“Tidbits From TNT” Saturday 9-21-2024
TNT:
Tishwash: In the past 20 days, Iraq lost enough money to build a new power station or a luxury residential complex
About 20 days have passed since the start of the decline in oil prices, which has sparked fears about the size of the loss that Iraq, which is heavily dependent on oil, will incur , and the possibility of its impact on salaries.
While assurances were issued that salaries would not be affected by this level of the current decline in oil prices, as salaries could be provided even if the price of oil reached $60 per barrel,IraqIt actually suffered a huge loss during September for two reasons compared to previous months.
And I did Alsumaria NewsReview of short and long term average prices for the past period and calculations to see how much you lost.Iraq Over the past few days.
It turned out that the prices of Iraqi oil during the fifth months until the end of the seventh were ranging at an average of between $88 and $79 per barrel as a minimum, which means that on average the price of a barrel of Iraqi oil can be considered to be $84 per barrel as a minimum, but in August the average price of a barrel became $75 per barrel.
Since the beginning of September until now, the average price of a barrel of Iraqi oil can be calculated at $70, which means that it has lost an average of $14 per barrel compared to the average price during the past months.
Accordingly, while issuingIraq3.3 million barrels in September according to the OPEC agreement, which means thatIraqHe lost about $925 million in the last 20 days alone.
At the same time, he wasIraqIssuedmoreFrom 3.4 million barrels in August and July, but in September its exports decreased to 3.3 million barrels, which is another matter that caused a loss for Iraq, in response to compensating for the surplus production.Iraq During the past months according to the OPEC agreement.
And by calculating the export loss of 100 thousand barrels per day, the loss will be Iraq Over the past 20 days, it has amounted to $140 million, in addition to the loss of $925 million from the decline in oil prices. This means that Iraq lost in 20 days more One billion dollars.
That's enough .The number billion dollar constructionPower station with capacity moreFrom 1500 MW, or construction Luxury residential complex as one of the projects Residential in Baghdad With a capacity of more than 60 thousand housing units with large tourist facilities. link
************
Tishwash: Government advisor expects oil prices to rise to $90 by the end of the year
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, expects oil prices to rise for the rest of this year 2024.
Saleh told Al Furat News Agency that "the decisions to reduce OPEC+ countries' production quotas by 2.2 million barrels of crude oil per day are among the main factors in the current positive impact that has gradually led to an improvement in oil prices in the world after the wave of decline witnessed in the past weeks, which coincided with the wave of severe decline faced by global financial markets, in addition to the widespread concerns about global economic growth in general and the Chinese economy in particular."
He added, "Despite this, OPEC and OPEC+ in particular are still cautious in managing supply, as previous expectations of increased oil production on the one hand and the varying expectations regarding the growth of global demand for oil on the other hand have kept prices somewhat volatile."
“Currently, oil prices, especially Brent oil, are fluctuating today at around $74-75 per barrel for futures contracts, taking into account the importance of seasonal and market effects that have begun to maintain significant increases, although they are currently moderate, as the approach of winter can usually lead to a slight increase in global oil prices. This is due to the increase in demand for heating fuels such as natural gas and other heating fuels, especially in colder regions such as Europe and North America,” Saleh continued.
“As temperatures drop, households and industries demand more energy to keep warm, increasing consumption of oil-based products. Thus, as the Russian-Ukrainian war continues and winter sets in, energy markets are rightly expecting a rise in demand for energy (oil and gas in particular) and the possibility of upward price adjustments in the contractual months leading up to winter,” he noted.
“Starting from September 2024, as we mentioned earlier, the total production cuts implemented by OPEC+ countries will amount to about 2.2 million barrels per day. These cuts are part of a broader effort to stabilize global oil prices amid fluctuations in demand and market conditions, with Saudi Arabia contributing a significant cut of 1 million barrels per day, while other countries, notably Iraq, the United Arab Emirates, Kuwait, Algeria, Kazakhstan and Oman, also implemented cuts ranging from 42,000 to 223,000 barrels per day, while Russia reduced its oil exports by 500,000 barrels per day, of crude oil and refined products,” the government advisor said.
“Based on the above, oil prices are expected to remain high for the rest of 2024, with many global oil forecasts indicating that the average price of Brent crude could range around $85 to $90 per barrel by the end of this year. Higher price levels will reflect the impact of supply cuts, which will help tighten global oil markets and eliminate any oil glut, even as demand remains somewhat weak due to the economic slowdown in some aspects of global growth, especially growth problems in the Chinese economy,” Saleh said. link
************
Tishwash: Al-Sudani heads to New York to participate in UN General Assembly meetings
Prime Minister Mohammed Shia Al-Sudani will head to New York tomorrow, Saturday, to participate in the meetings of the 79th session of the United Nations General Assembly .
Al-Sudani's media office said in a statement received by "Baghdad Today" that the latter "will leave tomorrow, Saturday, heading to New York, at the head of the official delegation participating in the meetings of the United Nations General Assembly in its seventy-ninth session ."
He added, "He will deliver Iraq's speech before the General Assembly, and he will also deliver a speech at the Future Summit, in which many heads of state and presidents will participate, and which is concerned with enhancing cooperation, facing challenges, and affirming commitments ."
He added, "Al-Sudani will hold a series of meetings and dialogues with a number of leaders and presidents of sisterly and friendly countries, and heads of participating delegations, in addition to meeting with the Secretary-General of the United Nations, and a number of officials of international and UN organizations and bodies link
************
Tishwash: Series of explosions on the approaches to Ain al-Assad base, west of Anbar
Security sources revealed, today, Friday (September 20, 2024), that a series of explosions were heard on the approaches to Ain al-Assad base, west of Anbar.
A security source told Baghdad Today, "More than one explosion was heard on the approaches to Ain al-Assad base, west of Anbar, with American helicopters currently flying over the base."
He added, "The helicopters flew as part of the reconnaissance and security measures, and a state of alert was monitored on the towers surrounding the base, and security measures were strengthened."
In addition, another security source revealed to Baghdad Today that "the sounds of explosions heard near Ain al-Assad Air Base are due to training conducted by coalition forces at the base," noting that "the Ceram system was also used in these training." link
Mot ... can ya sing um
Mot: Hurry!!! -- Hurry!! -- Summers Almost over... ooh Wheres Waldo???
