WOTS FRI Feb 19 21
These are the articles I discussed on the My FX Buddies podcast: https://anchor.fm/dashboard/episode/eqn5pt
KHAS ... AL-RAFIDAIN BANK LEAVES THE SEVENTH ITEM
Al-Rafidain Bank announced today, Thursday, that it has withdrawn from Article Seven that was previously imposed on it.
The director of Al-Rafidain Bank, Hussein Ali Al-Zubaidi, revealed in a statement singled out by the "National News Center" "about the fulfillment of the requirements for the exit of the Rafidain Bank from the UN decision of Chapter Seven.
Al-Zubaidi explained that "the exit decision came after fulfilling all the bank's financial obligations to international financial institutions."
He favored "his bank obtaining large bank credits after this decision, especially the foreign dealings of state institutions and departments."
Oil demand expected to peak and $150 per barrel price expected
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Oil demand is expected to rise to its highest level, with the price of a barrel rising to $150 a barrel over the next five years, the Daily Telegraph reported.
Oil appears to be on the verge of a new golden age in the next few years, with global demand for crude to peak, the paper said in a report, but warned that rising prices to all-time highs could accelerate the shift to electric cars and reduce investment in exploration.
She noted that oil prices have been rising significantly since the start of easing the closure restrictions caused by the Corona epidemic, and with the activation of vaccine distribution plans globally and the emergence of gradual signs of economic recovery, the price of Brent crude rose from $44.1 in mid-November to $64.5 recently, a rise of 46.2% in about four months, and indeed, the morale of the energy market has improved with the reopening of factories in China and Japan, and the rise of fuel demand in Europe.
The newspaper pointed out that there is not enough supplies to come to replace the structural decline in the old oil wells, and once the price of Brent reaches $100, the cost advantage quickly turns to the green camp (environmentalists), where high prices will accelerate the migration of large funds to the most lucrative green technology, a last step that could wipe out exploration forever.
According to the newspaper, there are doubts about the long-term feasibility of oil, fears of long-term risks that will close the financing window, and talk of outstanding assets scares investors, which will lead to the reluctance of companies to pump large amounts into large projects that take seven years to bear fruit.
"Basically, all companies have now recognized the climate emergency, all of which are adopting carbon neutral targets, and can only be achieved by increasing spending on renewable energy and allowing their oil production to decline," said Jean-Louis Le Mee of energy hedge fund Westpac Capital.
Le Mai believes that the global economy is on the cusp of the biggest supply pressure in the history of oil markets, at a time when Goldman Sachs and JP Morgan see us at the top of the Himalayas because of supply pressure.
The Iraqi Parliament talks about the government’s presentation of a “new budget” in the coming months!
The Economy and Investment Committee in the Iraqi Parliament revealed today, Thursday, the intention of the Iraqi government to present a “new budget” during the coming months, while explaining the reason for that.
Committee member Nada Shaker Jawdat told Shafaq News, “The Iraqi Council of Ministers has fixed the price of selling a barrel of oil at (45) dollars within the 2021 Budget Law, and oil is currently sold (65) dollars, and this price is subject to increase during the coming period, according to experts and all studies “.
Jawdat indicated that “the surplus of oil prices will be presented in light of a supplementary budget, which the Iraqi government will provide to the Iraqi parliament, during the coming months, and the funds of these Maronites will be complementary to the previous budget and distributed to all Iraqi provinces, each according to the need of projects and others, and the parliament will carefully monitor these funds.” And the way to spend it through the supplementary budget, so that it is far from any suspicions or waste. ”
The halls of the Iraqi parliament are witnessing negotiations between the political forces to reach an agreement on the 2021 budget, without any progress in the matter of voting on it.
WOTS report is below here:
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1459.0000 | 1464.0000 | 1457.7000 | 1457.3000 | 1457.3000 |  -0.3000 | 16:00 |
| USD/VND | 23018.0000 | 23022.0000 | 23006.0100 | 22998.6200 | 23003.3600 | -1.1600 | 16:00 |
| USD/CNY |  6.4859 | 6.4879 | 6.4874 | 6.4541 | 6.4864 | -0.0012 | 16:00 |
| USD/KWD | 0.3020 | 0.3030 | 0.3026 | 0.3021 | 0.3024 | -0.0001 | 16:00 |
| GBP/USD | 1.4012 | 1.4015 | 1.4035 | 1.3951 | 1.3972 | 0.0019 | 16:00 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | -914.4000 | 07:13 |
| USD/IDR | 14058.0000 | 14075.0000 | 14117.0000 | 13996.0000 | 14014.0000 | 50.0000 | 15:59 |
Politics Seeping Into Daily Life -- and Ruining Everything...
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Bitcoin Nears $1 Trillion Value as Crypto Jump Tops Other Assets...
Advisor Al-Kazemi: Iraq is on the edges of economic recovery in two areas?
Advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq is on the brink of economic recovery, indicating that the Supreme Committee for Reform has important decisions to advance the public and private sectors.
Saleh explained, "Iraq is on the edges of economic recovery at the present time in two areas. The first is that there is a tangible agricultural boom that will achieve growth in non-oil GDP in the year 2021 by more than 4%, which is about one and a half times higher than the population growth. The second range is A boom in the energy demand sector in the world, as oil prices have gradually recovered, which is a positive sign and strengthens the country's overall financial capacity.
Saleh stressed "the necessity of dealing with this matter with great caution, by laying a basis for sustainable development and minimizing economic shocks."
He pointed out that "the international community supporting Iraq through the International Financial Alliance team, which was established months ago, expressed its desire to support the established principles of sustainable growth in the national economy as expressed in the white paper recently approved by the Council of Ministers by establishing a blueprint and an institutional entity (for economic reform), which is considered The support for this developmental sustainability. "
He added, "The formation of the Supreme Committee for Reform that will have decisive and fundamental executive decisions to promote productive, investment and operational activity in the public and private sectors will be supported by a large international presence represented by international multilateral financial institutions and the Group of Seven major industrialized countries."
He pointed out, "The availability of national and international will will be embodied by participation in reconstruction and the establishment of the reform team and the transformation of the country from (crisis economy) to (construction economy and sustainable development), to be the cornerstone of the economic transition of development."
A new round of financial talks between Iraq and a European country
On Friday, Minister of Finance Ali Allawi discussed with the Ambassador of the Kingdom of the Netherlands to Baghdad, Michael Rentinar, and the official of the Economic Department, Merrill de Konink, the economic and financial aspects and the importance of enhancing cooperation opportunities between the two countries.
The ministry’s media office said in a statement, which “people” received a copy of (February 19, 2021), “The Minister of Finance, Ali Abdul-Amir Allawi, received the Ambassador of the Kingdom of the Netherlands to Baghdad, Ambassador Michael Rentinar, and the official of the economic department, Mrs. Merrill de Konink, at the ministry’s headquarters.”
The statement added, “During the meeting, they discussed the overall bilateral relations between the two countries, especially the economic and financial aspects, and the importance of enhancing cooperation opportunities on various levels in a way that meets the aspirations of the two peoples.”
According to the statement, the minister stressed “the importance of opening the horizons of constructive cooperation,” stressing that “Iraq’s strategy in its balanced relations with all is based on the observance of common interests with world countries in a way that serves progress and prosperity for our people and friendly peoples.”
The statement continued, “The ambassador expressed his thanks to the minister for the good reception, stressing at the same time the desire of his country’s government to strengthen bilateral relations and cooperation with Iraq for the benefit of the two countries.”
Parliament refused to vote on the price of a barrel of oil in the 2021 budget
Next Thursday, the Parliamentary Finance Committee suggested a date for voting on the 2021 budget after reaching a final government agreement on the region's oil exports.
A member of the committee, Sadiq Mudlul Al-Sultani, revealed, according to the official agency, that "the federal government and the regional delegation reached a semi-final agreement on the region's oil exports and its share in the budget."
Al-Sultani added, "The agreement is to deliver 250,000 in-kind barrels per day in favor of the National Oil Marketing Company (SOMO), and the remainder of the production is paid in the form of production, marketing and domestic consumption costs in the region."
And he continued, "It is likely that the budget will be presented to a vote next Thursday after the final agreement is drawn up between the parties in the draft budget.
Washington: US forces will participate in the ‘new mission’ inside Iraq
The Pentagon has opened the door to the possibility of sending more American forces to the Middle East as part of a newly expanded NATO training mission to support Iraqi forces and ensure ISIS never rises again.
A Pentagon spokeswoman, Jessica L. McConnellty, told CNN, and “People” followed her (February 19, 2021), “The United States is participating in the force formation process for the NATO mission in Iraq and will contribute its fair share in this important and expanded mission.”
US Defense Secretary Lloyd Austin spoke about the mission with his NATO counterparts during a meeting with defense ministers on Thursday.
Late Thursday night, Pentagon spokesman John Kirby made it clear that “there are no plans to send more US forces to Iraq.” However, a defense official told the channel that US forces could also support the mission from outside the country.
“We support the expanded NATO mission in Iraq and will continue to do so, but there are no plans to increase US troop levels there,” Kirby said on Twitter.
The North Atlantic Treaty Organization (NATO), Thursday, announced the increase in the number of its forces in Iraq in order to expand the task of training Iraqi forces, while no decision has yet been made on the withdrawal from Afghanistan.
NATO Secretary General Jens Stoltenberg said in a press conference after a videoconference with NATO defense ministers that “it has been decided to expand the training mission in Iraq to support Iraqi forces in the face of terrorism and to ensure that ISIS does not return.”
Stoltenberg added that “the number of NATO forces will gradually increase from 500 to about 4 thousand, and their deployment will extend to areas outside Baghdad.” Allow the Iraqis to achieve stability in their country. ”
He pointed out that the increase in NATO forces will be gradual and come at the request of the Iraqi government.
Austin welcomed the “expanded role” of the NATO mission in Iraq, according to a reading of the discussions provided by the Pentagon. He expressed confidence that all the work done so far with the Iraqi government and Iraqi security forces will lead to a self-sufficient mission.
In a related context, the “Daily Mail” newspaper quoted military sources as saying that the International Coalition Forces intend to increase the number of its soldiers in Iraq to 5 thousand members.
The newspaper said that hundreds of British soldiers would be sent to Iraq in the largest increase of British forces there since the last Gulf War.
The number of British forces is expected to double or triple later this year.
In total, 179 British soldiers have lost their lives in Iraq since March 2003, while the last troops withdrew there in May 2011.
Currently 100 British personnel are stationed there to train Iraqi security forces. Within the framework of the international coalition’s mission to combat ISIS, with the possibility of them playing security roles.
The announcement by British Defense Minister Ben Wallace last night that hundreds of soldiers would be dispatched came days after a missile attack on an international coalition base near Arbil airport in northern Iraq killed a civilian contractor and wounded nine others.
In support of the decision, the former commander of British forces in Afghanistan, Richard Kemp, said: “Iraqi forces are facing an increasing threat from ISIS, as there was a double suicide attack in Baghdad in January in addition to daily terrorist attacks in different parts of the country.”
Kemp explained that the return of the force to ISIS “has led to several terrorist attacks in Europe including the United Kingdom.”
He added, “We and NATO must do everything in our power to help the Iraqis improve their military capabilities so that they can impose greater control over their lands. In this way, we will protect our homeland as well.”
