Baghdad hopes will contribute to reviving foreign investment in the country, was signed in 2021 on the basis that it would allow Total to build four oil, gas and renewable energy projects with initial investments of $10 billion in southern Iraq over 25 years.

However, disagreements between Iraqi politicians over the terms of the agreement hindered its implementation.

Sources told Reuters that Iraq's request for a 40 percent stake in the project is a major point of contention, as Total Energy wants a majority stake.

In response to a question about whether the issue of Iraq's share in the project has been resolved, Abdul-Ghani said that the time is not appropriate to discuss the matter, adding that the announcement of the shares will take place when an agreement is reached.

Abdul-Ghani also said that Iraq is committed to maintaining an oil production rate of 220,000 barrels per day, in line with the quota set by the latest agreement of the OPEC+ alliance to cut production.

The minister added that Iraq is ready to increase its production if the OPEC + alliance decides to do so.

He said, "We forced some oil companies operating in the south to reduce production in line with the agreed OPEC + rates." https://www.mawazin.net/Details.aspx?jimare=222328

The Secretary General Of OPEC Praises Iraq's Efforts In The Global Oil Markets

Energy  Economy News / Baghdad  Oil Minister Hayan Abdul-Ghani and Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais stressed today, Sunday, the importance of the producing countries' commitment to the production cut agreement.

And the spokesman for the Ministry of Oil, Assem Jihad, said in a statement, “The Minister of Oil received the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), indicating that, during the meeting, the great role that OPEC and OPEC Plus play in the stability of global markets, and the importance of The commitment of the producing countries to the agreement to reduce production  and to achieve a balance between supply and demand.

He added, "The minister expressed to the Secretary-General of OPEC Iraq's support for the goals and efforts of the organization, and work to strengthen its role in the stability of global oil markets."

In turn, Al-Ghais expressed his happiness "to visit Iraq and meet with the brothers in the Ministry of Oil and officials in the government," praising "Iraq's role in the organization and in the global oil market as the second producer among the countries of the organization, as well as the historical role of Iraq in establishing the organization in Baghdad in 1960." https://economy-news.net/content.php?id=33015 

Parliament Postpones Its Session To Next Saturday

Policy  2023-03-20 | 00:32  Alsumaria News – Politics The House of Representatives decided, today, Monday, to adjourn its session to next Saturday.

And the media department of the Council stated, in a statement received by Alsumaria News, that "the House of Representatives decided to resume its session next Saturday."

And the House of Representatives voted, in the early hours of Monday, on a special paragraph and Articles 15 and 16 of the Provincial Council Elections Law.   LINK

Al-Sudani: Iraq Is Continuing To Benefit From Both The Explored And The Accompanying Gas Resources

political| 07:03 - 03/19/2023  Baghdad - Mawazine News  Prime Minister Muhammad Shia Al-Sudani affirmed today, Sunday, that Iraq is continuing to benefit from the gas wealth of both types, the explorer and the accompanying one.

The media office of the Prime Minister said in a statement, a copy of which Mawazine News received, that "Prime Minister Muhammad Shia' al-Sudani received today the Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais," noting that "the meeting dealt with the most important challenges." The challenges facing the oil markets today, ways to work to stabilize them, and the importance of coordination between the oil-exporting countries, in order to ensure that prices do not fluctuate, in a way that affects the exporting and consuming countries.

The Prime Minister reaffirmed Iraq's pivotal role as a founding member of the organization, whose founding was embraced by Baghdad, and it has always contributed, as a positive element, to securing stability in the region.

He added, "Iraq continues to benefit from both explored and associated gas wealth, in a way that secures the best returns for the Iraqi people, and contributes to reducing carbon emissions and environmental impacts and their economic and health effects." https://www.mawazin.net/Details.aspx?jimare=222334

Al-Halbousi And The Secretary Of "OPEC" Discuss The Future Vision Of The Oil Market

Policy  2023-03-19 | 12:45  361 views  Today, Sunday, Parliament Speaker Muhammad Al-Halbousi discussed with OPEC Secretary-General Haitham Al-Ghais the future vision of the oil market.

A statement from Al-Halbousi's office, reported to Al-Sumaria News, stated that the latter "received the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais."

During the meeting, they discussed the situation and stability of the global oil market, its future vision, and an emphasis on the role that OPEC plays in stabilizing global markets to support the stability of the oil market in a sustainable manner, as well as discussing the most important challenges facing oil markets, and ways to work to stabilize them. ".  LINK