Early Tuesday Iraq Economy News Highlights 5-17-22
Slight Increase In Gold Prices
Economie 2022-05-17 | 05:18 Alsumaria News – Economy
Gold prices rose during Tuesday’s trading, with the dollar temporarily faltering ahead of an expected speech by US Federal Reserve Chairman Jerome Powell, after hitting its highest level in nearly 20 years on Monday, while oil prices fell.
The yellow metal shone with the dollar’s decline, and it increased in spot transactions 0.1% to $ 1825.29 an ounce by 0218 GMT. And US gold futures rose 0.6 percent to $ 1825.60 an ounce, according to Reuters .
The dollar index stabilized after retreating from its highest level in nearly 20 years on Monday.
And the dollar’s decline increases the attractiveness of gold to buyers of other currencies.
But the yield on US 10-year Treasury bonds increased, which limited the demand for non-interest-bearing gold.
As for other precious metals, silver fell 0.2 percent to $21.56 an ounce. And platinum settled at $ 945.76 an ounce. And palladium fell 1.2 percent to $ 2002.17 an ounce. LINK
The stability of the dollar exchange rates in the local markets
Economie 2022-05-17 | 04:41 1,275 views Alsumaria News – Baghdad The dollar exchange rates, today, Tuesday, maintained their stability on the Iraqi Stock Exchange.
And the selling prices of the dollar were 148000 dinars per 100 dollars, while the purchase prices of the dollar were 147,900 dinars per 100 dollars. LINK
Dollar Exchange Rates In The Iraqi Local Markets
Economie| 09:41 – 17/05/2022 Dollar exchange rates in the Iraqi local markets Baghdad – Mawazine News, today, Tuesday, dollar prices witnessed stability, after they rose yesterday in local markets across the country.
The selling price was 148,500 dinars per $100, while the purchase price was 147,500 dinars per $100.
Low Oil Prices
Economie 2022-05-17 | 03:32 Source: Reuters Alsumaria News – Economy Oil prices fell today, Tuesday, as Hungary resisted an effort in the European direction aimed at banning Russian oil imports.
This move may lead to a decline in global supplies, as well as investors’ desire to take profits after a recent rally. LINK
Brent crude futures fell 22 cents, or 0.2%, to 114.02 a barrel by 0327 GMT, according to “Reuters”.
West LINK crude futures were down 35 cents, or 0.3%, at $113.85 a barrel.
Both benchmarks rose more than 2% on Monday, following a 4% jump on Friday.
Passage of this proposal requires the approval of all EU member states.
The European Union proposes exempting countries from the Russian oil embargo 03:34 | 2022-05-6
A jump in global oil prices as the European Union prepares to ban Russian crude 00:17 | 2022-05-3
Oil continues gains after proposed sanctions against Russia 00:36 | 2022-05-5
But analysts said sentiment about prices remained high in general, amid optimism about a recovery in demand in China, which is looking to ease restrictions to combat Covid-19.
Data revealed from Ministry of Energy On Monday, the US announced that stocks in the strategic oil reserve fell by 538 million barrels, the lowest level since 1987.
On Monday, the European Union’s foreign policy chief, JosepBorel After a meeting of EU foreign ministers in Brussels, he “has not yet reached an agreement on a sixth package of sanctions against…Russia “.
. added Borel In statements to reporters, Reuters Unfortunately, it was not possible to reach an agreement today.
He noted that “foreign ministers decided, however, to provide an additional 500 million euros for the purchase of weapons to support Kyiv,” bringing the total funds allocated by the European Union for this purpose to two billion euros.
Prior to that, it announced Hungary That the cost of stopping its purchases of Russian oil ranged between 15 and 18 billion euros, and demanded that it be exempted from the oil embargo that the European Union seeks to adopt.
Hungarian Foreign Minister Peter Sciarto said during a press conference that was broadcast on his page on Facebook Following a meeting with his European counterparts, the suspension of oil purchases from Russia It will lead to an “general price increase of about 50 to 60%” in Hungary .
“The Hungarians have the right to expect a proposal to finance investments (in new infrastructure) and compensate for the rise in prices, the total cost of which is about 15 to 18 billion euros,” the minister added. LINK
Oil Prices Drop, Brent Crude Records $114 A Barrel
Economie| 08:46 – 17/05/2022 Mawazine News – Oil prices fell on Tuesday, as Hungary resisted an effort in the European direction to ban Russian oil imports, in a move that could lead to a decline in global supplies, as well as investors taking profits after a recent rally.
Brent crude futures were down 22 cents, or 0.2%, at $114.02 a barrel by 03:27 GMT. Texas Intermediate crude futures were down 35 cents, or 0.3%, at $113.85 a barrel.
Both benchmarks rose more than 2% on Monday, following a 4% jump on Friday.
On Monday, European Union foreign ministers failed in their efforts to pressure Budapest to change its position on the proposal to impose an oil embargo on Russia in the wake of its invasion of Ukraine.
Passage of this proposal requires the approval of all EU member states.
But analysts said sentiment about prices remained generally high amid optimism about a recovery in demand in China, which is looking to ease restrictions to combat Covid-19.
And data from the US Department of Energy revealed yesterday, Monday, that stocks in the strategic oil reserve fell by 538 million barrels, the lowest level since 1987. Ended 29/N33 LINK
Finance Reports Al-Kazemi With A Rise In Total Foreign Currency Reserves
Posted On2022-05-17 By Sotaliraq Yesterday, Monday, the government confirmed controlling food prices locally, and spoke of international reports indicating a significant increase in total foreign currency reserves. The media office of the Prime Minister, Mustafa Al-Kazemi, said in a statement received by Al-Mada.
Yesterday, Monday, the Prime Minister chaired an economic meeting devoted to discussing the current financial and economic conditions in light of positive reports and indicators developed by the International Monetary Fund and the World Bank, noting that “the meeting was attended by the Minister of Finance and advisors specialized in financial and economic aspects.”
Al-Kazemi said, at the beginning of the meeting, that “the strategy that was developed to address the financial and economic conditions has succeeded in overcoming the challenges that the government received at the beginning of its formation, and that the growth of indicators mentioned by international reports is a reflection of this strategy,” stressing that “the momentum that succeeded must be continued.” To improve the country’s economic status, and to continue striving to achieve more.”
And the statement continued, “Al-Kazemi listened to a detailed presentation by the Minister of Finance on the Iraqi economic reality, and good international indicators in light of the escalating growth of the Iraqi economy despite the great challenges it faces, as international reports indicated that the total foreign currency reserves increased significantly, as well as achieving Good revenue.”
He continued, “During the meeting, Iraq’s control over food prices locally, despite the double rise in their prices globally, was indicated, as well as the achievement of GDP growth that exceeds what was achieved in the countries of the Middle East and North Africa.”
The report indicated, according to the statement, that “controlling inflation rates in the internal economy has been achieved, and the current account balance has risen, as well as a significant increase in the overall financial balance.”
The financial advisor in the Council of Ministers, Mazhar Muhammad Salih, said that “the delay in approving the budget law for the current year does not mean that there is a waste of revenues or the abundance of Iraqi oil revenues sold to global markets.”
Saleh added, “The sums obtained from the rise in oil prices are in a hedge account and are managed according to the best international practices, and they are in hard currency and are safe, and there is no fear for these funds.” He pointed out, “The abundance of oil awaits the budget law, as part of it will go to spending, and the other to the sovereign fund at the end of the year if oil prices continue to rise.”
And Saleh indicated, “Everyone is looking forward to issuing the budget law, as it represents a single document for public finance in order to know the vision until the end of this year.” He noted, “The budget will be expansionary, not contractionary, and will target the social spending side significantly, such as the ration card and support for the poor, peasants and farmers.”
Saleh went on to say, “there is an aspiration to enter into strong development programs and strategic, income-generating and work-earning projects, and to make a qualitative leap in development projects.” It is noteworthy that the Council of Ministers was seeking to present the draft budget law, but after switching to carrying out daily tasks due to the early elections, it was unable to do so. LINK
India’s Oil Imports Rise, Iraq Leads Exporters
Shafaq News/ Preliminary data from commercial sources showed that India’s imports of crude rose last April, as Indian refineries shipped 4.7 million barrels per day of oil, an increase of 6.9% from the previous month and about 11.6% higher than the previous year 2021, when the COVID-wave affected 19 second on domestic demand for oil.
In April, Iraq continued to be India’s number one oil supplier, followed by Saudi Arabia and the United Arab Emirates.
Russia became India’s fourth largest oil supplier in April, with volumes expected to rise in the coming months as lower prices spur demand from the world’s largest oil consumer and importer.
Russia’s share of India’s purchases of cheaper oil, which many Western countries and companies have shunned, also rose to a record 6%, around 277,000 bpd in April, up from about 66,000 bpd in March, when it was in 10th place.
The share of African oil in India’s total oil imports fell to about 6% in April from 14.5% in March, while the share of the United States almost halved to 3%.
About 70 percent of Iraq’s oil exports go to Asia, especially India and China, while an Indian government official considered that Indian refineries import 23 percent of their crude oil from Iraq. LINK
Iraqi Oil Minister: We Seek To Raise The Value Of Energy Investments To $17 Billion
Shafaq News/ Oil Minister Amer Abdul-Jabbar announced that Iraq seeks to raise the value of oil and gas investments to $17 billion in the coming years.
Abdul-Jabbar said in press statements seen by Shafak News that “the value of what is paid as dues to licensing companies investing in the country is 13 billion dollars annually, and Iraq seeks to increase the value of investments in the country to 17 billion dollars in the coming years.”
Abdul-Jabbar added that “all licensing companies have been directed to expedite oil and gas investment plans,” noting that “there are new contracts with major investors such as Total, and there is also a discussion with Chevron about investments in southern Iraq.”
The Minister of Oil indicated that “Iraq has a goal and is working to cover the investment vacuum that occurred in the years 2014, 2017, and 2020 during the economic recession of the country,” noting that “Iraq had two real years to return to its position and invest its energy.”
And Minister Abdul-Jabbar indicated that “oil prices, which currently range between 100 to 110 dollars per barrel, are normal compared to the rise in prices for other energy sources,” noting that “OPEC aims to achieve a balance between producer and consumer.” LINK
Oil Prices Fall As Profit Taking Continues
Shafaq News/ Oil prices fell on Tuesday, with investors reaping profits after the recent rise, while Hungary resisted an effort by the European Union to impose a ban on Russian oil imports, in a move that would reduce global supplies.
Brent crude futures were down 22 cents, or 0.2%, at $114.02 a barrel by 04:27 GMT, while US West Texas Intermediate crude futures were down 35 cents, or 0.3%, at $113.85 a barrel. Both benchmarks rose more than 2% on Monday.
On Monday, EU foreign ministers failed in their efforts to pressure Budapest to veto a proposed oil embargo on Russia in the wake of the country’s invasion of Ukraine. The embargo would require the approval of all EU countries.
However, overall sentiment about prices remains bullish amid optimism about a recovery in demand in China as it looks to ease coronavirus restrictions that have hurt its economy.
Shanghai made plans on Monday to end the painful COVID-19 lockdown that has lasted more than six weeks, which has badly hit the Chinese economy, and for a return to more normal life from June 1.
On the supply front, US producers are ramping up to replenish stocks that dwindled in the wake of Russia’s war on Ukraine — which Moscow calls a “special military operation” — and recover from the COVID-19 pandemic.
Data from the US Department of Energy on Monday showed that stocks in the Strategic Petroleum Reserve fell to 538 million barrels, the lowest level since 1987, confirming the shortage of supply. LINK
Kurdistan Judicial Council: The Oil Law In The Region Does Not Violate The Constitution, And Its Provisions Must Continue
Erbil (Kurdistan 24) – The Judicial Council of the Kurdistan Region said today, Tuesday, that the oil and gas law in the region does not contradict the provisions of the Iraqi constitution, indicating at the same time that its provisions must continue.
A statement by the Speaker of the Council, Abdul-Jabbar Aziz Hassan, stated, “The actions of the Kurdistan Regional Government – Iraq with regard to the oil file and oil operations are in accordance with the Iraqi constitution of 2005, and that the provisions of the Oil and Gas Law No. (22 of 2007 issued by the Kurdistan Regional Parliament) do not violate the provisions of the Iraqi constitution and must Continuation of its provisions.
He added, “If the oil and gas file is not included within the exclusive powers of the federal authorities stipulated in Article (110), and given that Article 112 of the Iraqi Constitution states that (the Federal Government shall manage the oil and gas extracted from the current fields with the governments of the producing regions and governorates on That its imports be equitably distributed in proportion to the population distribution in all parts of the country, with a quota set for a specific period for the affected regions, which were unfairly deprived of it by the previous regime, and which were subsequently damaged in a manner that ensures balanced development for the different regions of the country, and this is regulated by law).
He pointed out that “this requires that the oil fields that were established in the Kurdistan Region after 2005, fall within the exclusive jurisdiction of the Kurdistan Region, as this text mentioned the current fields, that is, those existing before 2005, and since the oil fields in the region were established after a year 2005, therefore, it falls within the competencies of the Kurdistan Regional Government, and based on this, the provisions of the Oil and Gas Law of the Kurdistan Region – Iraq No. 22 of 2007 are compatible with the provisions of the Iraqi constitution and do not contradict them. LINK