Washington: We are ready to work with any Iraqi government on condition

politicsWashingtonbreakinggovernment formationFormation of the Iraqi government

 2022-06-14 16:15A-AA+

Shafaq News/ A US State Department official confirmed today, Tuesday, that the United States is ready to work with any Iraqi government.

The statements of the American official, which were reported by Al-Hurra website, come a day after 73 deputies from the Sadrist movement submitted their resignations from the Iraqi parliament, which marked a new turning point in the country, which is going through a political crisis that disrupts the election of a president and the selection of a prime minister.

The official avoided commenting on the resignation of the deputies of Muqtada al-Sadr’s bloc from the Iraqi parliament, and said, “There is no comment on the developments that took place.”

He added, “We are ready to work with any government that puts the sovereignty of Iraq and the interests of the Iraqi people at the center of its agenda.”

After eight months of early legislative elections and countless political initiatives, the political process in Iraq has not progressed. This depends on the consensus between the Shiite parties that have dominated the political process since 2003.


$ 180 a barrel… Expectations of a “big jump” in oil prices

economyoil pricesOPEC

 2022-06-14 12:25A-AA+

Shafaq News/ Economists and politicians expected, on Tuesday, that oil prices would jump $ 180 a barrel at the end of this year due to the strong increase in demand for energy.

And most traders, policy makers and analysts expect energy demand to grow strongly over the next year, while supplies will not grow at the same pace, Bloomberg News Agency reported.

In closed sessions, Western officials are talking with concern about the possibility of the price of Brent crude, the international oil standard, reaching $150 a barrel in a short period, compared to about $120 a barrel currently.

While some talk about the price reaching $175 and $180 a barrel by the end of this year, as a result of the recovery in demand after the outbreak of the new Corona virus subsided, and European sanctions against Russia.

price storm

Economic analyst, Javier Blas, says in an analysis published by Bloomberg News Agency, that while fears of high oil prices are rising this summer, there is another storm forming on the horizon, which is that the shock to high oil prices will not end by the end of this year. Most likely, the shock will continue over the next year.

Next Wednesday, the International Energy Agency will announce its first forecasts for supply and demand in the global oil market next year, marking the start of investors’ focus on the following year.

Indeed, traders began dealing in Brent crude contracts for delivery next year, which led to a rise in the price of contracts for December 2023 delivery to $ 100 a barrel, which is a clear indication that the market will continue to lack supplies.

While everyone is waiting for the expectations of the International Energy Agency, commodity and raw materials trading companies, oil companies, member states of the Organization of the Petroleum Exporting Countries “OPEC” and Western oil-consuming countries have already begun to publish their forecasts for the next year, and there is agreement that global demand will increase during the next year by between one million million and 2.5 million barrels per day.

Demand is likely to increase this year by about 1.8 million barrels per day, according to the International Energy Agency. It is known that any increase in demand by more than one million barrels per day is considered significant.

Why did oil prices fall?

On the other hand, the supply or supply side has not improved much. Market participants expect at best Russia’s production to continue at its current level of about 10 million barrels per day, a decrease of nearly 10% since its invasion of Ukraine in late February.

There are analysts who expect a decline in Russia’s production over the next year by between one and a half million barrels per day, in contrast, the member countries of the OPEC Plus grouping began this year to increase their production, which led to the disappearance of their surpluses of production capacity.

Last week, OPEC Secretary-General Muhammad Barkindo said that with the exception of two or three countries, OPEC Plus countries do not have a surplus in production capacity that would allow them to increase production in response to demand growth.

An analyst specializing in international economics, Javier Blass, says that the most likely outcome is the continuation of the decline in crude oil stocks in the world for the third year in a row, after the decline in stocks of crude and refined oil during the past 18 months.

Since the beginning of this year, Western governments have sought to alleviate the shortage of supplies by injecting quantities of strategic reserves of crude into the market.

Without taking additional steps, the injection of reserves will end last January, which means the disappearance of one of the most important means of achieving balance in the market.

At the same time, the world suffers from a lack of production capacities in the refining sector, which means that fuel prices will continue to rise, at a higher rate than the increase in oil prices, in contrast to the increase in the profit margins of refiners along with crude oil production companies.

many questions

There are many questions surrounding the expectations of the oil market during the next year, and most of them are related to the actions of governments. Each move can reduce demand by between 1 and 1.5 million barrels per day, and this will lead to a significant reduction in the price of crude.

The most important question is how long the sanctions against Russia will last. Other questions relate to the policy of zero infections with the emerging coronavirus in China, Western sanctions on Iran and Venezuela, and finally the use of crude oil reserves in Arab countries.

Although talking about the oil price shock often revolves around the rise in these prices, there is also an important point related to the duration of these high prices.

The previous oil price crisis was relatively short, in late 2007 and early 2008, when the price reached $120 per barrel in May 2008 and then reached its peak in July 2008 when it recorded $147.5 per barrel.

But in early September of the same year, the price fell to $100 a barrel, and in December of the same year, the price fell to $40 a barrel.

The scenario of price hikes during 2021/2022 is a carbon copy of the price hike in 2007/2008. But there are no indications that prices will fall as happened 14 years ago. Indications are that prices will not remain at their current high levels until the end of this year and continue next year, but will also rise to higher levels.

Finally, Javier Blass says that the average price of Brent crude for the current year is 103 dollars, while the average in 2008 was about 95.5 dollars per barrel.

Prices may rise further over the next six months. Not only that, but there is no sign of a near end to the rally’s rise.

OPEC forecast

And Reuters news agency quoted delegates from OPEC and sources from the oil sector as saying: The growth of global demand for oil will slow in 2023, with the rise in crude and fuel prices that push up inflation and cause a slowdown in the global economy.

Fuel use has rebounded after falling due to the coronavirus pandemic in 2020 and is on track to surpass 2019 levels this year, even as prices have risen to record levels. But higher prices undermined growth forecasts for 2022 and fueled expectations of slower growth in 2023.

The Organization of the Petroleum Exporting Countries (OPEC) is expected to release its first demand forecast for 2023 in July, and its forecasts, as well as those of the Paris-based International Energy Agency, are being watched for indications of the direction OPEC’s policies will take.


Parliament Speaker and his accompanying delegation conclude their visit to the Kingdom of Jordan

  • Time: 06/14/2022 15:34:26
  • Reading: 325 times
Parliament Speaker and his accompanying delegation conclude their visit to the Kingdom of Jordan

  {Political: Al-Furat News} Parliament Speaker, Muhammad Al-Halbousi, and his accompanying delegation concluded their visit to the Kingdom of Jordan, today, Tuesday.

The Speaker of Parliament and his accompanying delegation arrived in the Jordanian capital, Amman, on Monday. He was received by his Jordanian counterpart, Abdul Karim Al-Daghmi and his two deputies. After that, he met with the King of the Hashemite Kingdom of Jordan, King Abdullah II, Jordanian Prime Minister Dr. Bishr Al-Khasawneh, and President of the Jordanian Senate, Faisal Al-Fayez .


He will meet with Iraqi leaders.. Washington reveals details of Biden’s upcoming visit to Israel and Saudi Arabia

political| 03:40 – 06/14/2022


Baghdad – Mawazine News
, today, Tuesday, the White House revealed the details of US President Joe Biden’s upcoming visit to Israel and Saudi Arabia.
In this regard, the White House explained, “President Joe Biden is visiting the Middle East from July 13-16 to reinforce the United States’ commitment to Israel’s security and prosperity and to attend the Gulf Cooperation Council summit as well as Egypt, Iraq, and Jordan (known as GCC+3). He will also meet with his counterparts from the region to advance the security and economic and diplomatic interests of the United States.”
The White House added, “The President will begin his visit in Israel, where he will meet with Israeli leaders to discuss Israel’s security, prosperity, and increasing integration in the region. The President will also visit the West Bank to consult with the Palestinian Authority and affirm his strong support for a two-state solution, with equal measures of security, freedom, and opportunity for the Palestinian people.” .
He continued: “President Biden is scheduled to travel then to Jeddah, Saudi Arabia, the current president of the Gulf Cooperation Council and the venue for this gathering of nine leaders from all over the region, at the invitation of King Salman bin Abdulaziz Al Saud, and the President of the Republic appreciates the leadership of King Salman.” And his invitation.. He looks forward to this important visit to Saudi Arabia, which has been a strategic partner of the United States for nearly eight decades.”
While in Saudi Arabia, the president will discuss a range of bilateral, regional, and global issues, including support for the UN-brokered truce in Yemen, which has led to the most peaceful period there since the war began seven years ago, and ways to Expanding regional economic and security cooperation, including promising new infrastructure and climate initiatives, as well as deterring threats from Iran, promoting human rights, and ensuring global energy and food security. The President looks forward to outlining his positive vision for US engagement in the region over the coming months and years.”
The White House stressed that “the visit to the Middle East is the culmination of months of diplomacy and comes after the president’s meeting with ASEAN leaders at the White House, his travels to the Republic of Korea and Japan, the Quartet summit, and his hosting of the Summit of the Americas last week in Los Angeles, and his visit next week to Europe to attend The Group of Seven and NATO summits.” Ended 29/h


With the participation of Al-Kazemi.. Announcing the date of Biden’s visit to Saudi Arabia and his attendance at a regional summit

  • Time: 06/14/2022 15:23:56
  • Reading: 494 times
With the participation of Al-Kazemi.. Announcing the date of Biden's visit to Saudi Arabia and his attendance at a regional summit

  {International: Al Furat News} The Saudi Royal Court announced that US President Joe Biden will visit Saudi Arabia on July 15 and 16, at the invitation of Saudi King Salman bin Abdulaziz and the participation of Prime Minister Mustafa Al-Kazemi, representing Iraq.

He also made it clear that Biden would meet King Salman and the Crown Prince, Mohammed bin Salman.
The Saudi royal court said that Biden would participate in a summit called by King Salman of the leaders of the Gulf Cooperation Council, Egypt, Jordan and Iraq.
While the White House confirmed the visit and said that Biden will visit the Middle East between July 13-16 and that he will travel to Jeddah at the invitation of King Salman and is looking forward to this important visit to the Kingdom.
The White House indicated that Biden, during his visit to Saudi Arabia, will discuss support for the truce in Yemen brokered by the United Nations, ways to expand regional economic and security cooperation, new infrastructure issues and the climate.
He noted that the US president will start his tour in Israel, where he will discuss its security, prosperity and integration in the region. He will also visit the West Bank to consult with the Palestinian Authority and confirm his strong support for the two-state solution.


An initiative by the President of the Republic to support the framework to restore the Sadrist movement to the political process

06/14/2022 11:54

  • number of readings 224
  • Section : Iraq

Baghdad/The Obelisk: 

A source close to the President of the Republic, Barham Salih, revealed, on Tuesday, June 14, 2022, the imminent launch of an initiative aimed at ending the political crisis and returning the leader of the Sadrist movement Muqtada al-Sadr to the political process after withdrawing from it.

The source said, to the media that the obelisk followed, that this initiative is being pursued by the President of the Republic, Barham Salih, after Al-Sadr announced his withdrawal directly, and the president received signs of response from the political parties, especially from the coordination framework.

And he indicated that “Saleh’s goal in this new initiative is to return the leader of the Sadrist movement, Muqtada al-Sadr, to the political process after withdrawing from it.

Last Monday, Iraqi President Barham Salih held meetings with Prime Minister Mustafa Al-Kazemi and the President of the Supreme Judicial Council, Faiq Zaidan, and a second meeting also brought Zaidan together with the head of the Al-Fateh Alliance Hadi al-Amiri.

These developments come after the leader of the Sadrist movement, Muqtada al-Sadr, expelled his deputies from Parliament in a move that was considered a “leap into the unknown” and an increase in the Iraqi political ambiguity for the next stage.


Al-Hanana” explodes as a surprise: An expected move may change the position of Al-Sadr

politicsbreakingMuqtada al-SadrIraqi governmenttenderness

 2022-06-14 07:01A-AA+

Shafaq News/ A source close to “Al-Hanana”, the headquarters of the leader of the Sadrist movement, Muqtada al-Sadr, revealed on Tuesday a move that may put al-Sadr in a position to reconsider his decision to withdraw from the political process.

The source told Shafaq News Agency, “According to the information received, there is an expected meeting that will be held between the leader of the Democratic Party, Massoud Barzani, and the leaders of the Sovereignty Alliance (Muhammad al-Halbousi, Khamis al-Khanjar), and certain recommendations or decisions may emerge from it, which may change al-Sadr’s position toward the political process, Especially if it is positive and in line with the requirements of the stage in forming a strong government away from consensual.”

Yesterday, Monday, an informed source revealed to Shafaq News Agency that Kurdish leader Masoud Barzani, Parliament Speaker Muhammad al-Halbousi and head of the Sovereignty Alliance Khamis al-Khanjar held a meeting soon, which he described as important to take a “unified” decision after the Sadrist bloc withdrew from the Iraqi parliament.

And regarding the initiatives that political leaders are working on, the source close to Al-Sadr told Shafak News Agency, “We have received information about an initiative proposed by the President of the Republic, but the whole matter remains subject to Al-Sadr.”

And about the talk about the government officials affiliated with the Sadrist movement’s intention to resign, as did the Sadrist bloc’s deputies, the source said: There is no such trend.

Earlier today, an informed source in the coordination framework that includes Shiite forces except for the Sadrist movement, revealed that a delegation that includes some of the leaders of the framework will go to Al-Hanana in Najaf Governorate, in an attempt to persuade the leader of the Sadrist movement, Muqtada Al-Sadr, to reverse the decision to withdraw from the political process.

This comes in conjunction with what a source close to the President of the Republic, Barham Salih, revealed, today, Tuesday, to Shafaq News Agency, about launching an initiative aimed at ending the political crisis and returning the leader of the Sadrist movement Muqtada al-Sadr to the political process after withdrawing from it.


The increase in Iraq’s oil financial revenues to more than 5.5 billion dollars on an annual basis

economybreakingIraqi oiloil revenue

 2022-06-14 07:00A-AA+

Shafaq News/ Iraq’s oil financial revenues rose in May to reach $11.436 billion, an increase of 93.27% on an annual basis, from $5.917 billion during the same period in 2021.

According to the data of SOMO, which was reviewed by Shafak News Agency, the export rate also increased in May, reaching 3,300 thousand barrels, at a rate of 13.83%, compared to the same month last year, in which the export rate amounted to 2.899 million barrels per day.

The selling prices of crude oil in May amounted to an average of $111.79, an increase of 69.79% compared to an average price of $65.84 for the same month last year 2021.

Iraq benefited from the surge in oil prices, in obtaining large financial revenues, which supported its budget for the current year 2022, supported by the rise in demand for crude and the decline in supply due to the war on Russia.


The Investment Authority of the Region announces the establishment of the Economic Council between the Emirates and Kurdistan

KurdistanKurdistan RegionbreakingUAEEstablishingEconomic Council

 2022-06-14 06:59A-AA+

Shafaq News/ The Investment Authority of Kurdistan Region announced on Tuesday that the region’s government, the government and the United Arab Emirates are trying to expand and develop their economic relations within the framework of the establishment of the UAE-Kurdistan Economic Council.

In a statement, the authority stated that its Chairman, Muhammad Shukri, received Ahmed Al Dhaheri, the Emirati Consul General in Erbil, and expressed his happiness with the initiative to establish the council, and for the sake of economic recovery, he expressed his willingness to facilitate this matter.

In turn, the Emirati consul pointed out the importance of establishing this joint council, and also said that to develop investments and trade, they seek to bring six banks to Kurdistan and aim to benefit from agricultural products.

It is noteworthy that the United Arab Emirates announced, in April of the year 2021, the allocation of three billion dollars to invest in Iraq with the aim of strengthening economic and investment relations and cooperation between the two countries.


After the meeting, the coordination framework calls for accelerating the formation of the government

politicsIraqbreakingCallgovernment formationcoordinating framework

 2022-06-14 06:55A-AA+

Shafaq News/ The coordination framework, which includes Shiite forces, called on Tuesday for the need to expedite the nomination of a new president for Iraq, and the formation of the next federal government.

The coordinating framework was held earlier this morning, with the “Azm” alliance, the Patriotic Union of Kurdistan, the “Babylon” movement, and the independents in the office of the leader of the State of Law coalition, Nuri al-Maliki, to discuss the latest developments in the political situation and discuss ways to open up to the rest of the political forces to speed up the formation of the government. According to an informed source.

In a statement received by Shafaq News Agency, the framework stated that during the meeting, developments in the current political situation and ways to expedite the completion of the constitutional entitlements were discussed with the participation of all national forces.

The statement added that the meeting stressed that the next stage is important and calls for expediting the start of practical steps to complete the constitutional entitlements, elect the President of the Republic, and form a harmonious government capable of meeting the demands of Iraqis, ensuring a decent life and maintaining security and stability for all.

In its statement, the coordination framework called on “all the active forces in the political scene to participate in the dialogues,” expressing “its readiness to approach all parties because of its belief that the next government must be a strong and capable government that provides services, preserves the unity and sovereignty of the country, and contributes to preserving Iraq’s position and role in region and territory.

This comes at a time when the leader of the Sadrist movement, Muqtada al-Sadr, directed the representatives of the Sadrist bloc in the Iraqi parliament to submit their resignations in preparation for submitting them to the presidency of the Council, against the background of the continued obstruction of the formation of a majority government by the coordination framework that includes Shiite political forces.

Parliament Speaker Muhammad al-Halbousi signed the resignations of the Sadrist bloc’s deputies, in the presence of Parliamentary Bloc leader Hassan al-Adhari, and then commented, “Their resignations took place reluctantly,” referring to efforts made to dissuade al-Sadr from this step.