On Sunday, the US Ambassador to Baghdad, Elena Romanowski, praised Baghdad’s efforts to make Iraq an attractive environment for foreign investors.
Romanowski said, in her blog post on the “X” platform: “A fruitful meeting with the economic advisors of Prime Minister Muhammad Shiaa Al-Sudani, to discuss increasing international cooperation in modernizing the Iraqi economy, supported by the efforts made by the Prime Minister’s team to make Iraq an attractive environment for foreign investors.”
She added: “Which leads to providing better job opportunities for all Iraqis.”
Shafaq News/ An informed political source revealed, on Sunday, that the Taqaddum Party and the Sadara Bloc announced the nomination of Mahmoud al-Mashhadani as a candidate for the presidency of Parliament.
Al-Mashhadani, 75, headed the Iraqi Parliament from 2006 to 2009.
The source told Shafaq News Agency that the nomination received support from Al-Halbousi and the withdrawal of Talal Al-Zubaie, leaving Al-Mashhadani to remain a solo candidate against Salem Al-Issawi.
The “Sadara” parliamentary bloc announced, after midnight on Saturday, joining the “Taqaddum” coalition led by Muhammad al-Halbousi, in a decision that would advance a candidate for the presidency of the Iraqi parliament.
The “Sadara” bloc includes four representatives: Mahmoud Al-Mashhadani, Talal Al-Zubaie, Khaled Al-Obaidi, and Muhammad Nouri Abd Rabbo.
Despite the Council’s extension of its first legislative term – which ended yesterday – for an additional thirty days, “Sunni-Sunni” disagreements and different viewpoints are rage among the leaders of the Shiite blocs under the “Coordination Framework” bloc regarding the names nominated for the position and the hand that will be able to hold the hammer of Parliament.
The position of Speaker of the House of Representatives belongs to the Sunnis, according to the prevailing political custom in Iraq since the formation of the political system after the year 2003, while the position of Prime Minister goes to the Shiites, and the President of the Republic goes to the Kurds.
Parliament failed in four attempts to elect a replacement for Al-Halbousi due to the lack of consensus on a single candidate, in light of the Sunni fragmentation and the coordination framework’s insistence on nominating new figures or keeping Mohsen Al-Mandalawi, the first deputy speaker of Parliament, as acting president.
It is noteworthy that three Sunni candidates are currently competing for the position: Salem Al-Issawi, who received 97 votes during the first session held last January, Mahmoud Al-Mashhadani, who received 48 votes, and Talal Al-Zubaie, who received one vote.
The Kurdistan Regional Government of Iraq announced today, Sunday, that Baghdad will soon send the salaries of its employees for the months of April and May.
Prime Minister Masrour Barzani said during a press conference followed by Al Rabaa, “Baghdad will soon send the April and May salaries to the region’s employees after Kurdistan fulfilled its obligations.”
He continued, “We implemented all the requests of the federal government to avoid problems in sending the salaries of the Kurdish people.”
Barzani continued: We began the process of localizing salaries a long time ago. About 400,000 people in the region have registered to receive their salaries through banks.
He stressed: “I want to point out a very important point, which is that what the Kurdistan Regional Government has begun is building the economic capabilities of citizens, and whoever speaks otherwise is against citizens having their own accounts and economic decisions.”
He concluded by saying: “It is the duty of political parties to put aside their interests and support the Kurdistan government, in order to make decisions that are in the interest of the Kurdish people.
Oil Minister Hayan Abdul Ghani announced on Sunday Iraq’s commitment to the OPEC voluntary production reduction agreement, while noting that what is being raised about its non-compliance is a unhealthy. “The Ministry of Oil confirms its commitment to the agreement to reduce production in OPEC,” Abdul Ghani said, pointing out that “the ministry is keen on the cooperation of member states and work to achieve more stability in the global oil market by agreeing on voluntary reduction programs.” He added that “Iraq confirms its role in the OPEC+ Group and therefore is keen to abide by the agreement,” noting that “Iraq has already confirmed its commitment to the agreement and announced its export and productive program for the period from June to the end of the year.” He stated that “a program has been put in place to compensate for the increase in production volumes during the last period,” pointing out that “what has been raised about Iraq’s non-compliance with the voluntary reduction is inaccurate.”
The Ministry of Oil announced today, Sunday, that Iraq’s oil reserves rose to more than 160 billion barrels, while noting that 22 international companies competed for gas field development projects, stressing that Iraq achieved self-sufficiency from liquid gas and began exporting the surplus.
“The fifth and sixth supplementary licensing round comes in line with the government program, which aims to optimize the investment of oil and gas wealth,” the ministry’s spokesman, Asim Jihad, told the official agency. He added, “The ministry aims to maximize national production, especially from the hydrocarbon and gas compositions found in the ground,” noting that “there are 22 global companies competing for projects to develop these fields.” “Most of the competitive exploration patches are gas exploration patches, so this will support Iraq’s energy sector,” he noted. Jihad stressed that “the Ministry of Oil has achieved important steps in optimal gas investment projects in Maysan Governorate by 300 maqqat and in Dhi Qar Governorate / Nasiriyah and Al-Gharaf by 200 million standard cubic feet per day.” He continued, “The contracts concluded by the ministry regarding the Nahran Omar field will provide 300 million standard cubic feet in two stages, while the contract with Total will provide 600 million standard cubic feet per day.” He pointed out that “the fifth licensing round will achieve more than 800 mqm or one million standard cubic feet of gas, in addition to the effort of the Basra Gas Company, where the gas investment reached 1200 million standard cubic feet per day.” “It is hoped that 200 million standard cubic feet will be added this year, and therefore in total Iraq aims to achieve self-sufficiency to support the energy sector and reach the stage of self-sufficiency,” he went on. He stressed that “Iraq has achieved self-sufficiency in liquid gas, and the surplus of it was exported out of the country,” noting that “this step is important in strengthening the Iraqi national economy.” According to him, “the government effort has focused during the last period on intensifying exploratory operations, and thus this will maximize the Iraqi oil reserves,” but saying: “It is hoped to announce during the coming period that the Iraqi oil reserves will rise to more than 160 billion barrels, which will enhance Iraq’s role in the global oil market.” Regarding the activities of the fifth supplementary licensing round and the sixth for the second day, Jihad explained that “the activities of the second day included competition for 11 fields and an exploratory patch, and these patches and fields began in the Abu Khanta field in Muthanna Governorate, which was referred to the Chinese company Zinoa.” Jihad added: “Now the competition is taking place for the Anz booat in Anbar Governorate, and the competition will be taking place today for patch No. 7 in Diwaniyah Governorate, the Al-Dhafriyah field in Wasit Governorate, Raqa Somer Governorate in Muthanna Governorate, Tel Hajar in Nineveh Governorate, Al-Khanahah in Salah Al-Din Governorate and from him in Anbar, Raqa No. 11 in Najaf Al-Ashraf, Al-Anbar Arqat in Anbar Governorate and Saleh Qaleh Qal’at field in Maysan.” He expressed the hope that “these projects will be referred to the competing international companies, and in order to achieve a great transition in this context,” tomorrow “the competition will be for another set of fields and exploration patches.” On Saturday, Prime Minister Mohammed Shiaa Al-Sudani sponsored the ceremony of announcing the licenses of the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas exploration fields and patches, distributed among 12 governorates.
{Economical: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, explained why gold prices rose in local markets with the noticeable decline in the exchange rate of the dollar against the dinar.
“It is observed at the level of the local market in our country that the dollar in the secondary market is in a gradual decline against the official exchange rate, and yet we find that there is a gradual rise in gold prices in the local market,” Saleh told {Euphrat News}. “Today, he imports gold and finances its imports at the fixed official exchange rate of the dinar against the dollar through the Central Bank platform at a price of 1320 dinars per dollar.” Saleh explained, “Due to geopolitical tensions around the world, especially the war in Ukraine and others, it has made significant developments in gold hedging policy by some central banks in the world, which constituted an unprecedented rise in global demand for gold and led to a rise in its prices in global markets, and here it is noted that the external factor is the basis for the rise in the price of an ounce of gold in the local market.” He continued, “International financial institutions have launched expectations of the continuation of the rise in gold prices in the coming months, and the forecast comes despite the current strength in the dollar levels, which is trading at its highest levels in 5 and a half months according to the dollar index, along with the high US government bond yields at a 5-month high in light of expectations that the US Federal Reserve is on its way to keep interest rates high for a longer period of time, which is supposed to represent a negative pressure on gold prices.” “But the strength of global demand for gold as a safe haven under the current geopolitical uncertainty, coupled with expectations that global central banks will continue to increase their gold reserves, has prompted international financial institutions to expect more gains in gold prices during the remainder of 2024,” Saleh said. He pointed out that “for example, the German Deutsche Bank Foundation raised its forecast for gold prices in 2024 to the level of $2,400 per ounce, and expected the price of gold to rise to $2,600 per ounce at the end of 2025. Citibank also expected that the price of gold will reach 3,000 dollars per one in the next 6 to 18 months, with gold to break through the level of $2,500 per ounce during the second half of 2024.” He continued, “There is news circulated by global markets about an international group launching gold-denominated digital currencies with its central banks to conduct trade exchanges outside the existing currencies in the global monetary system, including China, Russia and some countries in Africa, Asia and Latin America, a trend that requires high gold hedging, which also formed an unprecedented wave of demand for the yellow metal globally.” He said, “But from our view, adopting a global gold reserve system at the global market prices for the yellow metal will make the demand for gold grow and rise with the growth of trade and the global economy. If countries continue to hedge their reserve currencies in gold at open gold prices and restricted by production and the global limited supply of gold in the face of open demand, they will generate a cash system at a high exchange rate, perhaps it will hinder their trade competitiveness as gold-heddd countries and the exchange rates of their currencies are determined by the yellow metal.” He pointed out that “unless those groups adopt a moderate and competitive fixed official price for the gold itself, their competitive capabilities in their international trade with the countries of the world will inevitably be threatened, and here gold will be a double-edged sword at the same time. Beware of the trade gold policies in establishing a monetary system alone, and finally until the date of May 11, 2024, the ounce of gold, which is weighs 31 grams, increased to about $2361 per ounce in global markets.”
Shafaq News/ Oil Minister Hayan Abdul Ghani said on Saturday that Iraq has made enough voluntary cuts in crude production, and will not agree to any future cuts taken by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, at its next meeting, scheduled to be held. On June 1 of next year.
Reuters reported that Abdul Ghani told reporters on the sidelines of the oil and gas licensing conference in Baghdad, that “Iraq will not agree to any renewals of production cuts at the next OPEC+ meeting.”
Iraq has repeatedly confirmed that it is committed to the voluntary cuts announced by OPEC+ since 2023, but it pumped its production quota by a cumulative amount of 602,000 barrels per day in the first three months of 2024, according to what OPEC+ said in a statement yesterday, Friday.
Iraq is looking forward to increasing its oil reserves to 160 billion barrels, with the launch of the fifth and sixth licenses, amid optimism that the issue of importing gas through its production locally will be resolved in the next five years, according to officials and economic analysts.
Iraq produces more than 4.5 million barrels of oil per day, and the sector’s imports represent more than 94% of the country’s domestic product, at a time when Iraq is the second largest country in burning natural gas in the world after Russia, with losses estimated by the government at about 6 billion dollars annually.
On Saturday morning, Prime Minister Muhammad Shiaa Al-Sudani launched the licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas exploratory fields and patches, distributed among 12 governorates.
It is hoped that these licensing rounds will add two million barrels of oil to national production, according to Iraqi Oil Minister Hayyan Abdul Ghani.
{Political: Euphrates News} The Iraqi government submitted, on Sunday, a request to the United Nations Security Council to reduce the mandate of the United Nations Mission in Iraq (UNAMI) with the aim of closing it permanently during May 2024.
The government spokesman for Al-Awadi said in a statement received by {Euphrates News}, “The Iraqi government submitted this request during the month of May 2023, at a request to the Security Council and the Secretary-General of the United Nations, to reduce the mandate of the United Nations Mission (UNAMI) and conduct an objective assessment of its work; in preparation for the end of its mission and closing it permanently, because the absence of the conditions for which this mission was established 21 years ago.”
He added that “as a result of the request of the Iraqi government, the Security Council formed the independent strategic review team, which conducted an independent evaluation of the UNAMI mission, in which it concluded that there is no need to continue its work due to the positive developments and important achievements achieved in Iraq and in various security, political, economic and social fields, and its regional and international relations.”
He continued, “Based on the report of the Independent Strategic Review Team and the conviction of the Government that it has shared with the States of the Security Council and the United Nations since last year, the Government has requested the termination of the work of the UNAMI mission by the end of 2025, which is considered a sufficient time during which the responsible closure can be achieved.”
Al-Awadi pointed out that “the government confirms here that the end of the work of the mission in Iraq came, in addition to the above, as a natural result of the development of the relationship between Iraq and the United Nations, and to deepen cooperation at various other levels.”
He added that “the Iraqi government hopes to issue a Security Council resolution at the end of this month that includes responding to the request of the Iraqi government and the recommendation of the independent UN team, and also organizes the follow-up of some files with an agreed mechanism, to ensure, also, the continuation of the work of international agencies operating in Iraq.”
Shafaq News/ Oil Minister Hayan Abdul Ghani said on Saturday that Iraq has made enough voluntary cuts in crude production, and will not agree to any future cuts taken by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, at its next meeting, scheduled to be held. On June 1 of next year.
Reuters reported that Abdul Ghani told reporters on the sidelines of the oil and gas licensing conference in Baghdad, that “Iraq will not agree to any renewals of production cuts at the next OPEC+ meeting.”
Iraq has repeatedly confirmed that it is committed to the voluntary cuts announced by OPEC+ since 2023, but it pumped its production quota by a cumulative amount of 602,000 barrels per day in the first three months of 2024, according to what OPEC+ said in a statement yesterday, Friday.
Iraq is looking forward to increasing its oil reserves to 160 billion barrels, with the launch of the fifth and sixth licenses, amid optimism that the issue of importing gas through its production locally will be resolved in the next five years, according to officials and economic analysts.
Iraq produces more than 4.5 million barrels of oil per day, and the sector’s imports represent more than 94% of the country’s domestic product, at a time when Iraq is the second largest country in burning natural gas in the world after Russia, with losses estimated by the government at about 6 billion dollars annually.
On Saturday morning, Prime Minister Muhammad Shiaa Al-Sudani launched the licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas exploratory fields and patches, distributed among 12 governorates.
It is hoped that these licensing rounds will add two million barrels of oil to national production, according to Iraqi Oil Minister Hayyan Abdul Ghani.
Oil Minister Hayan Abdul Ghani on Saturday expressed hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels.
Abdul Ghani said, in his speech during the activities of the launch ceremony of the fifth and sixth supplementary licensing rounds, under the patronage and presence of Prime Minister Mohammed Shia Al-Sudani: “The Ministry is launching today 29 promising projects within the fifth and sixth supplementary licensing rounds, to start a new phase towards the advancement of industry and oil and gas wealth after the experience of five licensing rounds launched in 2008.”
He added that “the Ministry of Oil achieved through licensing rounds the referral of 27 contracts for oil and oil and gas fields to international companies that had a significant impact on production levels and government financial revenues by adding more than 2 million barrels per day of crude oil to national production.”
He pointed out that “the fifth supplementary and sixth rounds of licenses will include 12 governorates that include investment opportunities, in addition to the maritime areas in the Arabian Gulf. These projects will contribute to economic expansion and the growth of the governorates in terms of providing jobs and gradually activating economic activity in the surrounding areas, which in turn will increase stability and the employment of labor and achieve the maximum use of gas reserves to meet the increasing needs of gas in electric power generation and other industries.”
He stressed “providing support, support and possible facilities to the winning companies in the development of oil and gas fields,” noting “the success in the liquidation sector by adding more than 360 thousand barrels per day to national production.” He expressed his hope that “Iraq’s oil reserves will rise in the future to more than 160 billion barrels.”
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