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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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    A detailed explanation of the implications of Trump’s victory on Iraqi oil policy

    Rocky
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    A detailed explanation of the implications of Trump’s victory on Iraqi oil policy Empty A detailed explanation of the implications of Trump’s victory on Iraqi oil policy

    Post by Rocky Fri 08 Nov 2024, 4:14 am

    A detailed explanation of the implications of Trump’s victory on Iraqi oil policy

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    Baghdad Today - Baghdad
    Member of the Parliamentary Oil and Gas Committee, Bahaa Al-Nouri, said today, Thursday (November 7, 2024), that oil prices and the movement of the global oil market, including Iraq, may witness a change with the arrival of Donald Trump to the White House.
    Al-Nouri told Baghdad Today, "OPEC is currently managing the movement of the oil market in a stable manner and it controls its price globally, but the oil sector may witness a change with the arrival of Trump to power in the United States, and this is what the coming period will witness."
    He added, "The stability of the Middle East will contribute to the stability of oil in Iraq and the region, as foreign policy affects oil, its sale and price, especially since Iraq depends on the sale of oil by 95 percent, and any other problems will lead to a decrease in its prices globally."
    Donald Trump won a new presidential term, making the businessman the second president in history to return to the White House in two terms, breaking a historic achievement that no one has achieved in 136 years, and for America and the world to face an exceptional period during which the world’s number one power is led by an exceptional figure, in light of a Republican majority in the House of Representatives and the Senate.
    Two negative reasons for the Iraqi economy
    Trump's assumption of power in the United States will have major repercussions on the economy in Iraq, as indicated by economic experts, for two reasons: The first is Trump's policy against oil-producing countries, as he will seek to reduce oil prices, and thus will negatively affect the Iraqi economy as it depends on the oil sector by approximately 90%, and thus will lead to the depletion of the Iraqi Central Bank's hard currency reserves.
    The other reason is the dollar shortage crisis in Iraq that it is currently experiencing, which could worsen, leading to the depletion of the value of the Iraqi dinar, because if the political and military conflict between the Iraqi factions and the United States intensifies, then Iraq could be exposed to specific economic or financial sanctions by America, which will tighten the noose on the Iraqi economy through the dollar.
    Temporary gains and global concern
    In this context, Professor of International Economics, Nawar Al-Saadi, believes that "Donald Trump's victory in the US presidential elections will have major impacts on the global economy." This came in a statement he made to "Baghdad Today" on Wednesday (November 6, 2024).
    Al-Saadi says that “Donald Trump’s return to the US presidency will have major impacts on the global economy. In his first term, he adopted the ‘America First’ policy, which brought about fundamental changes in the global economy by imposing US tariffs on many countries, such as China, and he is the one who started the trade war that affected the smooth flow of supplies and commodity prices.”
    “Trump’s return to the presidency for a second time means that protectionist policies are expected to escalate, which could lead to increased global inflation due to retaliatory US tariffs and higher commodity costs. The policy of isolation from multilateral agreements, such as the Paris Climate Agreement and the World Health Organization, could weaken these institutions and reduce their ability to confront global crises, leading to more economic instability,” he added.
    Al-Saadi also points out that “geopolitically, Trump’s policies in the Middle East and his relations with Saudi Arabia and Iran may have direct impacts on oil markets and energy prices, while his relations with Russia may lead to a re-evaluation of some Western security relations, and these trends may destabilize energy markets and economies dependent on them.”
    The professor of international economics continued: “As for future scenarios, they may range from escalating trade wars that may create global economic divisions, to reshaping global trade alliances, and the trend towards reducing dependence on the US dollar may accelerate, if the policies led by Trump continue in this direction.”
    Al-Saadi concluded by saying that “some American industries may achieve short-term gains as a result of Trump’s policies, but the global economy may face uncertainty and volatility, especially with regard to trade and security relations.”
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