OPEC considers exemptions for 3 nations from any potential oil-production cuts


Baghdad (AIN) -OPEC is considering exemptions for three nations from any potential oil-production cuts, two people with knowledge of the proposal said. Saudi Arabia’s oil minister said he doesn’t anticipate a difficult meeting when the group meets on November 27 to decide its response to slumping crude.

Iraq, Iran and Libya would not have to reduce supplies should the Organization of Petroleum Exporting Countries (OPEC) agree to cut output at its gathering in Vienna, according to the people, who asked not to be identified in line with their national policies. Ali Al-Naimi, Saudi Arabia’s oil minister, told reporters in the Austrian capital on Monday that it’s not the first time the oil market has been oversupplied.

Crude prices plunged into a bear market this year amid the highest US oil production in more than three decades and speculation that Saudi Arabia wouldn’t cut output in response to a surplus.

Oil-market analysts are perfectly divided on whether OPEC will cut output when it meets, or leave it unchanged.

“It makes sense that these three countries shouldn’t have to make further cuts” because they are already pumping less than they’re able to, Abhishek Deshpande, oil markets analyst at London-based Natixis, said by phone on Monday. Saudi Arabia would probably want assurances from Iran, Iraq and Libya that they won’t increase output, he said.

Futures slump
Brent crude futures slumped to a four-year low of $76.76 a barrel on November 14. Futures fell nine cents, or 0.1 per cent, to $79.59 on the London-based ICE Futures Europe exchange at 11:47am Singapore time.

The Saudi minister told reporters that he didn’t know what OPEC should do at its next meeting. Still, he said that the event won’t be difficult, without elaborating.
“Is this the first time that the market is oversupplied?” he said. “It is not the first time that the market is oversupplied.”

Russian response
Russia’s energy minister said on Monday his country hasn’t decided to cut oil production as he prepares to meet with OPEC ministers to discuss the crude market. Russia is already helping to balance the oil market by keeping output steady, Alexander Novak said in an interview with state TV channel Rossiya 24.

There’s only a small chance that OPEC will agree to reduce output at this week’s meeting, he said.

Iraq plans to almost double oil production to six million barrels a day by 2017. It pumped 3.2 million barrels a day this year, according to data compiled by Bloomberg.



Abadi Office: Adoption of the budget in 2015 is subject to a final consensus between Baghdad and Erbil

Wednesday November 26, 2014 – 13:58

A spokesman for the office of Prime Minister Saad al-Sabri said it was not possible to pass the 2015 budget without major political blocs agree to its terms as it can not be approved until after the access to detailed and integrated agreement between the Government Center and the Kurdistan Regional Government, attributing this in a statement to Radio tow that oil imports constitute 95% of the imports of the Iraqi budget and therefore determine the amount of oil produced requires an agreement with the provincial government to complete the quantity to be issued by Iraq’s oil imports in general because of the export process will determine the amount of the budget in 2015.

He expressed hope that the newborn be visiting delegation headed by the region Nechirvan Barzani to Baghdad in the coming days as the indication to reach agreement in this regard until the completion of going forward before the end of next month and incorporated by Parliament within its terms for a vote as soon as.

With regard to the agreement signed between the Kurdistan Regional Government and the Centre on the oil pump newborn revealed “the Kurdistan region to pump 150 000 barrels of oil per day for the federal government through Turkish territory in accordance with this Agreement.

He pointed out that “the mechanism of export are transnational company to export oil Sumo that contract deals to sell oil to countries and third parties through the new line established by the provincial government after his old line to the damage and that the amounts obtained from the sale of oil deposited in a special account of the Federal Government in certain banks. ”


Iraq Finance Committee intends to send the Banking Act and Investment to Parliament

Wednesday, November 26, 2014

Parliamentary Finance intends to send the Banking Act and Alastosmarely Parliament

BAGHDAD – Announced the parliamentary finance committee member of Haitham al-Jubouri on Wednesday, the determination of the Commission sent the Banking Act and investment to the House of Representatives for a vote and approval.

He called on the financial and economic expert, the appearance of Mohammed Saleh, earlier, to amend the Banking Act No. 94 of 2004, in order to encourage investment and the development of the country’s economy.

He said al-Jubouri’s (IMN), “The Commission has conducted a thorough study with bank managers to set up banks and investment law, large importance in the Iraqi economy.” Noting that “the law will be sent soon to the parliament for a vote.

He added that “the Commission will accelerate the completion of the study of the laws related to work their way toward the House agenda.

It is noteworthy that a number of important laws are still locked in drawers House of Representatives, after being postponed from last session for political disagreements.


Jubouri: a committee was formed to follow up the paper the political agreement and there are preliminary indications that the advent of the budget to Parliament before the end of the current legislative term

26-11-2014 02:38 PM

Political agreement on the formation of a committee to follow up and document the most prominent political agreement Helms on the lips of House Speaker Salim al-Jubouri, who also revealed the existence of an initial indication on the advent of the federal budget to Parliament before the end of the current legislative term.
With regard to the crisis of displaced parliament speaker Salim al-Jubouri said he stressed to everyone working in order to provide a decent living standard for the displaced under Mayaanoh with rain and the arrival of winter.
Jubouri said during his speech that some lawmakers withdrew their signatures from the motion to question the president of the Supreme Committee for the Relief Saleh al-Mutlaq displaced which case, without specifying the date of the interrogation.
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Parliament speaker announces the imminent arrival of the current year budget to the Council for approval


Parliament speaker announces the imminent arrival of the current year budget to the Council for approval
26-11-2014 02:07 PMFree –
Warned House Speaker Salim al-Jubouri, on Wednesday, the decision to shift the issuance of the death sentence against the former MP for the province of Anbar, Ahmed al-Alwani, the issue of ‘internal strife’ in the country.

Jubouri said in a press conference held in the House of Representatives that while we respect the judiciary and the merits of the verdict against al-Alwani, and we do not interfere in the work of the judiciary, we would like to Nwcr the tribe of Albu Alwan, stands on the front line of Anbar with Daash it is supposed to take into account this matter ‘ .

Jubouri said he should not make a case that the events of a private internal dissension we are in a critical stage, and that the people of Anbar face terrorism ‘.
Jubouri also announced the imminent arrival of the financial budget for the current year to the Council for approval, noting that he is not a legislative holiday for the arrival of the budget of this chapter.

Jubouri said that ‘the most important budget has been handled with the Prime Minister Haider al-Abadi, and Minister for the speedy approval’.

He added that ‘there are some preliminary budget coming of the end of the current legislative term indicators’, noting that ‘no legislative holiday for members of the council in the event of the arrival of the budget to the council.’


A planned visit by the Foreign Minister of the UAE to Baghdad

A planned visit by the Foreign Minister of the UAE to Baghdad

Iraqi diplomatic sources, talking about a planned visit by Abdullah bin Zayed Al Nahyan, to Baghdad in the next few days.

Toss – (Special)

Said a senior diplomatic source in the Iraqi Ministry of Foreign Affairs, Sheikh Abdullah bin Zayed Al Nahyan, Foreign UAE Minister, will pay a visit to Iraq within days.

The source explained in a statement to toss network news reporter that the UAE minister talks will address the situation in the region, and the evolution of the current operations to meet the organization known as the Islamic state, will also address bilateral issues.

There has been no confirmation from the UAE for the visit, which will be the first official visit to the UAE this level.

It was another high contact between the two countries has been by telephone early last November, when held, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, telephone talks with Iraqi Prime Minister Haider al-Abadi, in which he stressed “his country’s readiness will provide full support for Iraq in its war against Daash and terrorist groups, the UAE and the desire to develop relations with Iraq in all fields. “

It is noteworthy that the UAE included some of the organizations on the terrorist list, has raised the decision of the UAE replies Iraqi reaction, it is believed that this issue will be over the search to visit the UAE Foreign Minister to Baghdad, in the case of doing this visit.

Government to discuss next year’s budget in an extraordinary session tomorrow and adviser Abadi is expected not to exceed percent billion

Hall of the House of Representatives during its first imaging (Mahmoud Raouf)
Author: RS, ZJ
Editor: BK, RS
26/11/2014 16:57
Number of Views: 192

Long-Presse / Baghdad

A spokesman for the Information Office of the Prime Minister revealed the intention of the Council to discuss the budget on Thursday session “exceptional”, and had been expecting an economic advisor to the prime minister, not to exceed the budget barrier percent billion dollars, urged the member Finance Committee of Parliament, on Wednesday, the government to expedite the dispatch of the budget next year in 2015 before the first legislative term holiday.

Government discusses the budget tomorrow extraordinary session

Detection spokesman Information Office of the Prime Minister, the determination of the Ministry Council to discuss the budget on Thursday.

A tributary Jabouri, in a brief interview to the (long-Presse), “The Council of Ministers will be held on Thursday, an extraordinary meeting to discuss the budget,” without further details.

For his part, predicted an economic advisor to the prime minister, the size of the budget year shall not exceed 2015 percent next billion barrier, likely approval in parliament easily when viewed him as a result of an agreement between the center and the Kurdistan region.

He said the appearance of Mohammed Saleh, said in an interview to the (long-Presse), “The year’s budget next 2015 will involve a small deficit, as is the case in all the budgets of the world,” returned to “the deficit ratio is normal if they are up to three percent of gross domestic product.” .

Saleh added that “the war against terrorism, one of the priorities of next year’s budget, they constitute a battle of existence for Iraq,” returned to “The Ministry of Finance is facing the problem of being dependent on the Financial Management Act No. 95, which supports the previous budget any special year 2014, which is non-existent “.

He favored an economic advisor to the prime minister, that “recognizes the year’s budget in 2015 easily, especially after the agreement between the center and the Kurdistan region,” pointing out that “the appointments budget 2015 will be around for reasonable conduct of Government Administration about right.”

He predicted favor, that “the size of next year’s budget in 2015 will not exceed the limits billion percent decrease or increase of five to six percent.”

Parliamentary claims to expedite the sending budget

She said a member of the parliamentary finance committee, Najiba Najib, in an interview to the (long-Presse), “The year’s budget next in 2015 are still being prepared by the Finance and Planning and oil ministries,” noting that “the legislative season for the first parliament will end next Sunday approved, (the thirtieth From November 2014 present), begins to Parliament recess, so the government should accelerate its completion. “

She said Najib, that “the size of the budget will be determined under the price of a barrel of oil for the year ahead forecasts, as well as handed over to the Kurdistan region of the Federal Government of imports after the agreement on it between the parties”, calling for “taking into account the other challenges facing Iraq Khrabh on terror when preparing the budget “.

She explained a member of the parliamentary finance committee, said: “The delegation from the Kurdistan region will arrive in Baghdad to discuss all outstanding issues with the federal government, especially the oil and budget”, expressing the belief that “the launch of appointments and compression expenses and other matters related to the estimates to be developed by the government when preparing the budget.”

The Parliamentary Finance Committee predicted in, (22 October 2014), to reduce the state budget by 59 trillion Iraqi dinars, and called on the government to austerity and reduce expenditures is necessary, while an economist suggested reducing the upper layers of the salaries of the state, and stimulate the private sector to be able to find opportunities new jobs to absorb the unemployed rather than the full dependence on the state in this area.

While economists are expected to reduce the number of grades, demanding the need to find an alternative to absorb the unemployed by providing new job opportunities through the private sector.

The Prime Minister, Haider al-Abadi, revealed in (the twentieth of October the past), during a press conference following a meeting with religious Shiite, Ali al-Sistani, in Najaf, and attended, (long-Presse), to discuss the Council of Ministers on the balance three times, and that the Council will prepare a budget in which a military spending as a fait accompli, noting that the budget in 2015, will be based on the 2014 current budget, due to the presence of the same problems, of oil from Kirkuk and stopped completely, as well as lower world prices, and expectations about to fall over, for this, the Council Ministers decided to austerity.


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