“Tidbits From TNT” Saturday Morning 10-14-2023

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TNT:

CandyKisses:  Iranian oil minister expects the price of a barrel of oil to rise to $ 100

Iranian Oil Minister Javad Oji expected the price of a barrel of crude oil to reach 100 US dollars in global markets, according to what was quoted on Saturday by the Islamic Republic of Iran Agency “IRNA”.

This came during a meeting of the administrative council of the city of Mehr in the southern Iranian province of Fars held on Friday.

The minister said that “the price of oil in the global market is expected to reach $ 100 per barrel” in light of the recent developments in the Middle East.

CandyKisses:  A new jump in oil prices and Brent records $ 90 a barrel

Baghdad today – follow-up 

Global oil prices rose today, Saturday (October 14, 2023), by 4.5%, and a barrel of Brent crude oil reached $90 for the first time since the beginning of this October, according to trading data.

According to Reuters, the price of December futures contracts for Brent crude rose by 4.56%, reaching $89.92 per barrel, minutes before it reached $90 for the first time since October 4.

November futures for West Texas Intermediate crude rose 4.57% to $86.75

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Tishwash:  A parliamentary committee clarifies the points of disagreement over the oil and gas law

The Parliamentary Oil and Gas Committee confirmed today, Friday, that efforts to legislate the oil and gas law, which has been stalled since 2005, are progressing slowly due to the controversial points not being resolved yet, while it clarified those points. 

Committee member Zainab Al-Moussawi said, in a statement followed by Mawazine News, that “legislation of the oil and gas law is proceeding slowly as a result of controversial points, the most important of which is the management of the Kurdistan region’s oil fields and the financial revenues generated from selling oil and exporting abroad.” 

She added, “There is a second controversial point that indicates that the management of national wealth, including those in the Kurdistan region, is by the federal government.”

She continued, “Managing federal financial revenues and exporting Kurdish oil abroad through the National Oil Company (SOMO) are also controversial points to which Erbil objects.”

She stressed, “There are ongoing dialogues between Baghdad and Erbil to overcome differences and approve the law that will draw the map of oil in Iraq again.” link

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Tishwash:  An expert reveals the importance of attracting Russian investments to Iraq.. What is America’s role?

The economic expert, Safwan Qusay, confirmed today, Friday, that Iraq is trying to be in the region of economic balance by attracting investments from countries of the East or West, including Russia.

Qusay said in a statement followed by Mawazine News, “Russia represents a giant industrial country, and Iraq’s openness to the Russian system can be exploited by attracting investments in the agriculture, livestock, and transportation sectors. Especially if we manage the investment file in the iron and steel sector to create complementary industries at the train level.” And ships.”

He added, “Iraq is looking forward to investing in its geographical location and it needs to establish an industrial zone for strategic industries that complement the path of development and the presence of economic powers such as Russia that can contribute to these sectors. I believe that establishing a nuclear reactor to generate electrical energy will support the process of establishing this industrial city and that we will have diversity.” In sources of investments.

He pointed out that “Iraq is looking forward to increasing the capacity of financial transactions with the Russian side outside the SWIFT system, so that it has trade with the East through this system and this reduces the pressure on financial bottlenecks in some cases.” He continued, saying: “Russia is a country currently present in Iraq.

” It has investments in the energy and petrochemicals sector, and it may be ready for Russian investments. In return, there can be a link to the production of the continent of Asia through Russia, and to link the continent of Asia through the Al-Faw crossing and through border crossings with Iran for the crossing of goods from Russia to the continent of Africa via the Kingdom of Saudi Arabia. And Jordan.”

Regarding Iraq’s orientation towards a number of economic poles and the possibility of its exit from American influence as a result of this orientation, Qusay said: “Iraq does not have a region of attraction without others, but it must build a sectoral investment map so that there is competition in every sector, and I believe that the advantage of the economy is The return is what will determine the preference. For example, integration with the Russian economy at the level of agriculture, iron and steel industries, and nuclear energy. This could be the path.” He added

: “With the United States, for example, we need a technological city established by American companies at home .” The Iraqi and the British believe that British insurance companies are able to guarantee global investment in Iraq, and I believe that the division of regions and commercial and economic dealings with countries of the world are what will contribute to determining the path of investment in Iraq, and Iraq is not against any investment.”

Russian President Vladimir Putin and Iraqi Prime Minister Muhammad Shiaa Al-Sudani participated in the activities of the “Russian Energy Week” forum, which was held in Moscow.
In his speech at the opening of the forum, Putin stressed that “the global economy is moving to a multipolar model that has several growth centers.”

For his part, Al-Sudani spoke at the forum about Russian development in the gas, oil, and electricity sectors, in addition to the Iraqi government’s priority in economic diversification through integrated energy, petrochemical, and integrated projects.  link