Bondlady’s Corner

Iraqi News Highlights Friday Afternoon 3-17-23

Tlm724 Administrator Bondlady’s Corner

Parliament Announces Receipt Of The Draft Budget Law

political| 12:17 – 03/17/2023  Baghdad – Mawazine News,  Deputy Speaker of the Iraqi Parliament, Shakhwan Abdullah, announced the arrival of the draft federal budget law.  Abdullah said in a statement, which Mawazine News received a copy of, that he “announces the arrival of the federal budget bill to the parliament last night.”  And the spokesman for the Iraqi government, Basem Al-Awadi, announced, earlier today, Friday, that the draft budget law had been handed over to Parliament. Ended 29 / H

Jalil Al-Lami To / Nina /: Determining 70 Dollars In The Budget .. A Surprise .. And It Is Better To Adopt 60-65 Dollars

Friday 17 March 2023 10:21 | Economical Number of readings: 441

Baghdad / NINA / – The economist and political expert, Jalil Al-Lami, confirmed: Determining 70 dollars in the budget is a surprise..and it is better to adopt 60-65 dollars.

He told the National Iraqi News Agency / NINA /: It was expected that the price of oil for budget purposes would not exceed 60 dollars or even 65 dollars, which is a price previously adopted in some previous budgets according to Iraq’s financial conditions.

Al-Lami called on the government to: Adopt a descending oil price for budget purposes in the coming years./ End 3

Sudanese Advisor: The “Baghdad And Erbil” Agreement Is One Of The Federal Government’s Achievements

Friday, March 17, 2023 4:39 PM  Baghdad / National News Center  Fadi Al-Shammari, political advisor to the Prime Minister, Muhammad Shia Al-Sudani, stated today, Friday, that the agreement reached by Erbil and Baghdad within the draft budget law for the year 2023 leads to the deposit of all financial revenues by the Kurdistan Regional Government in one central bank account.

Al-Shammari said in a tweet to him, followed by the National News Center, that “the federal government was able to complete its recent agreement with the Kurdistan Regional Government of Iraq, as it is committed to implementing its governmental and political program by placing the region’s revenues in one central account.”

He added that the agreement is one of the federal government’s achievements in accordance with its policy based on understanding, constructive dialogue, disclosure and sincere intention to reach radical solutions.

Oil Prices Rise To $74.72 A Barrel

Economy| 09:49 – 03/17/2023  Baghdad – Mawazine News  Oil prices changed slightly today, Friday, after a meeting between Saudi Arabia and Russia, which calmed the markets, but the two benchmarks are still heading to record the second weekly decline, after a banking crisis led to intensive selling in global financial markets this week.

And by 0133 GMT, Brent crude futures rose by two years to $ 74.72 a barrel. On Thursday, it ended a three-day losing streak and settled up 1.4 percent.

US West Texas Intermediate crude fell by two years to $ 68.33 a barrel, after recording a 1.1 percent increase on Thursday at the close.

Both contracts hit their lowest levels in more than a year this week and are on track for their biggest weekly drop since December, at about 10 percent. Oil and other global assets fell this week, while the collapse of Silicon Valley and Signature banks prompted the US and Swiss governments to seek to support banks’ liquidity.

The risks of the spread of the crisis between banks continue to worry investors, which limits their appetite for assets such as commodities for fear that a new turmoil will lead to a global recession and a decline in demand for oil.

“The sudden collapse of SVB Bank and Signature prompted a rethink of the health of the broader economy and spooked markets,” JP Morgan analysts said in a note.

Analysts added, “Oil demand is being reassessed, but we don’t expect much change in fundamentals and tend to outpace the volatility of the financial sector, keeping our price expectations unchanged for the time being while we await an update on potential policy actions in the coming weeks,” referring to a meeting. For the OPEC + group and Washington’s possible move to refill strategic reserves.

The OPEC+ advisory committee, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, meets on April 3.

Analysts at the National Australia Bank said in a note that further price falls may prompt OPEC + to cut supplies to prevent an expected increase in stocks in the second quarter of the year.

US West Texas Intermediate crude fell below $70 a barrel for the first time since December 2021, which could make prices attractive enough for the US government to start refilling the Strategic Petroleum Reserve, which has reached record low levels.


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