Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Get Daily Updates of the NEWS & GURUS in your EMAIL
CHECK YOUR EMAIL for VERIFICATION

Enter your email address:

The financial advisor to the Prime Minister expects oil prices to improve by the summer DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

The financial advisor to the Prime Minister expects oil prices to improve by the summer

Go down

The financial advisor to the Prime Minister expects oil prices to improve by the summer Empty The financial advisor to the Prime Minister expects oil prices to improve by the summer

Post by claud39 on Sat Mar 14, 2020 9:03 am

The financial advisor to the Prime Minister expects oil prices to improve by the summer


Saturday 14 March 2020



The financial advisor to the Prime Minister expects oil prices to improve by the summer Irq_1959430267_1584169203



Baghdad / ... the appearance of Mohammed Saleh, the financial advisor to the Prime Minister, expected on Saturday that oil prices will improve by next summer, while he stressed that Iraq is holding consultations with OPEC countries to find solutions to return prices to what they were.


Saleh said in a press statement, "The government has taken a number of measures to address the crisis with regard to public expenditures and the main obligations to confront the lack of resources."


He pointed out that "the instructions and opinions stated in the statement of the Parliamentary Economy and Investment Committee represent important solutions aimed at formulating exceptional policies to face the crisis."


Saleh said, "The improvement of oil prices will be by the coming summer, due to the resumption of the Chinese economy again, which in turn will move the world economy faster and create opportunities for demand for all commodities, including oil demand."


He noted that "Iraq is currently consulting through the Ministry of Oil with OPEC countries, to find solutions to return oil prices to what they were, especially as it is the second oil producer in the organization."


The expert in energy affairs, Furat Al-Mousawi, had seen, on Tuesday (10 March 2020) that the crisis of low oil prices will continue because its background is political, while he pointed out that Iraq will be the biggest loser.


Mousawi said, "Iraq is going through a real economic stalemate," noting that "the crisis of low oil prices will continue because it was launched with political backgrounds between Saudi Arabia and Russia, and Iraq will be the biggest loser because it does not have compensatory alternatives to oil."


He pointed out that "the price of oil fixed in the budget is 56 dollars per barrel and the cost of extracting the barrel is 10 dollars," adding that "Iraq does not have from the financial storage other than the salaries of employees, and the problem is that there are sectors other than salaries."
He pointed out that "Saudi Arabia is the one who controls OPEC's decision because of Iraq's weakness and diplomacy, and does not have any realistic weight."


He warned that "there is no effective role for the Iraqi negotiator in OPEC, we always wait for others and interact with what they decide, we are like spectators," explaining that "the specialists are far from the state administration, and the crises are caused by the lack of qualified people in the management of the state."


He believed that "the increase of Iraq’s oil exports will create a big problem because it will reduce oil prices by more."



And oil prices witnessed, at the dawn of last Monday, a sharp drop that exceeded 20% of liquid prices, after Saudi Arabia decided to reduce the price, after the failure of its talks to cut production with Russia. 


End 2




http://aynaliraqnews.com/index.php?aa=news&id22=131280
claud39
claud39
VIP NewsHound
VIP NewsHound

Posts : 16077
Join date : 2018-11-04

View user profile

Back to top Go down

The financial advisor to the Prime Minister expects oil prices to improve by the summer Empty Economist: The barrel of oil will rise to $ 60 immediately after the end of the Corona crisis

Post by claud39 on Sat Mar 14, 2020 9:21 am

Economist: The barrel of oil will rise to $ 60 immediately after the end of the Corona crisis


14/03/2020





The financial advisor to the Prime Minister expects oil prices to improve by the summer %D8%A7%D9%84%D9%86%D9%81%D8%B71-696x435



Information / Baghdad ..

Economic and financial expert, Safwan Qusai, suggested, on Saturday, that oil prices rise to $ 60 immediately after the completion of the Corona virus crisis, indicating that Iraq needs to take a strategic road map to confront the crisis of the oil price collapse.

Qusai said in a statement to the "information", that "the world oil prices collapsed for two reasons, the first of which is the Corona virus, as well as the dispute between the oil-exporting countries, where the return to previous agreements will take place, while the price of oil will rise from 60 dollars to 70 immediately after declaring control of Corona." Noting that "the end of the Corona crisis will revive the markets after the Chinese factories resume their activities."

Qusai added that " Iraq must take several strict and resolute measures to face the repercussions of the oil collapse, including investing a percentage of the Iraqi cash reserve of about 87 billion dollars in development projects."

He explained that "reconsideration of the investment budget is very important and transfer of projects to the private sector to provide private employment opportunities," stressing the need to "reduce the increased dependence on the government in employment opportunities." 


End / 25D



https://www.almaalomah.com/2020/03/14/461914/
claud39
claud39
VIP NewsHound
VIP NewsHound

Posts : 16077
Join date : 2018-11-04

View user profile

Back to top Go down

The financial advisor to the Prime Minister expects oil prices to improve by the summer Empty The government: Iraq loses $ 30 per barrel of oil and we negotiate with OPEC to correct the prices

Post by claud39 on Sat Mar 14, 2020 9:25 am

The government: Iraq loses $ 30 per barrel of oil and we negotiate with OPEC to correct the prices
14/03/2020





The financial advisor to the Prime Minister expects oil prices to improve by the summer %D8%A7%D9%84%D9%86%D9%81%D8%B7-3-696x387



Information / Baghdad ..

The Iraqi government announced, on Saturday, that it will conduct negotiations with OPEC exporting countries to find solutions to return oil prices to what they were, while indicating that Iraq lost $ 30 per barrel of oil.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in a statement reported by the official "Al-Sabah" newspaper and seen by him / information / that " Iraq’s oil exports constitute 98% of foreign currency flows to Iraq , while oil constitutes 45% of gross domestic product and 93% of Public budget revenues, which makes it the main resource for the Iraqi economy.

Saleh added, "The government has taken a number of measures to address the crisis in relation to public expenditures and the main obligations to confront the lack of resources," explaining that "the instructions and opinions stated in the statement of the Parliamentary Economic and Investment Committee represent important solutions aimed at developing exceptional policies to confront the crisis."

He continued, "The price of a barrel of Iraqi oil fell to less than $ 30 after it was close to $ 60, which reveals a loss of half of our oil revenues compared to previous rates, which constitutes a major shock in revenue and resources and needs a serious pause and wisdom in managing resources, as you need To great control, "stressing that" the Iraqi government has an early warning device to redress resources in a manner that reduces the impact of this crisis. "

Saleh pointed out that “the Cabinet is studying the situation of treatments and many precautionary alternatives to face the crisis, mitigate its effects, protect public resources and revitalize the economy’s movement in light of great challenges facing the global economy in the contraction of oil prices and the health aspect in the face of the spread of Corona virus, especially since the government is striving to absorb The repercussions of the oil and health crisis.

And expected the financial advisor to the Prime Minister, "the improvement of oil prices by next summer due to the resumption of the Chinese economy again, which will move the global economy faster and create opportunities for demand for all commodities, including oil demand," revealing "consultations that Iraq is currently conducting through the Ministry Oil with OPEC countries to find solutions to return oil prices to what they were, especially as it is the second oil producer in the organization. ” 


Ended / 25


https://www.almaalomah.com/2020/03/14/461911/
claud39
claud39
VIP NewsHound
VIP NewsHound

Posts : 16077
Join date : 2018-11-04

View user profile

Back to top Go down

The financial advisor to the Prime Minister expects oil prices to improve by the summer Empty Russia comments on the possibility of returning to the "OPEC +" deal

Post by claud39 on Sat Mar 14, 2020 9:27 am

Russia comments on the possibility of returning to the "OPEC +" deal


14/03/2020





The financial advisor to the Prime Minister expects oil prices to improve by the summer %D8%A7%D9%88%D8%A8%D9%83-696x435






Information / follow-up ..



Russian Energy Minister Alexander Novak stressed that the issue of returning to the OPEC + deal was not discussed during his meeting with major Russian oil companies, adding that Moscow does not see what warrants discussion of returning to this deal.


Novak told reporters: "At the current stage, we did not discuss returning to the OPEC + agreement. We do not see justification for such a proposal. You see how the OPEC participants act in the deal, so it is more likely that no movement will take place."



On Thursday, the Russian Energy Minister held a meeting with the heads of major Russian oil companies, as the conditions in the global oil market and companies' production plans were discussed.



Riyadh and Moscow failed last week to reach an agreement to maintain production cuts after March 2020, as Russia rejected a proposal to cut an additional 1.5 million barrels per day until the end of 2020, while Riyadh refused to extend the current agreement with the current conditions.



After that, news came about the kingdom's intention to increase its oil production and provide large price discounts to buyers in Asia and Europe, and experts considered that this is a declaration of an "oil price war" against Russia.



 25 h has ended



claud39
claud39
VIP NewsHound
VIP NewsHound

Posts : 16077
Join date : 2018-11-04

View user profile

Back to top Go down

The financial advisor to the Prime Minister expects oil prices to improve by the summer Empty Iraq is studying "urgent measures" to reduce the repercussions of the oil drop

Post by claud39 on Sat Mar 14, 2020 9:30 am

Iraq is studying "urgent measures" to reduce the repercussions of the oil drop


14/03/2020





The financial advisor to the Prime Minister expects oil prices to improve by the summer %D8%B3%D8%B9%D8%AF%D9%8A-%D8%A7%D9%84%D8%AD%D8%AF%D9%8A%D8%AB%D9%8A12-696x435





Information / Baghdad ..

The Iraqi government announced, on Saturday, that it is considering putting in place urgent measures to reduce the repercussions of the global crisis on Iraqi markets, which are largely linked to oil prices, while stressing its keenness to spare the segment of employees and pensioners any harm.

Said government spokesman Saad al - Hadithi in a statement carried by the official newspaper "Sabah" and seen by / information /, " The government is working with an economic and financial team to study options Iraq for the next period if the continued decline in oil prices in world markets for a longer period and ways to spare Iraq risks crisis Economic, which can negatively affect the general budget and come out with the least possible damage, pending the recovery of prices. "

Al-Hadithi pointed out that "meetings are continuing to put urgent measures in place to limit the repercussions of the global crisis on Iraqi markets, which are largely linked to oil prices."

“The government’s keenness to spare the segment of employees and retirees, that is, harms due to the financial crisis, while avoiding any direct repercussions on the Iraqi citizen with regard to materials consumed in the markets and at the level of citizens’ income sources, ”he said.


 Ended / 25





https://www.almaalomah.com/2020/03/14/461924/
claud39
claud39
VIP NewsHound
VIP NewsHound

Posts : 16077
Join date : 2018-11-04

View user profile

Back to top Go down

The financial advisor to the Prime Minister expects oil prices to improve by the summer Empty Sumo: New agreement seeks to cut OPEC production

Post by claud39 on Sun Mar 15, 2020 9:09 am

Sumo: New agreement seeks to cut OPEC production


 03/15/2020





The financial advisor to the Prime Minister expects oil prices to improve by the summer 8955



Economy News - Baghdad:

The Iraqi Oil Marketing Company (SOMO) has revealed efforts to conclude a new agreement for OPEC and its allied countries to reduce production and control oil prices in global markets .

The general manager of the company, Alaa Al-Yasiri, said in a statement to the Iraqi News Agency (conscious), which was read to him by "Al-Iqtisad News". "The Algerian Oil Minister, as the head of the organization in its current session, sent a message to Iraq in which he called for an urgent technical ministerial meeting, and after that Iraq held contacts with member states and the Secretary-General of OPEC, and there was a desire and seriousness from everyone to negotiate again to reach an agreement on controlling Oil prices . "

He pointed out that "the dispute occurred between Saudi Arabia and Russia because of the objection of the Russian member of the technical and control committees to the reduction, who stressed that his conviction is directed at extending the current agreement and not the reduction," noting that "the Saudi oil minister, his position was clear by reducing a million and a half million barrels ."

Al-Yasiri added that "the proposed scenarios are that the dispute between Saudi Arabia and Russia is limited to the two ministers, and it can be addressed, while the other scenario is that the dispute is political, that is, by a decision from the leadership of the two countries, and this matter is difficult to address in the current circumstances," explaining that " Saudi Arabia and Russia are the most harmful oil exporting countries because of the low prices due to the volume of their exports .

He stated that "some believe that Russia seeks to reduce oil prices in order to hit the American shale oil, which received great losses due to lower oil prices," noting that "Iraq took assurances, especially from the Saudi side, provided that the rate of its reduction is less than the prescribed rate To him, which amounts to 50 thousand barrels per day due to the exceptional circumstances that he is going through . "

Al-Yasiri added that "as a result of the recent global event of the spread of the Corona virus, global forecasting institutions issued pessimistic expectations, but they did not reach what the prices have reached by a major collapse, as a result of the lack of agreement of the oil producing countries, whether in OPEC or outside to reduce production." Stressing that "OPEC since 2017 until now, is preparing agreements aimed at regulating crude oil production in the world, and making production appropriate to the demand in the global markets, where the agreement was to reduce production by one million and 800 thousand barrels, after which it decreased to one million and 200 thousand barrels, but at the end The year 2019 has become one million and 700 thousand twirl Yell . "

The Prime Minister, Adel Abdul-Mahdi, had previously directed the SOMO, with the daily continuous monitoring of the market and the method of pricing crude oil and the implications of the global price drop .





claud39
claud39
VIP NewsHound
VIP NewsHound

Posts : 16077
Join date : 2018-11-04

View user profile

Back to top Go down

The financial advisor to the Prime Minister expects oil prices to improve by the summer Empty Two conditions for global oil prices to recover in March

Post by claud39 on Sun Mar 15, 2020 11:20 am

Two conditions for global oil prices to recover in March




03/15/2020



The financial advisor to the Prime Minister expects oil prices to improve by the summer 19450


Economy News - Baghdad



A recent report by KAMCO Invest, a research company, identified two conditions for global oil prices to recover in March.

The KAMCO Invest report for March predicted that oil prices will recover from their lowest levels recorded in March 2020 in two waves. The first wave will occur when there is preliminary evidence of renewing the oil production quotas agreement between OPEC and its allies, especially Saudi Arabia and Russia.

Whereas, the second wave of oil price gains will come from the early indication of the recovery of global trade and other recurring economic data when the impact of the Corona virus begins to fade.

Oil prices reached their lowest levels recorded in almost 5 years after members of OPEC and its allies failed to reach an agreement to deepen the reduction of production quotas in response to weak demand trends.

According to the original plan, OPEC proposed to deepen reducing production quotas to 3.6 million barrels per day from the current level of 2.1 million barrels with OPEC producers participating in an additional reduction of 1 million barrels per day, while Russia and other non-OPEC oil producers share the additional cuts by 0.5 million barrels per day until the end of the year 2020.

In light of the failure of this plan, reports emerged indicating the intention of producers to open production rates without imposing any restrictions on supply levels.

This situation will greatly affect the treasures of the oil-producing Gulf states, given that oil revenues are expected to be severely affected by the price collapse.

The report added, "However, shale oil producers in the United States will also face severe challenges as the sector continues to decline in light of lower well productivity and greatly reduced spending by major exploration and oil production companies."

According to the latest reports, both OPEC and Russia may announce some strategies to deal with the collapse of oil prices in the near term.

On the other hand, the economic impact caused by low oil prices is expected to partially offset the expected growth in production, as the reserve capacity of OPEC countries is about 5.7 million barrels per day, and Saudi Arabia, the United Arab Emirates and Kuwait represent about half of that amount, after excluding the production of 0.5 million barrels per day From the recently announced neutral zone between Saudi Arabia and Kuwait.

On the other hand, demand rates are expected to increase during the second half of the year as the impact of the Corona virus begins to fade gradually, in addition to lower prices, which contributes to boosting demand by major oil-consuming countries.

According to the latest reports issued that the incidence of HIV infection has begun to decrease in China, the expected recovery of economic growth will also drive demand for oil by the end of the year.
The report added, that Bloomberg Agency recently indicated that demand from the largest oil consumers in Asia has increased by almost 50 percent after the decline in prices.

The report also expected the GCC countries to accelerate the implementation of development plans that aim to diversify once things go as usual, and look at financing aspects of financial spending and paying the budget deficit by using the various tools available to them.





claud39
claud39
VIP NewsHound
VIP NewsHound

Posts : 16077
Join date : 2018-11-04

View user profile

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum