TNT – “Tidbits From TNT” Sunday 5-12-2024

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Tishwash:  Al-Sudani confirms Iraq’s readiness to hold the next conference of the Arab Network in Baghdad

Prime Minister Muhammad Shiaa Al-Sudani received, this Sunday morning, the Secretary-General of the Arab Network for National Human Rights Institutions, Sultan bin Hassan Al-Jamali, and his accompanying delegation.

The meeting witnessed, according to a statement by the Prime Minister’s Office, a copy of which {Al-Furat News} received, “discussion of the human rights file, the work of local, regional and international organizations in this field, and a review of the development witnessed by the Iraqi legal and constitutional environment, in ensuring the rights of individuals and groups and general civil rights.” .

During the meeting, the Prime Minister affirmed, “Iraq’s readiness and welcome to hold the next conference of the Arab Network in the capital, Baghdad, as part of the government’s efforts to create the general climate for the work of human rights institutions and organizations, and to hold conferences and development workshops that support their activities.”

The statement added, “The meeting also witnessed a review of the current events in the Gaza Strip and the continued aggression against our Palestinian people, the human rights violations that violated all international moral standards, and the role of the international community, with its human rights and legal institutions and organizations, in stopping these organized crimes.”  link

Tishwash:  Iraq is the largest producer.. OPEC+ is pumping higher than scheduled and in anticipation of the June meeting

 OPEC+ crude oil production decreased by 210 thousand 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.  link

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Tishwash:  Al-Sudani: Dozens of international companies compete to invest wealth in Iraq

On Saturday, Prime Minister Muhammad Shiaa Al-Sudani sponsored the ceremony of announcing licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas fields and exploratory blocks, distributed among 12 governorates, as these strategic projects will contribute to increasing investments in those governorates, which will help… Improving its economic and service reality.

Iraq expects to obtain more than 3,459 million standard cubic feet per day of gas, and more than one million barrels of oil per day, through these two rounds.

In a speech he delivered during the ceremony, according to a statement by his media office, Al-Sudani welcomed representatives of Arab and foreign companies, praising the efforts made by the Ministry of Oil, which is the beginning of greater efforts and opportunities that will be reflected in every aspect of our national economy.

He also expressed his appreciation for the efforts made by the relevant agencies and ministries, which resulted in creating the appropriate environment for launching these projects.

The Prime Minister referred to the government program that devoted a wide scope to the government’s vision of achieving the slogan (towards optimal investment of oil and gas), by adopting a new policy in investing oil wealth. He also stressed the commitment of the government and all state institutions to work away from bureaucracy and complex routine, in order to Facilitating the business and investment environment.

 The statement summarized the highlights of the Prime Minister’s speech:

The expected revenues must be used to advance the rest of the economic fields that our people are waiting for.

Iraq is a difficult number in the world’s energy and oil wealth equation.

Our goal is to invest this wealth, starting with ending the burning of associated gas, which will stop within 3-5 years, and stopping the devastating environmental effects of this process.

We are heading to invest our oil production and transform it into petrochemical manufacturing industries.

Our goal is to convert 40% of oil production over the next 10 years into oil products.

Free gas investment, which is being implemented through the sixth round, is the most important investment for this idle wealth.

We are proceeding with integrated oil projects, which have been announced, and are being discussed with companies regarding them.

The establishment of a fixed gas platform in the Grand Al-Faw Port, together with the development road project, which includes an oil and gas transportation line, will establish a new situation for Iraq in the operating energy market.

The Ministry of Oil worked to prepare for these tours, through workshops and meetings with consultants.

We have dozens of international companies competing to invest wealth, and this is evidence of Iraq’s increasing interconnectedness with the global economy.

We have initiated real reforms in tax, customs, and banking reform, to complete the ideal investment environment for the work of oil companies.

We direct the Ministry of Oil to formulate this policy and rush strongly without hesitation to develop optimal plans for investing wealth, and you will find full support from the government and the House of Representatives.

We will not pay attention to obstructive voices, and we stress the Ministry of Oil to take confident and expressive measures.

We call on investing companies to begin their tasks as soon as possible.

We were keen to distribute the projects in more than one governorate. To achieve the broadest development in all governorates of Iraq.  link