Bondlady’s Corner

Iraqi News Highlights Friday Afternoon 5-5-23

Tlm724 Administrator Bondlady’s Corner

The Minister Of Oil Reveals The Latest Developments In The Agreement With The Region

Posted On2023-05-04 By Sotaliraq   Oil Minister Hayan Abdul Ghani confirmed that a final agreement will be reached within two weeks to resume the export of Kurdistan region’s oil, stressing that the indications in this regard are “positive”.  Hayyan said, “We have reached the final stages of the agreement with the Kurdistan region, and we will reach a final agreement within one to two weeks regarding the resumption of crude oil exports.”

He added, “We receive news from the Turkish side that there are tests on the pipelines, and we cannot refuse the tests, because it is in our interest that the exported oil arrive and not leak on the way, and therefore the process will be greatly affected.”

Hayan stressed, “All indications are positive, and we will reach an agreement,” noting that “the same principles adopted by the SOMO company for selling Iraqi crude oil depend on selling the oil of the Kurdistan region in addition to Kirkuk oil.”   LINK

Sweden Supports The Restoration Of Stability In The Liberated Areas With More Than One Million Dollars

Today, Friday, the United Nations Development Program in Iraq announced Sweden’s support for restoring stability in the liberated areas with $1.9 million.

A statement by the United Nations Program stated that “the Government of Sweden contributed an additional 20 million Swedish kronor (equivalent to 1.9 million US dollars) to the United Nations Development Program in restoring stability to the liberated areas,” noting that “today an agreement was signed with Jessica Svardström, Ambassador of Sweden.” in Iraq and the Resident Representative of the United Nations Development Program in Iraq, Oki Lootsma, to formalize this contribution.”

He added, “Since the establishment of the program in 2015, the Government of Sweden has contributed 434 million Swedish kronor (42) million US dollars to support stabilization efforts in Iraq,” noting that “with this additional funding, the United Nations Development Program will be able to continue rehabilitating infrastructure and services.” The vital forces that were damaged during the war against the terrorist gangs of Daesh and pave the way for social reintegration.

The Swedish ambassador to Iraq, Jessica Svardström, said, according to the statement: “Sweden enjoys a close bilateral relationship with Iraq, and the Swedes of Iraqi descent constitute 3% of the Swedish people, and this resulted in strong relations between our two countries.” She added, “Sweden will continue to support a stable and secure Iraq through our bilateral development cooperation,” stressing that “Her country is proud to be part of the stabilization efforts in Iraq and continues its commitment to contribute to this collaborative work to build a better future for the displaced and those affected by the war on ISIS.”

For his part, the Resident Representative of the United Nations Development Program (UNDP), Oki Lootsma, said: “The Government of the Kingdom of Sweden has been an important partner for the United Nations Development Program,” noting that “this new contribution comes at a very important time, despite the fact that much progress has been made, but the international work of the organization has not ended.” “.

He stressed that “the Government of Sweden has expressed its firm commitment to making a lasting impact on the lives of the Iraqi people by working together to ensure that the gains made in previous years are preserved and built upon further.”

The stabilization program for the liberated areas of the United Nations Development Program has completed, until April 2023, more than 3,500 projects in the five liberated governorates, which are Anbar, Diyala, Kirkuk, Nineveh and Salah al-Din.

These projects include rehabilitating schools, hospitals, water stations, electricity networks and homes, and providing short-term job opportunities. These projects have improved the lives of more than 8.3 million Iraqi men and women and facilitated the return of 4.9 million people displaced by the conflict against ISIS.

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

Friday 05 May 2023 13:30 | Economical Number of readings: 260  Baghdad / NINA / – Today, Friday, the exchange rates of the dollar against the dinar recorded a slight decrease in the main stock exchange and local markets in Baghdad.

The selling price of the dollar reached 145,500 dinars per 100 dollars, and the purchase price reached 143,500 dinars per 100 dollars in local banking offices./ End 8

Parliament Will Host Tomorrow The Minister Of Finance And A Number Of Governors To Discuss Budget Allocations

Friday 05 May 2023 16:35 | political Number of readings: 66  Baghdad / NINA / An informed source revealed that Parliament will host tomorrow, Saturday, the Minister of Finance and a number of governors, to discuss budget allocations for the governorates

Oil Records A Weekly Decline For The Third Time In A Row

Economy| 09:17 – 05/05/2023  Baghdad – Mawazine News  Oil prices are heading to record a weekly decline for the third time in a row, in the longest period of losses witnessed since the beginning of the year, due to market fears of a slowing economy and the banking sector crisis in the United States that prompted investors to avoid risk.

Despite this, West Texas Intermediate crude prices rose towards the level of $69 a barrel today, Friday, and the US benchmark crude fell by about 10% during this week’s trading, after a four-day deterioration.

The trading movement was characterized by a rapid, dramatic decline in the beginning of Thursday’s trading, when prices collapsed until they touched the lowest level in the middle of the session since 2021.

Oil was negatively affected by rising concerns that the US economy is on its way to falling into a recession, potentially hurting energy consumption rates, at a time when investors are tracking signs of continued stability among regional banks. Moreover, Saudi Arabia, a major oil exporting country and leader of the OPEC+ alliance, has lowered its oil selling prices to Asia.

Oil prices fell by 14% since the beginning of the year, even after the decision of the Organization of the Petroleum Exporting Countries “OPEC” and its allies to reduce production starting from this month. This decline in prices came despite signs of strength in the oil market for direct transactions, which indicates that the wave of heavy selling may have been exaggerated. In this context, Shell CEO Wael Sawan said this week that the oil market is already suffering from a “severe shortage of supply.”

Warren Patterson, Head of Commodity Strategy at ING Groep, said: “While negative sentiment prevails at the moment, the market is in oversold territory and our calculations reveal that the oil market will be in deficit over the second half of the year. year, which should drive prices higher.”


To read more current and reliable Iraqi news please visit BondLady’s Corner: