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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    International report: Rising oil prices support Iraq's hard currency reserves

    Rocky
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    International report: Rising oil prices support Iraq's hard currency reserves Empty International report: Rising oil prices support Iraq's hard currency reserves

    Post by Rocky Tue 08 Mar 2022, 5:06 am

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    [size=52]International report: Rising oil prices support Iraq's hard currency reserves[/size]

    [size=45]Translation: Hamed Ahmed[/size]
    [size=45]An international report spoke of positive returns from the rise in oil prices on Iraq, stressing its contribution to increasing hard currency reserves, but returned to clarify that there are fears that this rise will not continue for a long time as it is linked to the war between Russia and Ukraine.[/size]
    [size=45]And the international economic expert, Ahmed Al-Tabbajli, stated in a report published on the American (Iraq Business News) website and translated (Al-Mada), that “the rise in the oil market index will have a promising developmental return for Iraq’s economy and financial position, leading to positive stability of the country’s currency over years, which will translate In return, he increased his hard currency reserves.[/size]
    [size=45]The report added, "The oil market, according to the RSISX USD Index, achieved an increase in prices between 4.5% to 8.8% during this year, which means an improvement in Iraq's economy over the past two years with promising and distinct development indicators."[/size]
    [size=45]Tabaqali says in his report that "Iraqi oil sales for the fifth month in a row are steadily rising amid a continuous increase in oil prices."[/size]
    [size=45]He pointed out, "The country's escalating financial efficiency as a result of high oil prices in exchange for increased sales will have significant positive effects on both the Iraqi economy and market justice, taking into account the centrality of the country's economy that depends on government spending from oil revenues."[/size]
    [size=45]Nevertheless, the economist says, according to the report, that “there is a great deal of fear regarding the current oil prices, as it is likely that they will not stabilize for a long time on this ceiling, and this is related to the volatile geopolitical landscape of the consequences of the Russian invasion of Ukraine, which will have important returns on the principle of supply and demand.” on oil.”[/size]
    [size=45]With regard to the demand side, the report considered, “The limited obstacles and disruptions caused by the new mutant Omicron to economic activity worldwide since its appearance, have strengthened the promised market expectations that the demand for oil will return to rates before the emergence of the Corona Covid 19 virus in the year 2019 and there is no reason, at least for the time being, that these expectations might change significantly following the invasion of Ukraine.”[/size]
    [size=45]The report confirmed, "The expectations of supply and supply for the oil market will return to their rates that were before the emergence of the Corona Virus Covid-19 pandemic, and it is expected that they will be reconsidered in light of the pressures that the OPEC Plus group will be exposed to, amid the new change that has occurred in the world."[/size]
    [size=45]He stressed, "The plans of OPEC Plus, before the events that led to the current crisis, were to be completely free from the production cuts agreed upon in April 2020 by September 2022."[/size]
    [size=45]The expert, Tabaqjali, finds, “The situation may worsen, given the scope of the expanded sanctions imposed on Russia, which will negatively affect its oil production and the production of many members of the OPEC Plus group allied with Russia, and consequently the supply will be more restricted than expected, and perhaps Saudi Arabia will increase its production.”[/size]
    [size=45]And the report stated, "Oil prices in relation to supply and demand and what they mean for the Iraqi economy will be more clear for the aspirations of 2022 and their positive effects on the country's economic situation for the current government and future governments, and this has an impact on the accumulation of the financial surplus."[/size]
    [size=45]He added, "Oil prices had recently reached their highest price since 2014, and the Iraqi Oil Minister, Ihsan Abdul-Jabbar, expected earlier this month that oil prices would exceed $100 per barrel in the first or second quarter of this year." With global stocks falling to their lowest level.[/size]
    [size=45]The report concluded, “Abdul-Jabbar stated that the Iraqi government’s budget for 2022 should be based on an oil price ranging between 55 and 60 dollars, especially since the average exports will reach 3.4 million barrels per day, including Kurdistan region oil.”[/size]
    [size=45]An official statement of the Ministry of Oil had indicated that Iraq achieved the highest level of oil sales in eight years last month, at a rate of more than 3.3 million barrels per day, while imports during the same month amounted to 8.5 million dollars.[/size]
    [size=45]About Iraq business news[/size]
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