[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.]
Today at 2:36 pm by Rocky
» MM&C 6/29/24 Dinar Explainer 1: Why Iraq has Two Exchange Rates
Today at 5:15 am by Rocky
» utube 6/26/24 MM&C IQD Update-Iraqi Dinar-2024 Budget Deficit is Hypothetical-
Today at 5:14 am by Rocky
» Iraq's oil exports to America increased within a week
Today at 5:05 am by Rocky
» Construction defines the goal of the Ali Al-Wardi City project.. How many paragraphs does it include
Today at 5:04 am by Rocky
» Services Iraqis "want" to live in Kurdistan... Cheap housing and security are available
Today at 5:03 am by Rocky
» Iraq's agriculture flourishes again.. Farmers fight drought and the Gulf "melts" its crops
Today at 5:02 am by Rocky
» Planning announces the conclusion of five contracts to implement service projects in two governorate
Today at 5:02 am by Rocky
» Amin Al Iraq Bank: We were unable to increase our capital
Today at 5:01 am by Rocky
» Launch date of the electronic visa program for foreign workers in Iraq
Today at 4:59 am by Rocky
» Najaf resumes work on the electronic system
Today at 4:59 am by Rocky
» Al-Hakim: The revolution of the 1920s established the foundation for building a modern state away fr
Today at 4:56 am by Rocky
» Al-Sudani: We are keen to provide decent means of living and issue directives and legislation, the l
Today at 4:55 am by Rocky
» Al-Bujari announces the imminent reopening of Al-Wasiliyah Port in Basra
Today at 4:53 am by Rocky
» Basra Council announces receipt of 2024 projects plan
Today at 4:52 am by Rocky
» Today.. Announcing the winning investor of the "Baghdad Metro"
Today at 4:51 am by Rocky
» Foreign Ministry rejects US statements against the head of the Judicial Council
Today at 4:49 am by Rocky
» A conference to present investment opportunities for mining and industrial cities
Today at 4:48 am by Rocky
» Iraq ranks seventh in the world in sustainable development
Today at 4:47 am by Rocky
» The Prime Minister launches a package of development projects in Al-A'dhamiyah
Today at 4:46 am by Rocky
» Accelerated government steps to attract investment
Today at 4:45 am by Rocky
» Next August is the date for completing the finishing works of the {immersed tunnel}
Today at 4:44 am by Rocky
» Exceptional measures to relieve the displaced
Today at 4:42 am by Rocky
» Provincial council election employees without pay
Today at 4:42 am by Rocky
» Official commendations for the excellence of competencies in the media network
Today at 4:40 am by Rocky
» For the investment to be fruitful
Today at 4:39 am by Rocky
» Planning: Markets are “stable” and food security has improved due to the food basket
Today at 4:38 am by Rocky
» Al-Mandlawi: Congress's draft law against the head of the judiciary is an attack on Iraq's sovereign
Today at 4:36 am by Rocky
» Despite service spending and budgets, a visual area devoid of schools, roads, and health facilities
Today at 4:34 am by Rocky
» Unsound profit-making projects are being “blackmailed” by officials.. Private universities in Iraq “
Today at 4:33 am by Rocky
» Strategic position: Iraq ranks 11th among the countries most affected by terrorism
Today at 4:32 am by Rocky
» Kurdistan Finance announces sending payrolls of the region's employees to Baghdad for the month of J
Today at 4:30 am by Rocky
» Is the Sudanese government serious about expelling the Americans?
Today at 4:26 am by Rocky
» MP identifies positive points in Chinese agreement: “best for Iraqi economy”
Today at 4:25 am by Rocky
» Quotas and the position of the president.. “Achilles’ heel” increases the yield of the “lean seven”
Today at 4:23 am by Rocky
» The Kuwaiti Mubarak Port is economically useless without a railway port through Iraq
Today at 4:22 am by Rocky
» Planning: Granting the job number to more than 3 million and (600) thousand employees
Today at 4:21 am by Rocky
» Sudanese directs the establishment of museums for national and cultural symbols
Today at 4:20 am by Rocky
» Al-Sudani: The Iraqi press played an important role in difficult times
Today at 4:18 am by Rocky
» Iraq transfers $1 billion abroad in a week
Today at 4:17 am by Rocky
» Al-Sudani announces the allocation of 182 billion dinars to expand Abu Hanifa Mosque
Today at 4:15 am by Rocky
» An increase in Iraq's oil exports to the United States
Today at 4:15 am by Rocky
» Stability of green currency prices in Baghdad
Today at 4:14 am by Rocky
» Bar Association: The American targeting of the judiciary confirms its Iraqi national commitment
Today at 4:12 am by Rocky
» Launching an increase in salaries for retired workers in July... and stopping health care coverage t
Today at 4:08 am by Rocky
» The beginning of a long negotiation process.. Baghdad hosts an "expected" Syrian-Turkish meeting
Today at 4:06 am by Rocky
» The Najaf Court of Appeal begins electronic work with the systems for issuing legal arguments and di
Today at 4:05 am by Rocky
» Al-Sudani announces the allocation of land to establish a residential complex for the journalistic f
Today at 4:03 am by Rocky
» Economist reveals the main factors that influenced the implementation of the Maronites
Yesterday at 5:10 am by Rocky
» The energy equation: simple calculations and complex facts... turbine burden and transportation and
Yesterday at 5:08 am by Rocky
» Fake travel companies steal Iraqis' dreams and leave them in a spiral of frustration
Yesterday at 5:07 am by Rocky
» New Electricity Law and Its Intractable Problems
Yesterday at 5:06 am by Rocky
» Starting the procedures for converting agricultural buildings into residential buildings in Anbar
Yesterday at 5:04 am by Rocky
» Parliamentary Communications: Korek is delaying payment of its debts to the state
Yesterday at 5:03 am by Rocky
» Parliamentary Committee Reveals Reasons for Obstructing Oil and Gas Law
Yesterday at 5:02 am by Rocky
» A representative from Basra calls for activating the Iraqi-Chinese agreement
Yesterday at 5:01 am by Rocky
» Al-Tamimi warns of the fourth Turkish invasion of northern Iraq
Yesterday at 5:00 am by Rocky
» Investment: Iraq has become an important economic destination in the region
Yesterday at 4:59 am by Rocky
» Danger Threatens Iraq.. Civil Organizations Launch Awareness Campaign to Combat Drugs in Erbil (Phot
Yesterday at 4:56 am by Rocky
» Baghdad goes into a state of alert... information about a threat to target water projects with “pois
Yesterday at 4:54 am by Rocky
» The dollar opens the week slightly higher in Baghdad and Erbil
Yesterday at 4:53 am by Rocky
» "100,000 foreigners"... Oil companies manipulate the law on employing Iraqis
Yesterday at 4:52 am by Rocky
» Baghdad sends an “important” invitation to generator owners regarding operating prices
Yesterday at 4:50 am by Rocky
» The US State Department offers a $5 million reward for information about the “Crypto Queen”
Yesterday at 4:49 am by Rocky
» The Prime Minister visits the city of Adhamiya and launches a group of service projects to develop i
Yesterday at 4:47 am by Rocky
» Iraq is coordinating with 24 countries to recover nationals of the “most dangerous camp”... 45 thous
Yesterday at 4:42 am by Rocky
» Baghdad complains about "landfills" and tops the list of "polluted air"
Yesterday at 4:40 am by Rocky
» Investment and service projects turned into a source of funding for parties: Security forces failed
Yesterday at 4:39 am by Rocky
» 9-point incentives for greater change in “agricultural patterns” in Iraq
Yesterday at 4:37 am by Rocky
» "Wanted" by the Iraqi judiciary.. How will the government deal with the next US president?
Yesterday at 4:36 am by Rocky
» Connecting Iraq to Saudi Arabia.. Al-Amar announces the completion rates of the land Hajj route
Yesterday at 4:34 am by Rocky
» Al-Muthanna... Integrity monitors waste in transportation projects
Yesterday at 4:32 am by Rocky
» Energy Police announces the final elimination of oil derivatives smuggling
Yesterday at 4:31 am by Rocky
» Al-Sudani: Iraq is a safe and attractive environment for capital
Yesterday at 4:30 am by Rocky
» Parliamentary Committee: Service institutions in Iraq are “incapable” of service
Yesterday at 4:28 am by Rocky
» Minister of Justice announces the imminent granting of electronic bonds to citizens in the real esta
Yesterday at 4:27 am by Rocky
» Work: The salary of the full-time appointee for the month of June will be paid early next week
Yesterday at 4:26 am by Rocky
» Report: A new political initiative to resolve the crisis of the position of Speaker of Parliament
Yesterday at 4:24 am by Rocky
» MP Alia Nassif withdraws from Maliki's coalition
Yesterday at 4:23 am by Rocky
» Formation of a government committee to respond to the UN human rights report
Yesterday at 4:22 am by Rocky
» Sudanese launches a group of service projects in the Adhamiya area
Yesterday at 4:21 am by Rocky
» The Sudanese advisor confirms the state’s adoption of providing sovereign guarantees for private sec
Yesterday at 4:19 am by Rocky
» At a rate of 3.5 million liters... the start of super gasoline production in the northern refineries
Yesterday at 4:18 am by Rocky
» The exchange rates of the dollar against the dinar in Iraq today
Yesterday at 4:15 am by Rocky
» A new development “undermines” the justification for raising prices.. Will super gasoline be reduced
Yesterday at 4:14 am by Rocky
» The Parliamentary Committee for Displaced Persons confirms the “impossibility” of closing the displa
Yesterday at 4:12 am by Rocky
» Will the state adopt the provision of sovereign guarantees to finance private industrial projects?
Fri 28 Jun 2024, 6:47 am by Rocky
» Why did Bitcoin start a new downward path?
Fri 28 Jun 2024, 6:42 am by Rocky
» MM&C Central Bank: Cancellation of Paragraph (5/d) of the instructions and standards for circulation
Fri 28 Jun 2024, 5:14 am by Rocky
» Austria supports deportation of immigrants, including Iraqis, to their country
Fri 28 Jun 2024, 5:11 am by Rocky
» Parliamentary Oil Committee comments on the failure of producing provinces to receive petrodollar du
Fri 28 Jun 2024, 5:09 am by Rocky
» Al-Badri: The Aqaba pipeline represents a reward for American companies
Fri 28 Jun 2024, 5:08 am by Rocky
» Al-Lami: Parliament is dying because of the Sunni parties
Fri 28 Jun 2024, 5:07 am by Rocky
» The second within a week.. The Council of Ministers issues decisions related to investment, heritage
Fri 28 Jun 2024, 5:05 am by Rocky
» Integrity monitors waste by building residential homes in a company affiliated with the Ministry of
Fri 28 Jun 2024, 5:02 am by Rocky
» Al-Awadi: The Council of Ministers approves contracts with private sector companies to supply energy
Fri 28 Jun 2024, 5:01 am by Rocky
» As a result of the security prosecution...a parliamentary committee indicates a decrease in oil smug
Fri 28 Jun 2024, 4:59 am by Rocky
» Iraq announces the inclusion of 3,500 workers in optional social security during 2024
Fri 28 Jun 2024, 4:59 am by Rocky
» Al-Sudani's advisor gives good news to young people: Many job opportunities await you
Fri 28 Jun 2024, 4:57 am by Rocky