Iraqi News Highlights and Points to Ponder Sunday Afternoon  5-12-24

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Iraqi News Highlights and Points to Ponder Sunday Afternoon  5-12-24

Deputy: Iraq Represents An Important Factor In The Stability Of The Global Oil Market

Economy | 05:40 – 05/11/2024   Mawazine News – Baghdad    MP Nour Nafie Al-Jalaihawi confirmed, on Saturday, that Iraq represents an important factor in the stability of international markets in the oil and energy file.

 Al-Julaihawi said, in an interview followed by Mawazine News, that “developing Iraq’s oil and gas fields is an important strategy in order to strengthen the country’s economy, diversify its revenues, and seek to raise the efficiency of its production capacity in a way that contributes to increasing exports.”

She added, “The Prime Minister’s launch of the fifth supplementary licensing round and the sixth round, which will include 29 projects in fields and exploratory patches, whether oil or gas, spread across 12 governorates, is a step in the right direction that will lead to achieving three positives at the same time: increasing its ability to pump oil and produce gas and reducing the bill.”

Importing the latter, in addition to revitalizing neighboring regions and providing more job opportunities, not to mention supporting the governorates and financing service projects.”

She stated that “Iraq represents an important factor in stabilizing international markets in the energy file and increasing its production capacity is a step in the right direction, especially gas fields, in order to reach the stage of sufficiency.”   https://www.mawazin.net/Details.aspx?jimare=247775

90 Billion Dinars Were Recovered From Social Protection Violators

Posted On05-12-2024 By Sotaliraq   Yesterday, Saturday, the Social Protection Fund in the Ministry of Labor and Social Affairs counted the money recovered from transgressors since its establishment and during the current year 2024, while explaining the reason for the cessation of its projects.

The Director General of the Fund, Siham Abdel Wahab, said, “(90) billion dinars have been recovered from the beginning of the Fund’s establishment in 2015 until now, while the funds recovered during the current year from the period 1/1/2024 to 4/30/2024 amounted to a limit of (5) billion dinars after the intersection of information and extracting the names of the transgressors.” LINK

In Numbers: The Rise In Internal Debt In Iraq

Time: 05/12/2024 Read: 624 times   {Economic: Al-Furat News} An economic expert revealed that the total internal debt in Iraq increased during the month of last April.

Manar Al-Obaidi said in a statement, a copy of which was received by {Al-Furat News}, that “the total internal debt last April rose to 76.9 trillion dinars, up from the previous month of March by 5%, as the total internal debt of Iraq was 73.2 trillion dinars.”

He pointed out that the total debt increased “by 10.39% compared to April 2023, as the total internal debt at that time was 69.7 trillion dinars.”   LINK

Iraq Is The Largest Producer.. OPEC+ Is Pumping Higher Than Scheduled And In Anticipation Of The June Meeting

Energy  Economy News _ Baghdad  OPEC+ crude oil production decreased by 210,000 barrels per day on a monthly basis, to 41.04 million barrels per day last April.

This came according to a survey conducted by S&P Global Commodity, as Russia began implementing a deeper production cut amid a series of Ukrainian drone attacks on its refineries.

However, this decline is unlikely to be enough to calm tensions over compliance, with Russia failing to meet its target, and Iraq and Kazakhstan continuing to produce quantities well above their quotas, according to the survey.

However, this decline is unlikely to be enough to calm tensions over compliance, with Russia failing to meet its target, and Iraq and Kazakhstan continuing to produce quantities well above their quotas.

The two countries exceeded excess production by nearly 1 million barrels per day in early 2024, and committed to compensate for this between May and the end of December 2023, and these plans were adjusted depending on future production and OPEC+ policy decisions based on the data.

Iraq and Kazakhstan continued to produce beyond quotas, despite their pledge to compensate for their surplus production in early 2024.

As for the June meeting, the production data for last April will be the talk available to OPEC+ ministers when they meet to determine production levels, and analysts expect the group to extend the current quotas and voluntary cuts.

Iraq produced above its quota last April, when production reached 4.24 million barrels per day, a decrease of only 4%, compared to the previous month, which amounted to 4.28 million barrels per day. Thus, it produced above its quota by 240 thousand barrels per day. Views 20 05/12/2024 – https://economy-news.net/content.php?id=43343

The Discovery Of 10 New Oil And Gas Fields In The Anbar Desert

Economy   Information / Anbar..   Anbar Governor’s Advisor for Energy Affairs, Aziz Khalaf Al-Tarmouz, announced today, Sunday, the discovery of 10 new oil and gas fields in the Anbar desert in western Iraq.

Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..

Al-Tarmouz told Al-Maalouma, “The Oil Exploration Company affiliated with the Ministry of Oil conducted exploration operations in the desert of Al-Nukhayb district towards the Arar border crossing with Saudi Arabia and the areas south of Tharthar, which resulted in the discovery of 10 new oil and gas fields that were not registered with the Ministry of Oil.”

He explained, “These fields contain large quantities of petroleum derivatives, minerals, and phosphates,” noting that “expectations indicate that these areas float on lakes of oil.”

He denied that “exploration operations for oil and gas fields have stopped for security reasons,” indicating that search and exploration operations will continue. According to a plan drawn up by the concerned authorities. Ended / 12A   LINK

Oil: Iraq Achieved Self-Sufficiency In Liquid Gas And Began Exporting The Surplus

Energy  Economy News _ Baghdad   The Ministry of Oil announced today, Sunday, that Iraq’s oil reserves have risen to more than 160 billion barrels, while indicating that 22 international companies are competing for gas field development projects, stressing that Iraq has achieved self-sufficiency in liquid gas and has begun exporting the surplus.

The ministry’s spokesman, Asim Jihad, said in an interview with the Iraqi News Agency, followed by Al-Iqtisad News, that “the fifth and sixth round of supplementary licenses come in line with the government program that aims to optimize the investment of oil and gas wealth.”

 He added, “The Ministry aims to maximize national production, especially of hydrocarbon and gaseous compounds found in the ground,” noting that “there are 22 international companies competing for projects to develop these fields.”

He pointed out, “Most of the exploration blocks nominated for competition are gas exploration blocks, and therefore this will support the energy sector in Iraq.”

Jihad confirmed, “The Ministry of Oil has achieved important steps in optimal gas investment projects in Maysan Governorate, at a rate of 300 cubic feet, and in Dhi Qar / Nasiriyah and Al-Gharraf Governorates, at a rate of 200 million standard cubic feet per day.”

He continued, “The contracts concluded by the Ministry regarding the Nahran Omar field will provide 300 million standard cubic feet in two stages, while the contract with Total will provide 600 million standard cubic feet per day.”

He pointed out, “The fifth licensing round will achieve more than 800 million standard cubic feet of gas, in addition to the efforts of the Basra Gas Company, where gas investment has reached 1,200 million standard cubic feet per day.”

He went on to say: “It is hoped that 200 million standard cubic feet will be added this year, so in total Iraq aims to achieve self-sufficiency to support the energy sector and reach the stage of self-sufficiency.”

He stressed, “Iraq has achieved self-sufficiency in liquid gas, and the surplus was exported outside the country,” noting that “this step is important in strengthening the Iraqi national economy.”

According to him, “the government effort focused during the last period on intensifying exploratory operations, and therefore this will lead to maximizing the Iraqi oil reserve,” adding, “It is hoped that during the coming period it will be announced that the Iraqi oil reserve will increase to more than 160 billion barrels, which will enhance the role of Iraq in the global oil market.

Regarding the activities of the fifth supplementary and sixth licensing round for the second day, Jihad explained, “The activities of the second day included competition for 11 fields and exploration plots, and these patches and fields began with the Abu Khaimah field in Al-Muthanna Governorate, which was transferred to the Chinese company Zenoa.”

Jihad added: “Now there is competition for the goat patch in Anbar Governorate. Competition will also take place today for patch No. 7 in Diwaniyah Governorate, Al-Dhafriyah field in Wasit Governorate, Sumer patch in Al-Muthanna Governorate, Tal Hajar in Nineveh Governorate, Al-Khanah in Salah al-Din Governorate, and Anah in Anbar.” Plot No. 11 in Najaf Al-Ashraf, Al-Anbar Plot in Anbar Governorate, and Qalat Saleh Field in Maysan.

He expressed his hope that “these projects will be referred to competing international companies, in a way that will achieve a major transition in this context,” and tomorrow “the competition will be for another group of fields and exploratory patches.”

Yesterday, Saturday, Prime Minister Muhammad Shiaa Al-Sudani sponsored the ceremony to announce licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas exploratory fields and patches, distributed among 12 governorates.

Views 52    05/12/2024 – https://economy-news.net/content.php?id=43338

Provoking Thoughts and Points to Ponder on Wealth

True abundance is not about gathering more things, it’s about touching the place in us that is connected to the divine source of abundance, so that we know what we need in the moment will be provided.  – Mary Manin Morrissey

The ideal social state is not that in which each gets an equal amount of wealth, but in which each gets in proportion to his contribution to the general stock.  – Henry George

I’ll fares the land, to hastening ills a prey, Where wealth accumulates, and men decay; Princes and Lords may flourish, or may fade – A breath can make them, as a breath has made – But a bold peasantry, their country’s pride, When once destroy’d can never be supplied.  – Oliver Goldsmith

Riches either serve or govern the possessor.  – Horace

The wealth of nations is men, not silk and cotton and gold.  – Richard Hovey

Life is short. The sooner that a man begins to enjoy his wealth the better.  – Samuel Johnson

Our Lord commonly giveth Riches to such gross asses, to whom he affordeth nothing else that is good.- Martin Luther

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