Home
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.]
- [You must be registered and logged in to see this link.]
2022-07-12
Shafaq News/ The South Korean Econo Times newspaper ruled out, on Tuesday, that Iraq would have the ability to secure an alternative to the global oil demand market, in light of the shortage it suffers from, pointing to a series of challenges facing Iraq, especially corruption that is being dealt with. On the grounds that it is a "rules of the game" that exists and not just a pest.
And after the economic report translated by Shafak News indicated that French President Emmanuel Macron said during the last seven countries summit in Germany that Saudi Arabia and the UAE, two of the largest exporters in OPEC, may not be able to increase their oil production in the next six months in order to Dealing with the increase in global demand for oil, but he considered that this talk raises the question: If Saudi Arabia and the UAE are not able to pump more barrels of oil, who will do that?
[size=16]Corona epidemic and the Ukrainian crisis[/size]
The report pointed out that the global oil markets had been struggling for months under the influence of the recession caused by the Corona epidemic and the start of the global recovery, but the Ukrainian crisis caused chaos in global markets, as the rapid rise in demand led to a decline in the contraction of supplies and then the rise in prices around the world.
The report pointed out that world leaders are trying to persuade the exporting countries to increase extraction from their oil reserves and thus raise production, and great hopes were placed on Saudi Arabia, which US President Joe Biden is visiting after two days, despite his pledge to isolate it because of its human rights practices.
While referring to Macron's comments confirmed by the UAE, showing that neither Saudi Arabia nor the UAE have the spare capacity to pump additional barrels, he continued that some analysts considered that the entire OPEC system had "collapsed", and therefore there was a need to look towards other countries that have oil reserves. untapped.
And he indicated that, in the past weeks, Washington began exploratory talks with Venezuela and Iran, and they are likely to demand, in return, the easing of economic sanctions imposed on them, in exchange for increasing their production.
[size=16]Pipe dreams[/size]
In this context, the report specifically referred to Iraq, explaining that it has a great ability to extract and export oil, as it produces about 4.5 million barrels per day, and according to the Iraqi Minister of Oil, it is likely to raise its production to 6 million barrels per day by the year 2027, then to 8 million barrels.
After the report pointed out that the increase in Iraqi production would be a "great blessing" on global oil supplies, the report added, however, that "corruption, political paralysis and insecurity make Iraq an unreliable partner to secure additional barrels of oil."
The report spoke of the "imbalance of Iraqi politics" that allowed for a concentration of the country's wealth in the hands of a minority of politicians and bureaucrats, and corruption within the system cost billions of dollars and created "a weak state that is unable to control its natural resources."
He noted that "Iranian-backed militias regularly attack oil and gas infrastructure, while unclear legislation leaves the federal government and the Kurdistan Regional Government wrangling over rights to control the oil fields."
In addition, international companies are wary of doing business inside Iraq due to the unpredictable business climate and high levels of corruption where bribery is prevalent, adding that for those companies that have managed to gain a foothold, they are not insured against illegal interference from the state by its actions.
[size=16]The “incompetence” of the judiciary[/size]
The report dealt with the absence or inability of local judicial authorities to guarantee the rights of companies, referring in this context to the case of Petrofac, which was tried in Britain last year and ordered to pay a fine of 70 million pounds due to illegal payments made to obtain contracts in countries in the Middle East. , including Iraq.
The report also mentioned the case of the Kuwaiti "Agility" company, which filed a lawsuit abroad against Iraq for its arbitrary confiscation of $380 million of its investments in the "Kork" Communications Company in the Kurdistan Region.
The report considered that such cases and cases related to corruption and judgments show that corruption in Iraq is one of "the rules of the game, and not a scourge that must be addressed," recalling that "Agility", in the wake of the judicial ruling that was not in its favour, issued a statement in which it said that foreign investors should Those who wish to invest in Iraq, "must think carefully about the risks of investment."
[size=16]local challenges[/size]
The report concluded by saying that all this does not present an appropriate picture for foreign oil companies to invest in and partner with the Iraqi energy sector, with the aim of trying to overcome the stagnation in global oil production, despite the report indicating that Iraq enjoys a unique position that enables it to benefit from the situation and increase its production.
The report concluded by saying, "The familiar domestic challenges mean that Iraq is not likely to be the solution to the global oil shortage," adding that "Iraqi corruption, from ordinary citizens who have to pay bribes, to international investors who have been deceived by hundreds of millions Of dollars, it is a disaster for everyone, except for the Iraqi officials."
"It seems that they want to keep it that way," he concluded.
[You must be registered and logged in to see this link.]
» Distributing more than 900,000 “biometric” voter cards in Diyala
» Southern Electricity is implementing a massive campaign to remove bottlenecks and introduce secondar
» Kirkuk's "Achilles' heel" since 2003: A European report warns of escalating tension and suggests sol
» They live and disappear.. Iraq fears the “messages” of kidnapping foreigners and fears the reluctanc
» The files of the elections and the strategic agreement are on the table of Al-Maliki and the America
» Iraqi efforts to construct 36 rainwater dams to confront drought
» Iraq once again praises the results of the security agreement with Iran
» Parliamentary Finance discusses with the Minister of Planning and the governors the reasons for the
» Obelisk Hour: The general amnesty and Kirkuk are confirmed in the political agreement paper
» The Commission announces important dates and responds to concerns about cybersecurity
» The Baghdad International Book Fair records a distinguished Arab and foreign presence
» Before the OPEC+ meeting tomorrow... Iraq comments on the price of $100 per barrel
» Parliamentary energy calls for revealing the fate of compensation payments after Türkiye announced t
» Agriculture is reassuring: there is no scarcity of crops and the local product is available to meet
» In celebration of National Day.. The Sudanese issues a traffic order regarding the Green Zone
» Parliamentary dissatisfaction with the lack of school services in the southern governorates
» Parliamentary Committee: Food security will be achieved due to promising rainy season forecasts
» Al-Maliki to the US Ambassador: Iraq aspires to hold elections capable of providing services to the
» In the document... Education extends the working hours of all universities and regulates the attenda
» Iraq offers Russia participation in the development road project
» Al-Ghais: OPEC is optimistic about demand... and the lack of investment puts energy security at risk
» A senior American official reveals the value of Washington's remaining aid to Kiev
» A politician reveals the reason for Al-Halbousi’s silence regarding the Khor Abdullah file
» Rights: Al-Halbousi’s silence regarding Khor Abdullah confirms his complicity with Kuwait
» The US Army transports 95 tankers of stolen Syrian oil to northern Iraq
» Parliamentary Integrity opens a corruption file worth 38 billion dinars in one of the security servi
» Al-Ittihad: We have no relationship with the Labor Party, and Turkey provides pretexts to bomb Sulay
» The army relies on "fixed points" to secure electricity lines coming from Baghdad towards Diyala
» The popular movement calls on the Kurdish forces to state their position on canceling the Khor Abdul
» Until further notice.. Postponing the winter agricultural plan in Anbar
» Kirkuk rejects Barzani's authority.. The people's desire "fails" the region's plans
» Parliamentary Integrity reveals details of 3 important laws to combat corruption
» Baghdad Governorate announces the achievement of advanced completion rates at Al-Nahrawan Hospital a
» Al-Araji discusses multiple files with the advisor to the President of the Republic
» State of law: For this reason, the implementation of the federal budget law was delayed
» The coordination framework defends Al-Abadi after he was attacked by MP Muhammad Nouri
» Transportation is moving to inventory accounts for its ineffective formations
» The judiciary sentences a political analyst who defamed the Prime Minister
» In the document, the Central Bank gives exchange companies 6 months to implement this order
» Iraq is among the cheapest countries in the world for the price of gasoline
» “Retaliatory” measures against money changers and looming demonstrations.. How did the Central Bank
» Disagreement in the results of counting and sorting.. A political front speaks of a “serious defect”
» An “unreasonable” and proposed measure to resolve the Kurdistan employee salaries crisis: The author
» The dollar is at a new high amid strong data
» Erbil is "desperate" to export oil through Ceyhan and companies are besieging the region with "debts
» Again.. the dollar is flying high against the dinar, recording 158 thousand
» "Sumer" and "Akd" were launched on the way... Iraq is planning to build a fleet of giant tankers to
» Video: Karbala Statistics Department talks about conducting an electronic population census and the
» American report: Because of Iranian influence, Iraq cannot be a partner with Washington
» Experts: Sudanese demand that the international coalition leave Iraq is “far from reality”
» Iraq and Russia conclude a memorandum of understanding in the field of combating corruption and prev
» Media and communications call for intensifying efforts to show the importance of the National Day an
» In pictures: Arab artists arrive in Baghdad to participate in the Iraq International Festival
» Planning announces the preparation of a new electronic system for classifying contracting companies
» In pictures...rare documents regarding Iraq's entry into the League of Nations
» Deputy: 11 countries want to invest in the path of development...the number will reach 50 soon
» Syria accuses America of stealing its oil and transporting it to its bases in Iraq
» Al-Sudani: Iraq will remain a pillar of stability in the region and the world
» There was much disagreement about it and it was chosen 4 years ago.. What do you know about Iraq’s N
» After Sunday's attack, a huge security operation in Turkey against the PKK included 18 provinces
» The Ministers of Interior and Defense and senior security leaders congratulate the Alsumaria Foundat
» The rise in dollar exchange rates in Iraqi markets today
» On Iraqi National Day.. Washington re-introduces the slogan “comprehensive partnership” with Baghdad
» Foreign Affairs: Disagreements over many issues with Türkiye, especially water
» An economic expert proposes a "magic solution" to avoid the crisis of the high price of the dollar
» Famous Bank: The Middle East is going through a golden age
» Kurdistan's violations... began with corruption deals. Will they end with obedience and loyalty to I
» In the document, the Central Bank gives exchange companies 6 months to implement this order
» Rusafa Municipality: A move to automate real estate transactions and building permits
» Baghdad and Moscow concluded a memorandum of understanding in the field of combating corruption
» Transportation forms a committee to analyze immobile bank accounts in the ministry
» Decisions of the 29th session of the Ministerial Council for the Economy
» Compulsory conscription will be absent for a long time this time.. The idea of a “security contrac
» The Ministerial Council for the Economy takes a package of decisions regarding mills... and raising
» An Iraqi company unveils a fertilizer that increases crop productivity by 40%
» American Foreign Policy: Washington must set red lines for the Patriotic Union of Kurdistan
» A new law changes Iraq's strategy to combat drugs
» Parliamentary Finance announces its agreement with the Minister of Planning to resolve the issues of
» Parliament adjourns its session until next Wednesday
» Advisor Mazhar Saleh: Sovereign guarantees encourage the business environment in Iraq
» Exchange companies under categories (A, B)
» After months of suspension and years of disputes.. What is the Iraqi-Turkish oil line?
» The Central Bank denies the scarcity of cash liquidity and describes its currency and gold reserves
» An economic expert details the cash conversion cycle of the Iraqi dinar
» 98% of the factories of the largest industrial city in eastern Iraq have stopped
» After procrastination and procrastination.. What are the implications of Turkish approval to resume
» Concerning Khor Abdullah... collecting parliamentary signatures demanding that the government take t
» The Judicial Council reveals the preparation of a law for general amnesty for women and juveniles
» Al-Araji: Iraq is continuing to implement the provisions of the joint security agreement with Iran
» The President of the Republic receives the credentials of the ambassadors of four Arab and foreign c
» Transport announces the start of the second phase of operating the Grand Welcome Square
» “Secretly”.. Revealing the agendas of Masrour Barzani’s visit to Israel
» Al-Halbousi summons a thousand soldiers to protect his homes in Anbar
» Al-Iqtisad News publishes the recommendations of the World Investor Day Conference
» Commerce sets the date for starting the first step of electronic transformation
» The Minister of Agriculture directs the release of funds for compensation for the loss of land
» Labor announces the suspension of restrictions on 448 beneficiaries of the full-time employee’s sala
» The Iraq Stock Exchange announces trading indicators for shares of joint stock companies for the mon