Bondlady’s Corner – Iraq Economic News and Points to Ponder Late Friday Evening 4-5-24


Iraq Economic News and Points to Ponder Late Friday Evening 4-5-24

Tlm724 Administrator Bondlady’s Corner

Advisor To The Association Of Private Banks: Al-Sudani Will Discuss The Sanctions File On 28 Banks In Washington

Economy News – Baghdad  Advisor to the Association of Private Banks, Samir Al-Nusairi, announced that the US sanctions on 28 banks constitute one of the important files on the agenda of Prime Minister Muhammad Shiaa Al-Sudani during his visit to Washington.

Al-Nusairi said in an interview followed by Al-Eqtisad News, “During his visit to Washington, during which he will be accompanied by a delegation from the Central Bank and the banking sector, Al-Sudani will discuss the sanctions and restrictions imposed by the United States on the 28 banks, which deprived them of dealing in the US dollar.”

He believed that these sanctions and restrictions constitute “one of the important files that the Prime Minister carries with him to Washington,” indicating that the file “falls within the financial and banking reform stipulated in the Prime Minister’s government program.”

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Or The Second Week…Oil Continues To Rise And Exceeds The $90 Threshold

Economy | 04/05/2024  Mawazine News – Baghdad  Oil prices continued to rise and are on track to record gains for the second week, supported by geopolitical tensions in Europe and the Middle East, concerns about diminishing supplies, and optimism about the growth of global fuel demand as economies improve.

Brent crude jumped 49 cents on Friday to $91.14 a barrel. US West Texas Intermediate crude also rose 37 cents to $86.96 a barrel.

The two benchmarks reached the highest levels since October at settlement on Thursday, and are heading to record gains exceeding 4% this week, continuing to rise for the second week in a row.

Minister Of Oil: Iraq’s Extractive Capacity Is Approaching 5 Million Barrels Per Day

Economy |  04/05/2024  Mawazine News – Baghdad  Oil Minister Hayan Abdul Ghani confirmed today, Friday, that Iraq is close to reaching an extraction capacity of up to 5 million barrels of oil per day, and while revealing the current volume of gas production, he stated that Iraq is ranked 12th in the world in terms of the volume of its reserves,

pointing out He pointed out that there is a large reservoir in the western regions that the Ministry seeks to invest in 15 exploration blocks, pointing at the same time to establishing projects to invest 900 million standard cubic feet of gas in Dhi Qar, Basra and Maysan, in addition to another 600 million through the French company Total.

Abdul Ghani said, “The Iraqi oil industry plays an important role in shaping the future of the national economy, and bears a great responsibility in supporting the economy and advancing its burdens, especially since it is mainly based on oil amid serious and real attempts to diversify the national economy and its sources of income.”

He added, “The Ministry of Oil is approaching with coherent steps towards reaching an extraction capacity estimated at 5 million barrels per day in the extraction sector, despite the serious restrictions on oil markets and the restriction of the quotas of OPEC countries in order to support price stability and balance.”

He continued, “This comes amid real fears of upcoming climate restrictions on the oil sector, the latest of which were the texts of the COP 28 climate conference and its recommendations for a gradual shift away from fossil fuels.”

He stressed, “The Ministry’s efforts are concerted in the gas industry on the axis of new rounds of exploration, production rounds, and investment rounds of associated and combusted gas, and work is continuing on the fifth and sixth rounds for the border patches and patches of the western regions promising gas reserves, given Iraq’s position in global reserves that makes it ranked 12th in the world.”

And because of the importance of gas in meeting our national needs and in the energy transition file, as it is the cleaner fuel compared to heavy fuel, this is in line with the recommendations of recent climate conferences.”

He pointed out that “the Ministry of Oil was very interested in investing in gas in the western regions, which possess very large gas reserves. Accordingly, the Ministry launched the fifth and sixth licensing rounds to invest it in the border regions. The two rounds included more than 30 oil and gas fields and exploration patches, including 15 gas patches in the western regions.”

 Starting from the border with Syria, then Jordan, down to the border with Saudi Arabia, where the provinces of Diwaniyah and Muthanna are.

Abdul-Ghani stated, “There are 20 international companies that will contribute, and we hope that Iraqi businessmen will also have a contribution in these licensing rounds. We are fully prepared to qualify these companies in order to expand participation in the rounds, and they will ensure Iraq’s self-sufficiency in gas and stop its importation, and perhaps Iraq will turn For a gas exporting country.

The Minister of Oil pointed out that “Iraq’s current gas production reaches 3,200 million standard cubic feet (mmq) per day, and the estimated amount invested in it reached 62%, and the rest of the percentage, which amounts to 38%, is currently being burned.

The current government, since the beginning of its formation, has set the goal of stopping the burning of gas.” Gas is its top priority.”

He explained, “It was contracted to stop burning and investing gas, and within a few years the entire quantity will be completed and its burning will be stopped.

We have developed a road map to invest its large quantities. Perhaps the last project completed last year is the (Basra Angie Al) project with a capacity of 200 million standard cubic feet of gas.”

It was opened with the beginning of the formation of the government, and there is another unit in the Basra Gas Company with the same capacity with 200 million standard cubic feet, and its trial operation will begin in the second half of the current year 2024.

He continued, “We also have a gas investment project in the Halfaya field in Maysan with a capacity of 300 million standard cubic feet, and it has reached advanced stages.

Within one to two months, the trial operation of the project will be completed, and this quantity will be invested and directed to the national grid and power stations, especially the Amara gas station.

We also have a project in Dhi Qar Governorate, with a capacity of 200 million standard cubic feet, is being implemented by Baker Hughes, an international gas investment company, in the Nasiriyah and Al-Gharraf fields.

It has also reached advanced stages, and its first phase will be operated during the second half of this year, while its second phase will be operated next year.

Abdul Ghani stated, “The Ministry’s contracts and efforts are continuing in the French Total Company project, which includes 3 main activities in addition to oil production, and its most important activity is investing 600 million standard cubic feet of gas that is currently being burned in 5 oil fields: Majnoon, Al-Lahis, West Qurna 2, and Artawi.”

 And the brick, and it will be implemented in two stages at a rate of 300 million standard cubic feet for each stage, and will be completed over a period of 5 years, the first 3 and the second two years.”

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Provoking Points To Ponder On Failures and Mistakes

Our mistakes won’t irreparably damage our lives unless we let them.- James E. Sweeney

Peole do think that if they avoid the truth, it might change to something better before they have to hear it.- Marsha Norman

We have not passed that subtle line between childhood and adulthood until… we have stopped saying “It got lost,” and say, “I lost it.”- Sydney J. Harris

Ah, how steadily do they who are guilty shrink from reproof!- Amelia Jenks Bloomer

I’ve arrived at this outermost edge of my life by my own actions. Where I am is thoroughly unacceptable. Therefore, I must stop doing what I have been doing.- Alice Koller

Do not blame anybody for your mistakes and failures.- Bernard M. Baruch