Bondlady’s Corner

Iraqi News Highlights Friday Afternoon 2-17-23

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The Government Announces The Adoption Of The Official Exchange Rate At All Airline Outlets

Economy News – Baghdad   On Friday, the official spokesman for the government, on behalf of Al-Awadi, confirmed the adoption of the official exchange rate of 1,320 dinars per dollar in all airline outlets, starting today.

Al-Awadi said in a statement: “In compliance with the pledge made by the government before public opinion to follow up on the implementation of its decisions, and in implementation of the Prime Minister’s directives in the seventh session, to follow up on all Iraqi institutions concerned with applying the new exchange rate, and to assist them in facilitating any obstacle that prevents the implementation of the decision, Direct and serious work has been done to solve the problem of the exchange rate in Iraqi Airways tickets, and starting today, the official exchange rate of 1320 dinars has been adopted in all Iraqi Airways outlets.

The Decline In The Exchange Rate Of The Dollar In The Local Markets

Economie| 09:59 – 02/17/2023   Baghdad – Mawazine News  The exchange rate of the dollar decreased this morning in the local markets.  The selling price of 100 dollars was recorded as 153 thousand dinars.

The purchase price was also recorded at 152 thousand dinars.

And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance reached 1,300 dinars per dollar.

JP Morgan: Oil Would Exceed $100 A Barrel In This Case

Energy Economy News – Baghdad “JP Morgan” analysts said in a note, on Friday, that Brent crude prices are unlikely to exceed the $100 per barrel mark this year unless major geopolitical developments occur, amid possibilities that the “OPEC +” group will increase supplies and that Russian flows will recover by Mid 2023.

According to the note, it is unlikely that the “OPEC +” group, which includes members of the Organization of the Petroleum Exporting Countries “OPEC” and producers outside it, including Russia, will defend the level of eighty dollars and therefore it will not need to reduce production quotas this year.

She indicated that the conglomerate may instead add 400,000 barrels per day to production.

And Saudi Energy Minister Prince Abdulaziz bin Salman said, yesterday, Thursday, that the current “OPEC +” agreement to reduce production target by two million barrels per day will remain in effect until the end of the year.

JPMorgan analysts said that with Russian production expected to see a full recovery by June, and high price levels preventing the United States from buying back to boost its strategic petroleum reserves, the supply-demand balance gap is likely to narrow.

Brent crude futures are trading, on Friday, near $84 a barrel, and are heading for a weekly decline, amid expectations that any tightening monetary policy in the United States may undermine demand.

JP Morgan maintained its estimate of oil demand growth from China, the largest importer, at 770,000 barrels per day.

Analysts expect China to import record quantities of crude in 2023 due to the increased demand for fuel, mainly due to the recovery of movement and travel after the abolition of Covid-19 restrictions.

Oil Prices Are Falling Globally

Economie| 09:46 – 02/17/2023   Baghdad – Mawazine News  Oil prices fell on Friday, incurring weekly losses, as strong US economic data increased concern about the continuation of the Federal Reserve (US Central Bank) policy of monetary tightening to curb inflation, which may affect fuel demand even with the growth of crude stocks.

And by 0305 GMT, Brent crude futures fell 49 cents, or 0.6 percent, to $ 84.65 a barrel, while West Texas Intermediate crude futures fell 46 cents, or 0.6 percent, to $ 78.03. The two benchmarks are heading for a weekly decline of about 2 percent.

Data showed the producer price index in the United States rose 0.7 percent in January, after falling 0.2 percent in December. Meanwhile, claims for unemployment benefits unexpectedly fell to 194,000, versus an expectation of 200,000 in a Reuters poll.

“The strong US data reinforced concerns about raising interest rates and pushed up US Treasury yields, putting pressure on oil and other commodity prices,” said Kazuhiko Saito, senior analyst at Fujitomi Securities.

He added that the increase in crude stocks in the United States exacerbated the pressure.

On Wednesday, the Energy Information Administration reported that US crude oil inventories rose last week to the highest level since June 2021, after a larger-than-expected increase.

Saito said  The International Energy Agency said this week that China will account for nearly half of global oil demand growth this year after easing restrictions related to Covid-19, but restrictions imposed by OPEC + countries, the group that includes the Organization of the Petroleum Exporting Countries (OPEC) and allies, on production. It could mean a supply deficit in the second half of the year.

Saudi Energy Minister Prince Abdulaziz bin Salman said that the current OPEC + agreement to reduce oil production by two million barrels per day will remain until the end of the year, adding that he is still cautious about Chinese demand. Ended 29 / H

Washington Affirms Support For The “Economic Reforms” Adopted By The Sudanese Government

Arab and international  Economy News – Baghdad On Friday, Prime Minister Mohamed Shia al-Sudani met US Senator Chris Van Hollen, on the sidelines of his participation in the Munich Security Conference.

The meeting witnessed, according to a statement by Al-Sudani’s office, “they discussed relations of joint cooperation between Iraq and the United States of America, and ways to consolidate them in several fields.”

The meeting also dealt with “Iraq’s continuous efforts in combating terrorism and extremism, affirming support for the economic reforms adopted by the current government, and the path it is taking in implementing its government program.”

General Electric Clarifies Its Business Map In Iraq And The Most Important Objectives Of The Signed Memorandum Of Understanding

Reconstruction and building   Economy News-Baghdad   Today, Thursday, General Electric confirmed that the memorandum of understanding signed with Iraq aims to achieve the vision of the Ministry of Electricity to provide a highly reliable infrastructure for the energy sector and support economic growth, while the company showed its business map in the country.

The President and CEO of General Electric, Joseph Anis, told the Iraqi News Agency (INA): “The memorandum of understanding signed today is an extension of our continuous cooperation with the Iraqi Ministry of Electricity, and reflects its vision to stimulate positive change by developing a sustainable and highly reliable infrastructure for the energy sector, especially as it strengthens it.” It not only contributes to meeting the growing energy needs, but also constitutes a springboard for achieving economic growth.”

He added, “General Electric has supported the endeavors of the Iraqi people in developing the energy sector for more than 50 years, and we added up to 19 gigawatts of production capacity in the country in just over a decade, and we were among the first companies to rehabilitate power generation stations in the regions.”

liberated, and we have helped the Iraqi government secure more than $2.4 billion to finance energy projects since 2015, and the new cooperation principles document (the signed memorandum of understanding) confirms our continued commitment to providing effective results that drive progress in various regions of Iraq, and help build its local capabilities.

And he continued, “In 2021, General Electric announced a comprehensive plan for energy transition in Iraq that includes several proposed strategic initiatives to support the transition to the use of cleaner energy sources, and to continue enhancing the capabilities of Iraqi workers in this field.

The initiatives include the use of gas associated with oil production in electricity generation.” Converting existing power plants that operate in the simple cycle system to the combined cycle, which contributes to enhancing their efficiency, achieving significant fuel savings, and reducing emissions, in addition to implementing carbon capture solutions and using hydrogen as fuel for power plants in order to achieve climate neutrality in the long term.

The initiatives provide stable and sustainable energy for more areas, create thousands of jobs for the Iraqi people, and stimulate the growth of the local economy by opening wide opportunities for local companies and suppliers.

He pointed out, “In addition to its efforts to develop the vital national infrastructure, General Electric is constantly focusing on community development projects in Iraq, as the company has cooperated during the last period with the “Capita” institution to support the private sector in supporting up to 50 micro-companies.

It is owned by Iraqi citizens by providing grants and training courses on marketing and doing business, and the company provided scholarships to students of the Baghdad College of Business, and the percentage of Iraqi citizens working for the company in Iraq reaches about 95%.

Today, Thursday, the media office of the Prime Minister announced the signing of a memorandum of understanding between the Ministry of Electricity and the American General Electric Company, while Prime Minister Muhammad Shia al-Sudani affirmed the government’s seriousness in supporting the energy file.


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