TNT – “Tidbits From TNT” Wednesday 5-15-2024

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Tishwash:  Will the volume of trade exchange between Iraq and China increase to about 55 billion dollars?

 Today, Wednesday, the Iraqi-Chinese Business Council expected the volume of trade exchange between Iraq and China to rise to about 55 billion dollars, calling for the necessity of financial regulation of this trade.

Council member Sabah Al-Daraji said in an interview followed by Al-Iqtisad News, “The development of relations between Iraq and China in various sectors is leading to a noticeable increase in the volume of trade exchange to more than last year, which amounted to 53 billion dollars, with the increase in projects and agreements as well as the proximity of… “Working on the path of development,” expecting that “the volume of trade exchange will exceed about 55 billion dollars.”

Al-Daraji added, “The volume of trade between Iraq and China requires finding financial solutions to regulate it,” pointing out that “many Iraqi merchants are still in a spiral of routine with Iraqi banks and the requirements of the electronic platform.”

The Chinese Deputy Ambassador, Xu Haifeng, had revealed in previous press statements that “China has a great interest in developing trade and economic relations with Iraq because of its economic weight in the world and the Middle East region,” adding that “the volume of trade exchange between the two countries reached in 2023.” It reached 53.37 billion dollars, an annual increase of 43.1 percent, while the volume of China’s imports from Iraq reached 39.38 billion dollars, an annual increase of 47.8 percent,” stressing, “China is the largest buyer of Iraqi oil.”  link

CandyKisses: Iraq can add 75,000 barrels per day of oil to its OPEC+ quota

Kazakhstan opened a thorny debate on OPEC+ production levels later on Tuesday, saying it believes it should be allowed to pump more oil in 2025, when all current production cuts for the group of producers end.

OPEC+ has tasked three companies – IHS, Wood Mackenzie and Rystad Energy – to assess the capabilities of all members to use in benchmark production – figures by which production cuts or increases are calculated – from 2025. Reviews are scheduled to take place by 2025. End of June.

Five OPEC+ sources said that as a result, the issue will not be raised at the June 1 meeting, allowing the group to decide on policy for the rest of 2024 more easily. But it also means that the June meeting won’t give the market much policy guidance for 2025, when all the current cuts are over.

“Figures on production capacity will not be presented at the June meeting,” said one OPEC+ source, who asked not to be identified, adding that “the reason is that some countries have not fully concluded their discussions with secondary sources.”

The UAE is expected to gain up to 180,000 bpd of additional capacity until 2027, while Kazakhstan is expected to reach 80,000 bpd of new capacity, according to JPMorgan estimates. Iraq could add another 50,000 to 75,000 bpd.

The IMF estimates that Saudi Arabia needs the oil price of $96.20 this year to balance its budget, then drop to $84.70 in 2025.

Iraq’s budget needs a price of $90 for oil next year, and Algeria and Kazakhstan need prices well above $100.

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Tishwash:  After implementing electronic systems, Customs announces a “historic” increase in its revenues

The General Authority of Customs announced today, Tuesday, achieving what it described as a historic increase in its revenue rate during the first quarter of this year, while it expected a doubling of revenues once the automation project is completed.

The head of the General Authority for Customs, Hassan Al-Ugaili, told the Iraqi News Agency (INA): “During the years 2022 and 2023, the General Authority for Customs achieved an increase in the percentage of its revenues, and last year it reached 28%.”

He added, “In the first quarter of this year, the Authority achieved an increase of 120% over the first quarter of last year, as the first quarter of this year is the highest revenue since the founding of the Customs.”

He continued, “The increase came as a result of a set of measures by the authority through simplifying procedures, in addition to monitoring and implementing some electronic systems,” pointing out that “the authority is in the process of generalizing the application of electronic systems in all ports of the Iraqi state, and we hope in the middle of next year to end automation in all Customs centers. 

He pointed out that “the authority is looking forward to achieving an increase in revenues this year to more than 100% over the previous year,” expecting that “if automation is completed and fully disseminated, the increase may reach three times.” link

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Tishwash:  Al-Sudani told an American official: The memorandums of understanding concluded between the two countries are being implemented on the ground

Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani, with US Assistant Secretary of State for Energy Resources Affairs Jeffrey Payette, in the presence of the US Ambassador to Iraq, reviewed the most prominent files of cooperation in the field of energy, in all its forms, and ways to develop it, in a way that contributes to Achieving common interests.

During the meeting, Al-Sudani stressed, according to a statement from the Prime Minister’s Office, a copy of which {Al-Furat News} received, “the government’s keenness to implement its executive approach within the axis of achieving energy self-sufficiency, in the areas of exploiting locally produced natural and associated gas, generating electricity, providing oil derivatives, and producing chemical fertilizers.” And petrochemical materials,” referring to “the memorandums of understanding that were signed during his visit to the United States of America last April, and which are being implemented on the ground.”

 Al-Sudani pointed to “the government’s efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of the ideal investment environment, calling on American companies to work and invest in Iraq.”

For his part, the American official praised the efforts of the Iraqi government in developing the energy sector. He also referred to the joint statement of the Prime Minister and US President Joseph Biden, which represents a road map and framework for fruitful work and cooperation, stressing the desire of American companies to invest and expand their activities inside Iraq. link