Bondlady’s Corner – Iraq Economic News and Points to Ponder Saturday Evening 10-14-23


Iraq Economic News and Points to Ponder Saturday Evening 10-14-23

Tlm724 Administrator Bondlady’s Corner

Economist: More Than 16 Thousand Billionaires And Millionaires In Iraq

Economy  Saturday, October 14, 2023    Baghdad / National News Center  Economist Nabil Al-Marsoumi indicated today, Saturday, that there are more than 16,000 billionaires and millionaires in Iraq, while his number is equivalent to 9 countries combined.

Al-Marsoumi said in a post on social media, “A third of Iraqi youth suffer from unemployment

According to the French Center for Research, there are in Iraq: 36 billionaires, each of whom has a wealth of more than a billion dollars, and 16,000 millionaires, each of whom has a wealth of more than a million dollars.

He added, “The number of billionaires in Iraq is equivalent to the number of the following countries combined: the Emirates, Kuwait, Lebanon, Hungary, Romania, Portugal, the Netherlands, Denmark, and Nigeria.”

Parliamentary Oil: Negotiations Continue With The Region Regarding The Oil And Gas Law

Time: 2023/10/14 21:20:30 Read: 663 times   {Politics: Al-Furat News} Member of the Parliamentary Oil and Gas Committee, Kazem Al-Touki, confirmed the continuation of negotiations with the region regarding the oil and gas law.

Al-Touki said {to Al-Furat News} that: “The political problems regarding the oil and gas law exist, but the negotiations with the Kurdistan region are still continuing and the permanent committees are also continuing their work.”

Al-Touki added, “We hope that an agreement will be reached,” noting that “the draft law comes from the government to be discussed and prepared for presentation to the House of Representatives.”

It is noteworthy that since the first session of the House of Representatives, in 2005, the draft oil and gas law has been locked up, as disagreements prevent its approval in its final form.

After 18 years, he announced, in late last August, the formation of a committee to develop “a draft of the oil and gas law and present it to the government and the House of Representatives.”

The committee that was formed between Baghdad and Kurdistan to draft a draft law for oil and gas includes “the Minister of Oil, the Minister of Natural Resources in the region, the Director General of SOMO Company, and the advanced staff in the Ministry of Oil, as well as the oil-producing governorates such as Basra, Dhi Qar, Maysan, and Kirkuk.”

The Prime Minister, Muhammad Shiaa Al-Sudani, said in early August that “the draft oil and gas law is one of the basic and important laws that represents a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need of its legislation and to benefit from this natural wealth.” In all fields and sectors, in addition to the contribution of the legislation to solving many outstanding problems.”

He explained, “There are governorates whose wealth has not been invested to date, which is considered negative for development efforts in all their paths.”

Meanwhile, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed in a press statement that “accelerating the approval of the federal oil and gas project law in the House of Representatives as quickly as possible will establish a stable national road map for investment and production of the country’s primary sovereign resource, which is oil and gas.”

Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury’s resources.   LINK

Oil Prices Are Rising Due To The Continuing Conflict In Gaza

Energy   Economy News  Oil prices jumped about six percent, with investors estimating the possibility of expanding the scope of the conflict in the Middle East, specifically in the Gaza Strip.

Israel’s announcement represents a shift from air war to ground operations to eliminate Hamas fighters a week after the deadly attack carried out by the Palestinian armed group in southern Israel.

Brent crude futures rose $4.89, or 5.7%, to $90.89 per barrel. US West Texas Intermediate crude gained $4.78, or 5.8%, to $87.69 per barrel.

Both benchmarks recorded their highest daily percentage gains since last April.

Brent also recorded a weekly gain of 7.5%, the largest such increase since February. West Texas Intermediate crude rose 5.9% this week.

The conflict in the Middle East has had little impact on global oil and gas supplies, however, investors and market watchers are assessing how the matter might escalate and what it might mean for supplies from neighboring countries in the world’s largest oil-producing region.

90 views 10/14/2023 –

A New Rise In The Dollar Exchange Rate In Iraqi Markets

Economy | 10:43 – 10/14/2023   Baghdad – Mawazine News  The dollar exchange rates rose on Saturday in local markets.  The selling price was 161,500 Iraqi dinars per 100 dollars.   While the purchase price was 159,500 Iraqi dinars per 100 dollars.

The Netherlands Intends To Strengthen Its Military Presence And Lead NATO Forces In Iraq

10/14/2023   Mawazine News – Baghdad   , Dutch Ministry of Defense spokesman Alex Kranenberg confirmed on Saturday that another 45 Dutch soldiers will arrive in Baghdad on the first day of the year 2024, while noting that on May 1 of the same year a Dutch officer will arrive in Baghdad with a team of 15. An element to take command of NATO forces in Iraq.

Kranenberg said, “The current deployment of his country’s forces in the region,” he said, “In Erbil and its environs there are six advisors and five Dutch soldiers, and in Baghdad there are 35 advisors and four police officers, but another 145 Dutch soldiers will arrive in Baghdad on the first day of the year 2024.”

He pointed out that, “On the first day of May of next year, three Chinook transport helicopters with 120 soldiers will be stationed at the Ain al-Asad base in Anbar to support the international coalition forces and NATO forces.” Regarding the role of his country’s military forces in Iraq and the Kurdistan region, Alex Kranenberg stated

, That the Netherlands “has been participating for years in (ensuring) the safety and security of Iraq.” We did this by supporting the (Iraqi) Federal Ministry of Defense in Baghdad and its suburbs and the Ministry of Peshmerga Affairs in Erbil and its suburbs.”

Sudanese Advisor: Iraq Achieves The Largest Revenues From The Oil Market In East Asia

Economy | 11:13 – 10/14/2023  Mawazine News – Baghdad The former head of SOMO and current advisor to the Prime Minister, Falah Al-Amiri, confirmed that the East Asian market is the best importing market for Iraqi oil.

Al-Amiri said, in an interview followed by Mawazine News, that “the Iraqi oil marketing mechanism is one of the important, transparent and advanced mechanisms in the region, and this mechanism has earned Iraq respect from customers buying Iraqi oil during the last 15 years.”

 During the period of 2007, about 28 companies from all markets were cooperating with us, but now it has reached 50 companies, meaning we have many customers in many markets. The marketing mechanism is carried out by distributing exportable quantities to 3 markets, which are the East Asian market, the most prominent countries of which are South Korea, China and India.”

He added, “We do not have dealings with all international companies, and we are trying to balance the markets, and the eastern market is considered one of the best markets for Iraq and generates the largest revenues from it.” Al-Amiri called on Baghdad and Erbil to “accelerate the implementation of gas burning programs and adopt renewable energy.”

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Provoking Thoughts and Points to Ponder:

Crisis — You must learn to be still in the midst of activity and to be vibrantly alive in repose —Indira Gandhi

Hope — There is no medicine like hope, no incentive so great, and no tonic so powerful as expectation of something tomorrow —
 O S Marden
Mistakes — A life spent making mistakes is not only more honorable but more useful than a life spent in doing nothing — 
George Bernard Shaw

Anger is seldom without argument – but seldom with a good one —

An angry man is again angry with himself when he returns to reason — 
Publilius Syrus

Anybody can become angry – that is easy – but to be angry with the right person and to the right degree and at the right time – and for the right purpose and in the right way — that is not within everybody’s power and is not easy —

Tolerance  is the positive and cordial effort to understand another’s beliefs, practices, and habits without necessarily sharing or accepting them — 
Joshua Liebman

Forgiveness — Never does the human soul appear so strong as when it foregoes revenge, and dares forgive an injury — 
E. H. Chapin

“I can forgive, but I cannot forget” is only another way of saying, “I will not forgive” — Forgiveness ought to be like a cancelled note — torn in two – burned  up – so that it can never be shown against one — 
Henry Ward Beecher

Friendship — True friendship is like sound health, the value of it is seldom known until it is lost – Charles 
Caleb Colton

Reality — It is good to have an end to journey toward; but it is the journey that matters in the end –
-Ursula K Leguin

Destiny is not a matter of chance, it is a matter of choice – It is not a thing to be waited for, it is a thing to be achieved — 
William Jennings Bryan

Purpose — I am the master of my fate; I am the captain of my soul — 
William E Henley

Knowing — Where there is the tree of knowledge, there is always paradise; so say the most ancient and the most modern serpents — 
Friedrich Nietzche

Compassion –Fear grows out of the things we think; it lives in our minds, Compassion grows out of the things we are, and lives in our hearts — 
Barbara Garrison

What we anticipate seldom occurs — what we least expect generally happens —
 Benjamin Disraell