TNT – “Tidbits From TNT” Thursday 3-21-2024

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CandyKisses: Fouad Hussein visits Washington today to put forward the file of the American withdrawal

Mawazine News-Baghdad

A high-level Iraqi delegation headed by Secretary of State Fouad Hussein arrives in Washington, D.C. today.

According to a diplomatic source, during its several-day visit, the delegation will hold a number of meetings and meetings in the US capital.

The attacks launched by the factions of the “Islamic Resistance in Iraq” and the future of the American presence in the country were hot topics in the dialogues that took place between the two countries during the past period.

The United States has targeted faction headquarters and commands in response to the targeting of its forces in Iraq, Syria and Jordan.

The Iraqi-American dialogue began on January 27 to “review the mission of the international coalition to fight ISIS,” and Iraq announced on February 11 that it would resume and continue periodically “as long as the talks did not disturb anything,” referring to US strikes.

CandyKisses:  Iraq’s accession to the World Federation of Free Economic Zones

Economy News – Baghdad

The Industrial Property Authority, one of the formations of the Iraqi Ministry of Industry and Minerals, announced its accession to the World Federation of Free Economic Zones (FEMOZA) in cooperation with the United Nations Industrial Development Organization (UNIDO).

The Director General of the Authority, Hamid Awad Mohammed, said in a statement received by “Economy News”, that “the Authority is a vital entity tasked with advancing the wheel of industrial cities and their prosperity throughout Iraq, indicating that the accession came to the importance of international partnerships in achieving the objectives of the Commission in light of economic changes, the movement of markets, shipping lines, land and rail transport, and in order to interact with them professionally, investing in the strategic geographical location of Iraq.

He pointed out that “FEMOZA is an internationally known union committed to promoting sustainable economic zones and has links with (200) countries in the world.”

The Director of the Authority added that this affiliation confirms the objectives of the Industrial Property Authority in creating a favorable environment for investment, innovation and economic diversification by benefiting from the organization and its global network, as well as attracting foreign investment to Iraq and enhancing the authority’s ability to establish and manage industrial zones that help sustainable development, international business participation and accelerate industrial growth inside Iraq by benefiting from the expertise of specialized international organizations.

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CandyKisses: Oil rebounds and touches $87

Economy News – Follow-up

Oil prices rose on Thursday after falling in the previous session, supported by a drop in crude and gasoline inventories in the United States after signs that the Federal Reserve may keep interest rates high for longer, weighing on the outlook for future fuel demand.

By 01:55 GMT, Brent crude futures for May settlement were up 0.6 percent, or 52 cents, at $86.47 a barrel, after falling 1.6 percent on Wednesday.

U.S. West Texas Intermediate crude futures for May delivery rose 0.5%, or 45 cents, to $81.72 a barrel after falling 1.6% in the previous session. The April contract expired on Wednesday down 2.1% at $81.68.

The U.S. Energy Information Administration said on Wednesday that crude inventories in the United States, the world’s biggest oil consumer, fell for a second week. Inventories unexpectedly fell by 2 million barrels to 445 million barrels in the week ended March 15, versus analysts’ expectations in a Reuters poll for an increase of 13,000 barrels.

Inventories fell as exports rose and refineries continued to increase activity. Gasoline inventories for the seventh week fell by 3.3 million barrels to 230.8 million, reflecting strong demand for the fuel.

The inventory figures gave some support to the market after mixed expectations from Federal Reserve policymakers on this year’s rate cuts weighed on prices earlier.

The Fed on Wednesday fixed interest rates in the range of 5.25% to 5.50%, but policymakers barely maintained their expectations for three rate cuts this year, meaning interest rates could remain high for longer.

Staying high for longer could mean lower economic growth, which could affect future fuel demand.

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Tishwash: Parliamentary Committee: The oil and gas law is lingering in the corridors of the government… and the reason?

A member of the Parliamentary Oil, Gas and Resources Committee revealed the reasons for the continued disruption of the oil and gas law legislation, which has been postponed for several parliamentary sessions.

Ali Abdel Sattar Al-Mashkour told {Al-Furat News} agency, “First of all, everyone should know that the draft oil and gas law is still with the government and has not reached the House of Representatives or our committee for us to study it or initiate its legislation.”

He added, “There is a real intention on the part of the committee to legislate this law, but on its condition and conditions, and that it gives everyone their due rights and does not discriminate between one party and another regarding entitlements and duties.”

Al-Mashkoor said, “In the end, there are still controversial points at the core of the spirit of the law, and this is what made it wander politically within the corridors of the government.”

It is noteworthy that since the first session of the Iraqi Council of Representatives, in 2005, the draft oil and gas law has been stuck in the drawers, as disagreements prevented its approval in its final form, to the point that it was described as the “big knot” law in Iraq due to the extent of the disagreements over it.

After 18 years, he announced, in late August 2023, the formation of a committee to develop a draft of the oil and gas law and present it to the government and the House of Representatives.

Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury’s resources.

The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country’s oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject.

For its part, the Kurdistan Oil Law indicates that the Iraqi government “has the right to participate in the management of fields discovered before 2005, but the fields discovered afterward belong to the regional government.” link