TNT – “Tidbits From TNT” Saturday 3-16-2024

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Tishwash:  Prime Minister: Iraq is about to host important events and conferences

Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Saturday, that Iraq is about to host important events and conferences.

The Prime Minister’s Media Office stated, in a statement received by (Al Oula News), that “Prime Minister Muhammad Shiaa Al-Sudani conducted a field visit to the Rixos and Movenpick hotel projects, which are being implemented in the center of the capital, Baghdad, and listened to a detailed presentation on the executive work of both projects. And look at the stages of completion.”

The Prime Minister stressed that “a city the size of the capital, Baghdad, is in dire need of large hotels, due to the tourist movement and official delegations it witnesses, and the fact that it hosts many Arab, regional and international conferences throughout the year, with the hotel occupancy rate currently reaching 100%.”

He stated that “Iraq is about to host important events and conferences, which requires making more efforts to complete these two hotels and the rest of the large hotels, which are currently being implemented in Baghdad.”

The statement pointed out that “these two projects are among several hotel projects being implemented in Baghdad, and the government has paved the way for them and pushed them forward through economic reforms and creating an attractive environment for foreign investments, which will help in completing them in the required time.”  link

Tishwash: A government directive is to issue electronic payment cards to university and school students and require restaurants to have them

An informed source revealed a government intention to expand the electronic payment application and reduce cash dealing.

 The source told Al-Furat News Agency that “electronic payment cards will be issued to university, institute and school students.”

He pointed out “the trend to oblige restaurant owners to deal with electronic payment within the plan prepared to expand the culture of electronic payment.”  link

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Tishwash:  Sudanese Advisor: The government has adopted a flexible plan to recover funds and bad debts

The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained the details of a flexible government plan to recover funds and collect bad and accumulated debts.

Saleh said, “The government has granted the government banking system in general, and the Iraqi Trade Bank in particular, sufficient flexibility in re-collecting its uncollected debts granted to various natural and legal persons, which have accumulated over many years, in accordance with a fair and highly flexible collection program at the same time, which… It makes the assets of government banks and the Trade Bank of Iraq at a high quality level on an ongoing basis, and at the same time enhances the sustainability of government banking, financing official foreign trade, and strengthening financing guarantees linked to strategic development opportunities in the country.”

He added, “The government has adopted a flexible plan to recover funds, especially those that are in default due to accumulated historical reasons. It is a plan that will adopt flexible and solid solutions that are in the interest of the strength and stability of the government banking system and strengthening its assets and financial leverage.”

He continued, “The financial and monetary authorities will exert, through their policies, supportive measures for the government banking system, which is no less important than the reform policy adopted by the aforementioned banks themselves and in accordance with their current development program in building an integrated, highly efficient banking market that serves the sustainable development and stability of the national economy.”   link

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CandyKisses: These Countries Will Offset The OPEC+ Alliance’s Voluntary Production Cuts In 2024

The U.S. Energy Information Administration expects demand in the United States, Guyana, Canada and Brazil to drive growth in global oil production in the near term, offsetting voluntary production cuts for the OPEC+ alliance.

The supply hike is expected after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, as part of the so-called OPEC+ alliance, agreed this month to extend voluntary production cuts of 2.2 million barrels per day (bpd) in an effort to support prices.

Why are these predictions important?

Growth from non-OPEC+ producers could undermine the alliance’s efforts to balance oil markets amid concerns about global demand growth and increased supplies. The United States, Canada, Brazil and Guyana account for more than 80 percent of global supply growth in the current EIA projections.

Data

The Energy Information Administration said OPEC+ production of refined petroleum products will fall by 1 million barrels per day in 2024, while non-member countries’ supplies will grow by 1.4 million barrels per day, led by the United States.

In 2025, OPEC+ production of oil products will rise by 900,000 barrels per day as production cuts end, while non-OPEC+ production will grow another 1.1 million barrels per day.

The Energy Information Administration said global supply of oil and refined petroleum products reached 101.8 million barrels per day in 2023, and is expected to rise by 400,000 barrels per day in 2024 and 2 million barrels per day in 2025.

U.S. oil production reached 13.3 million barrels per day in 2023 and is expected to grow by 400,000 barrels per day in 2024 and 800,000 barrels per day in 2025.