Home
Experts: Iraq faces an opportunity to diversify oil export trends
Economical 09/25/2023
[You must be registered and logged in to see this image.]
Baghdad: the mainstay of the emirate
Experts in energy and economic affairs have suggested that Iraq will occupy a large space in global oil markets, especially European ones, as a result of the decline in Russian supplies to the “Old Continent,” highlighting the geopolitical and economic importance of oil alike, as oil exerts a major strategic influence and role in political and economic security. Social and military issues for exporting and importing countries, stressing the possibility that black gold prices will continue to rise during the coming periods as a result of declining supplies and the onset of winter.
In support of the expectations expressed by many specialists to “Al-Sabah” regarding the continued rise in oil prices in the coming periods, JPMorgan International Bank believes that the currently high oil prices have the potential to increase further in the coming period, and that Brent crude may rise to $150 per barrel. .
In the midst of this, member of the Parliamentary Oil, Gas and Natural Resources Committee, Zainab Al-Moussawi, explained that directing foreign direct investment towards the oil sector leads, as a result, to increasing financial resources and enhancing the state’s public revenues, which reflects positively on the economic development process.
Al-Moussawi said in a press statement received by “Al-Sabah”: “The Sudanese’s recent visit to New York included important and very positive meetings with the heads of several countries, including major countries in the field of oil and gas, which resulted in their invitation to invest in the oil sector, as they expressed a high desire, which indicates "There is remarkable progress recorded by the Iraqi government."
Al-Mousawi added, “The research hypothesis stems from foreign investment directed toward important economic sectors, as this leads to the development of those sectors, and that directing foreign direct investment toward the oil sector leads, as a result, to increasing financial resources and enhancing the state’s public revenues, which reflects positively on the process of economic development and restoration.” Reconstruction in Iraq.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed to the Iraqi News Agency (INA) that the acceptable rate of oil price referred to by Prime Minister Muhammad Shia’ al-Sudani, between 85 and 95 dollars, would reduce the financial deficit and achieve sufficient balance and guarantees for spending on development and reconstruction projects. Pointing out that it is Iraq's vision to bring balance and stability to the global economy.
Saleh explained that “the average price of a barrel of oil, which is about 15 to 20 dollars higher than what is in the general budget, will reduce the planned fiscal deficit.”
In turn, researcher and academic Dr. Abdul Karim Al-Issawi told “Al-Sabah”: Iraqi oil has a large and important role in the global market. Oil is no longer the material that is marketed like other materials or only a financial and economic resource, but rather oil has begun to exercise a major strategic influence and role in Political, economic, social, and military security for exporting and importing countries, whether in times of peace or war, pointing out at the same time that most of Iraq’s oil exports are heading to three markets: Asian, European, and American, at a rate of 64 percent, 27 percent, and 6 percent, respectively, for the year 2021.
Al-Issawi explained, “Iraq prefers to export its oil to Asian countries in order to maximize its revenues because insurance and transportation costs are borne by the buyer, and thus these costs do not appear in the pricing equation for oil exported to Asia. On the one hand, Iraq bears part of the insurance and transportation costs when it exports to Asia.” European markets reach about $3, and $3.3 per barrel for the American market due to the long distance, in addition to the traffic fees imposed on oil tankers that pass through water canals.”
Al-Issawi pointed out that “the Russian-Ukrainian war and the American-European economic sanctions imposed on Moscow changed the map of global trade in general and energy in particular, especially Russian trade, which subsequently redirected many shipments towards Asia via the Mediterranean and the Suez Canal.”
Al-Issawi also pointed out that “China and India are the main traditional partners for Iraqi oil exports, but according to what was reported by one of the international companies, Russian oil exports transported by sea to India and China have grown very significantly since the beginning of 2022, and have risen to record levels within one year of 704 thousand barrels per day to about 1,258 thousand barrels, and therefore Iraqi oil exports to India and China have witnessed real competition with Russian oil exports, especially after Russia made offers and discounts to buyers of its crude oil exports,” pointing out that “these speculations were confirmed by Iraqi oil exports.” To India, which recorded its lowest level in 20 months during October 2022, a decrease of 6.9 percent compared to the previous year.
For his part, economic researcher Mustafa Al-Jayashi says: It is possible for Iraq to exploit the situation to its advantage. Iraqi crude oil may be an alternative to Russian crude oil in Europe if appropriate conditions are available.
Al-Jayashi stated that the countries of the Old Continent are facing a cold winter, in addition to being suffering from a large deficit in their energy balance. In 2021, the total production of crude oil in Europe reached about 527.13 million barrels per day, meaning that it imported more than 10 million barrels. daily to meet its needs, and it relies on Russian crude oil to meet 28 percent of this need.
[You must be registered and logged in to see this link.]
» utube 5/19/24 BRICS to Open a Central Bank Iraqs Relationship to BRICS Exchange Rate Up
» utube 5/18/24 MM&C Iraq Dinar - Iraq Central Bank - IMF - UNAMI - World Bank - Key Votes Tabled -
» Floating the Iraqi dinar A solution to fill the "gap" of its turbulent price against the dollar
» Kanna: The Constitutional Amendments Committee was completely marginalized for two reasons
» The repercussions of the Ukrainian company continue.. Is Iraq facing a real economic disaster?
» A government body sends an invitation to the Central Bank regarding the Hajj dollar
» Pessimism surrounds the electricity situation during the summer: the suffering will be repeated and
» Presidency of Parliament is Haqq Anbari.. Why does “Progress” stand against this entitlement? - Urge
» Bloomberg: Iraq achieves sufficiency in diesel fuel and stops importing it
» Hajj calls on the Central Bank to direct banks to open their doors to pilgrims to exchange dollars
» In an extraordinary session...the Council of Ministers votes today on the budget schedules
» Al-Khanjar: Parliament members presented a chaotic model that does not befit Iraq
» The President of the Republic told NATO: The Iraqi army has the readiness to face security challenge
» List of countries exporting most goods and services in the world.. What is Iraq’s rank?
» The General Tax Authority initiates a package of reforms to achieve “two goals”
» A Jordanian minister reveals "significant" coordination with Iraq and talks about smuggling operatio
» The Sudanese confirms to his Kuwaiti counterpart the depth of the two countries’ relations and the s
» With documents... Finance publishes controls that concern the segment of employees, including promot
» A female representative explains the government’s ambition to reach the production of 8 million barr
» Next month... a major conference to announce 8 cities as investment opportunities
» The presence movement: Iran urged Barzani to participate in the region’s elections
» In a strange incident, they disowned him because of Al-Halbousi’s anger at him
» Race for the Presidency of Parliament.. The Sunni conflict is worsening
» Responding to the challenge to the constitutionality of the seat distribution system in the provinci
» Demanding an increase in the allocations for two ministries in the current year’s budget
» Parliamentary Finance: Employee salaries amounted to 8 and a half trillion
» In the amount of 10 million... an Iraqi government bank begins granting loans to married couples
» Hajj and Umrah Authority: Iraqi banks refrain from receiving pilgrims
» The Minister of Electricity calls for mobilizing energies in preparation for the upcoming summer sea
» The United Nations Development Program approves the electronic payment services system in Iraq
» Iraqi oil exports to America declined within a week
» Parliamentary praise for the government’s plans to implement projects to solve the housing crisis
» Has the government succeeded in controlling crowding by changing working hours?
» “Ali is not compensated with money, but I demand my rights.” An Iraqi sues a British oil company for
» Planning: The pilot census will start on the 26th of this month
» A project to develop a climate investment plan in Iraq
» Parliament awaits “budget schedules”
» Parliament: Infrastructure is the most important challenge of the housing crisis
» Announcing 8 cities as investment opportunities
» Minister of Health: We are proceeding with a project to manage modern hospitals by specialized compa
» An Iraqi initiative to ban the political exploitation of religions
» 70% completion of the Kompsan Dam in Erbil
» Paying off external debt is a step to promote stability and recovery
» An economic forum discusses business opportunities with Islamic countries
» More than one billion dollars in sales from the Central Bank of Iraq within a week
» Pakistan and its economic challenges
» Economic researchers emphasize promoting the culture of electronic payment
» The events in Parliament were “intended”... A politician accuses “Taqaddum” of preventing a figure f
» The Federal Court rejects the challenge to the constitutionality of a text in the seat distribution
» Primitive management of waste and medical waste in Baghdad... another danger threatening the populat
» Discrimination in projects and allocations.. The National Union complains of the injustice of Sulaym
» Parliament “claims confusion” despite the clarity of the interpretation of federalism.. What is the
» Khashan demands that Parliament terminate Haibat Al-Halbousi’s membership after he disrupted the pre
» Al-Sudani will visit Doha tomorrow to participate in the World Security Forum
» Al-Halbousi’s fears and ambitions waste the entitlement of the Sunni component: Parliament events ar
» Transition to modern agriculture.. Parliament reveals financial allocations to purchase 11,000 “spri
» Iraq “negotiates” Erbil over the passage of the Al-Faw train and awaits a meeting with Turkey and th
» Türkiye builds the “carrot” and Iran diverts the rivers.. An Iraqi expert discusses “the weakness of
» To facilitate the movement of goods transport.. Al-Dakhil directs the opening of Mosul - Dohuk contr
» “Siemens will keep pace with Iraqi electricity.” The Ambassador: Iraqis requested bribes from German
» Services will enter 13 areas.. Al-Zubair will convert heavy sewage into fertilizers.. and infrastruc
» Representative regarding what happened during today’s session: an insult to the legislative institut
» Parliament is “perplexed” and will take a month with the tables: the budget has increased and the op
» Where has the legal battle between the Iraqi "Jaloud" and the British company "BP" reached?
» A government plan to raise the price of refining oil.. Will the refineries lose, or will the price o
» The Hajj Authority calls on the Central Bank to direct banks to open their doors to pilgrims
» Martyrs Foundation: Thousands of mass graves in Iraq will not be opened yet
» Sadiqoun is betting on resolving the parliamentary presidency issue today...a fourth and fifth round
» The House of Representatives adjourns its session until further notice
» utube 5/16/24 MM&C Al-Sudani - Political Week - Progress Internationally
» Calls to include local oil and electricity sales in the general budget
» Al Rasheed Bank issues instructions to facilitate the issuance of replacement cards for bank card ho
» Internal debt rises to 79 trillion in 2024.. What is the relationship between spending and loans?
» Members of Parliament head to the Great Hall to initiate procedures for electing the president
» The House of Representatives concludes the report and discussion of the draft law on public holidays
» The House of Representatives votes to extend its legislative term for 30 days
» A Canadian company is “unable” to dismiss its director authorized to protect Baghdad Airport: Iraq i
» Economic Institution: The value of China's exports to Iraq increased by 93% in 10 years
» The Presidency of Parliament decided to devote today’s session to electing the president only
» In the presence of 183 deputies...the House of Representatives holds its session
» Al-Kadhimi hints at the possibility of postponing the session to elect the Speaker of Parliament
» The regional government announces the payment of employees' salaries via “My Account”
» The Minister of Transport reviews the details of the development road and Al-Faw Grand Port projects
» Istanbul will host expanded Turkish/Arab economic meetings at the beginning of next month
» Customs sets the date for collecting tax amounts electronically and sets a condition
» Sudanese agrees to support pilgrims with an amount of 39 billion dinars to reduce the cost of Hajj
» The Sudanese advisor clarifies the discussion of budget schedules in the extraordinary session of th
» Most of the framework and the Kurdistan Democratic Party will vote for Al-Mashhadani as Speaker of P
» A deputy considers the movement of Turkish forces inside Iraqi territory an occupation
» Directing the Ministry of Finance to spend drug law implementation budgets
» A parliamentary movement to resolve the fate of holding private wards
» A member of a legal movement calling for accelerating the amendment of Article 57
» A parliamentary effort to gain ownership of the trespassers and slum owners
» There is a consensus on deciding the presidency of Parliament today, and the balance is tilted towar
» The price of the dollar is witnessing a slight increase in Baghdad, Basra and Erbil
» Behind the scenes of electronic blackmail in Iraq... “A good hacker,” “blackmailing spouses,” and se
» The coordination framework supports Al-Sadr: We will pass the “Eid Al-Ghadir” holiday today
» The session to elect the Speaker of Parliament... intense meetings and fears of its failure due to “