Bondlady’s Corner – Iraq Economic News and Points to Ponder Wednesday Evening 1-10-24

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Iraq Economic News and Points to Ponder Wednesday Evening 1-10-24

Tlm724 Administrator Bondlady’s Corner

The World Bank Expects Oil Prices To Decline This Year

Economy  Wednesday, January 10, 2024 12:15 PM  Follow-up / National News Center   In its report for the current month of January, the World Bank expected global oil prices to decline in 2024 to $81 per barrel, and to $78 during 2025.

According to World Bank data, the average price of a barrel of oil in 2024 will be $81, compared to $83.1 recorded. In the year 2023.

Thus, the World Bank has reduced its estimates of oil prices for the year 2024 in its current report by one dollar per barrel from its previous report in June 2023.

In the year 2025, the International Credit Corporation expects the average price of a barrel of oil to be at $78 per barrel, which is The level is $6.4 per barrel lower than previous expectations.

Oil Prices Rise Amid Signs Of Declining US Inventories And Expectations Of A Global Deficit

Energy   Economy News _ Baghdad   Oil prices strengthened their rise after rising nearly 2% yesterday, Tuesday, amid signs of continued decline in US inventories, and in light of official expectations indicating a limited global deficit this year.

Brent crude oil was trading near $78 a barrel, while West Texas Intermediate crude oil exceeded $72, according to Bloomberg.

The American Petroleum Institute said that nationwide inventories fell by 5.2 million barrels last week, with levels in the Cushing Center also declining.

The Energy Information Administration stated in monthly forecasts that global demand will exceed supply by 120,000 barrels per day in 2024, and it expected the average price of Brent crude to reach $85 next March.

Crude oil has fluctuated since the beginning of the year, rising and falling alternately over the past days so far, as traders try to gauge expectations for the coming quarters.

Factors supporting the oil market

The market has received a boost from OPEC+ supply cuts, tensions in the Middle East, and supply disruptions in Libya, but the significant decline in official prices by Saudi Arabia indicates a fundamental weakness within it.

CNBC, citing unidentified American officials, reported that American partners and coalition forces are responding to two separate Houthi attacks against commercial ships in the Red Sea. There have been a series of attacks on ships in the vital waterway in recent weeks, with some shipping lines choosing not to travel through the region.

OPEC oil production stabilizes before new cuts begin

In a related development, crude oil inventories at the United States level decreased during four of the past five weeks, and the Energy Information Administration will update the tally later today, Wednesday. Inventories fell 4.1% in December, the largest monthly decline since June 2021.

The widely watched oil contract spreads reflect a slightly firmer market in the near term, with the gap between the two closest Brent contracts being 36 cents per barrel in the case of a backorder (which occurs when spot barrels are sold at higher premiums than later contracts), compared to 11 cents. Same situation a week ago. 116 views  01/10/2024 – https://economy-news.net/content.php?id=39286

Today…The Opening Of The 47th Baghdad International Fair 

Wednesday 10, January 2024 08:45 | Economical Number of readings: 373Baghdad / NINA / The Baghdad International Fair will open this evening, Wednesday, in the center of the capital, in its 47th session for the period from 10-19/1/2024.

21 countries will participate in the session, and the number of participating companies is approximately 1,000, local and foreign, and the opening process will witness multiple activities for visitors and visitors./End 9   https://ninanews.com/Website/News/Details?key=1100119

Specialists Call For A Reconsideration Of Investment Spending

Money and business  Economy News _ Baghdad  Specialists in economic and financial affairs traded expectations regarding the volume of spending for the past year 2023, which it is hoped will be revealed by the Ministry of Finance, which is approximately 136 trillion dinars, with a completion rate of approximately 68 percent of the approved budget estimates of 198 trillion dinars, while the budget’s operational spending may constitute what Its value is 121 trillion dinars, while investment spending is approximately 14 to 15 trillion dinars, or approximately 10 percent of total spending.

The Prime Minister’s Advisor for Financial and Economic Affairs, Dr. Mazhar Muhammad Saleh, stated in an interview with “Al-Sabah” followed by “Al-Iqtisad News” that “the trends in implementing the spending sections in the federal general budget that were legally issued on June 26, 2023 and extending for three years, show that the Spending related to the investment budget in the fiscal year 2023 is mostly lagging behind in implementation rates, and the reason is due to the effectiveness of the beneficiaries and their implementation capabilities in approving new projects.

Despite this, the tripartite budget and entering the new fiscal year from the date of January 1, 2024 provided the advantage that came “It includes medium-term financial planning in order to avoid time delays in the implementation of projects and investment programmes.”

He pointed out, “The entire issue is being followed up by the Ministries of Finance and Planning and the Financial Supervision Bureau to point out implementation obstacles, some of which were linked to the slowdown in financial legislation itself, and the subsequent waiting period until the issuance of instructions to implement the budget, especially investment, which were issued a month or more after the date of the enactment of the law.” The federal general budget for the year 2023.

Saleh explained, “In light of the above, the issuance of Legislation No. 13 of 2023 (Federal General Budget Law) after the middle of the year – I mean on June 26, 2023 – and waiting for a period of more than a full month until the budget implementation instructions are issued, then for the referral and contracting processes to begin.”

And others, they are all relative factors that contribute to the slow disbursement of the estimated investment allocations for the implemented expenses, specifically in the implementation of new projects.”

For his part, the economic expert, Nabil Jabbar Al-Tamimi, pointed to “the approximate and estimated figures prior to the issuance of the Ministry of Finance’s reports on the volume of spending for the year 2023, which reflect the government’s ability to implement huge budgets, as operational spending is mainly divided into employee salaries (50) trillion dinars.”

Approximately, while the value of purchasing energy and fuel for the Ministry of Electricity is estimated at approximately (8.1) trillion dinars, while government debt constitutes 10.2 trillion dinars, retirees’ salaries, grants and subsidies constitute (18) trillion dinars, the ration card and the purchase of crops of wheat and barley (11) trillion dinars approximately. “Earnings of oil employees, grants, subsidies and allocations (1) trillion dinars, and social welfare (4.7) trillion dinars.”

He stated, “Investment spending, which by the end of the year amounts to approximately 15 billion dollars, is distributed according to the ministerial program (Cool trillion dinars, regional development (5.4) trillion, petrodollars (1.4) trillion dinars, and the last amounts were allocated to the economic sectors as shown: The education sector (1.56) trillion dinars, the buildings and services sector (7.7) trillion dinars, the transportation and communications sector (3.37) trillion dinars, (7.7) trillion dinars, the industry sector, (1.

In turn, the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, criticized the parties that edited the budget, indicating that they were unable to read reality correctly and determine the actual need for the Iraqi economy, calling on “the government to make amendments to the draft 2024 budget, and to think about leaving Relying on the item budget, as it is a non-productive consumer budget that does not give consideration to the objectives of financial planning, and relying on the program and performance budget.”

He said: “We hope that the government will move quickly to make amendments to the general budget law enacted from the previous year, make adjustments to the calculated price of a barrel of oil and the quantity of exports, and reconsider the exaggerated amounts for various sectors between reality and illogical estimates.”  Views 75 01/10/2024 – https://economy-news.net/content.php?id=39287

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Provoking Points To Ponder on Adversity:

There is no coming to consciousness without pain.- Carl Jung

Everybody’s heart is open, you know, when they have recently escaped from severe pain, or are recovering the blessing of health.- Jane Austen

Suffering is the sole origin of consciousness.- Fyodor Dostoyevsky

Pain makes man think. Thought makes man wise. Wisdom makes life endurable.- John Patrick

Time engraves our faces with all the tears we have not shed.- Natalie Clifford Barney

Suffering raises up those souls that are truly great; it is only small souls that are made mean-spirited by it.- Alexandra David-Neel

To live is to suffer, to survive is to find some meaning in the suffering.- Roberta Flack

If you suffer, thank God! It is a sure sign that you are alive.- Elbert Hubbard

Suffering is also one of the ways of knowing you’re alive.- Jessamyn West

Don’t look forward to the day when you stop suffering. Because when it comes, you’ll know you’re dead.- Tennessee Williams

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