WOTS WED MAR 17 21
Financial Committee: Kurdistan Region will not deliver 460,000 barrels of oil to Baghdad
The reporter of the Finance Committee in the House of Representatives, Ahmed Al-Saffar, revealed that the Kurdistan Regional Government delegation rejected a proposal made by Shiite parties to deliver 460 thousand barrels of Kurdistan Region oil to Baghdad daily.
Al-Saffar said in a statement reported by Rudaw network and seen by Al-Iqtisad News, “The Kurdistan Region delegation, headed by Deputy Prime Minister Qubad Talabani, who arrived in Baghdad last night (March 16, 2021), adheres to the government text regarding the share of the incoming Kurdistan Region. In the draft Iraqi federal budget law for the year 2021. ”
The aforementioned text stipulates that the Kurdistan Region will deliver 250 thousand barrels of oil per day at the price of the SOMO company, in addition to half of the proceeds of the border ports and other federal revenues of the Kurdistan Region to the Iraqi government, and the financial dues between the federal government and the Kurdistan Region are liquidated for the period from 2004 to 2020, so that the Iraqi federal government Spending the Kurdistan Region’s share of the budget.
A rapporteur of the Parliamentary Finance Committee confirmed that the Kurdistan Regional Government delegation rejects the proposal of Shiite parties to the Kurdistan Region to deliver 460 thousand barrels of oil daily to Baghdad, and adhere to the text contained in the draft federal budget law for the year 2021.
Ahmed Al-Saffar said that the Finance Committee in the Iraqi Council of Representatives will meet today, Wednesday, to discuss issues related to the Iraqi federal budget bill for 2021.
Al-Tamimi: It shows the price of the dollar and Kurdistan’s share of the budget and its deficit
The Parliamentary Finance Committee clarified, on Monday, the files of the dollar price and Kurdistan’s share in the current year’s budget, and its deficit.
Committee member Magda Al-Tamimi said, "The committee completed the discussion and amendment of the draft federal budget law for 2021 about a month ago," noting that "the reason for the delay in settling the budget is due to the disagreement over Article 11 of the law, which relates to the Kurdistan region."
She added that "there is no change in the sale price of oil within the budget because the additional revenues that come from increasing the price of a barrel of oil will return to the budget," indicating that "the Finance Committee set the selling price at $ 45 after it was $ 42 per barrel."
She pointed out that "the deficit in the budget law amounts to 28.6 trillion dinars," pointing out that "there are those who link the Federal Court Law and the Budget Law, but indirectly, which is what those existing disputes over the Federal Supreme Court Law have cast a shadow over the passage of the budget.
Economist: High oil prices will not break the government blockade of the Iraqi people
Economic expert, Wissam Al-Tamimi, confirmed, on Tuesday, that the rise in oil prices to more than $ 75 a barrel does not mean an end to the suffering of the citizen as a result of the change in the prices of foodstuffs, pointing out that the blockade imposed by the government on the people was politically motivated and not to achieve economic stability.
Al-Tamimi told "the information", "The government raised the dollar exchange rate by 250 dinars only, while the prices of foodstuffs, especially edible oil, milk and other basic materials at home, have risen in price twice the old amount."
He added, "Maintaining the current dollar price will increase the prices of foodstuffs more and more, and the Iraqi citizen will have the option of resorting to inferior materials or alternatives in order to secure his livelihood."
And that "high oil prices will not end the economic blockade imposed by the government on the people, but will only secure the salaries of employees, and Iraq will be kept away from borrowing, as the decision to raise the price of the dollar was politically motivated and not to facilitate and provide a decent living for the citizen."
Parliamentary proposal to vote on the Federal Court and the budget with "one basket"
A parliamentary source said, on Wednesday, that there is a political proposal to vote on the Federal Court and the budget laws in one basket.
The source said to Shafaq News Agency, that "there is a proposal among some political blocs that the vote on the Federal Court and the budget be in one basket, provided that the political blocs offer their concessions in exchange for voting on the two laws at tomorrow's session, Thursday."
The source pointed out that "the Shiite blocs have no objection to voting on the region's share of the budget, as stated in the government text that the Kurdish blocs give up on the unanimous voting clause in the Federal Court Law."
The Federal Supreme Court is the highest court in Iraq, which has jurisdiction over constitutional disputes. It was established by Law No. (30) of 2005 in accordance with Article (93) of the Constitution. Its decisions are binding on all authorities, and it is completely independent from the regular judiciary and there is no connection between them. It is based in Baghdad and consists of a president and eight members.
Parliament had voted to amend a number of provisions of the Federal Court Law in effect on Monday, after it was unable to overcome differences over three articles in the new draft law for the Federal Court.
This amendment contravenes the Iraqi constitution, which stipulates in Article 92 / Second: “The Federal Supreme Court consists of a number of judges, experts in Islamic jurisprudence, and legal scholars, whose number is determined, the method of their selection and the work of the court shall be regulated by a law enacted by a two-thirds majority of the members of the House of Representatives. ".
Discussions are still ongoing in the corridors of Parliament to agree on the remaining articles to pass the new bill, in order to remedy the constitutional breach.
The cost of producing a barrel of oil in some Iraqi fields is $ 17!
A member of the Energy Committee in the House of Representatives, Jamal Al-Muhammadawi, called for canceling the licensing rounds contracts and finding another mechanism to replace them.
Al-Muhammadawi said, "We demanded the cancellation of the licensing contracts rounds, and the creation of another mechanism to manage the oil fields that would achieve the Iraqi connection."
He explained, "Especially since after the drop in point prices due to the Corona pandemic, shouts have arisen regarding the economic viability of these contracts, which incurred great losses for the state's treasury, compared to production."
He pointed out that "the cost of oil production in some fields may sometimes reach $ 16 to $ 17, and this is a large amount compared to the sums of money sold since the outbreak of the pandemic until now
The Regular WOTS Report is Below Here:
Baghdad - Al-Kifah Stock Exchange
145,800
.... The
price in exchange (approximate)
145,250
146,250
———————————————
Basra / Bursa
145,800
————————-
Erbil / Bursa
145,700
—— ———————
Mosul / Bursa
145,750
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1460.0000 | 1465.0000 | 1457.9000 | 1457.5000 | 1457.5000 | 0.5000 | 00:59 |
| USD/VND | 23064.0000 | 23068.0000 | 23061.6000 | 23058.8800 | 23058.8800 | 3.1300 | 01:46 |
| USD/CNY |  6.5005 | 6.5025 | 6.5057 | 6.4986 | 6.5047 |  -0.0041 | 05:13 |
| USD/KWD | 0.3014 | 0.3024 | 0.3016 | 0.3015 | 0.3016 | -0.0001 | 04:51 |
| GBP/USD | 1.3900 | 1.3903 | 1.3929 | 1.3878 | 1.3890 | 0.0011 | 05:13 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14416.0000 | 14416.0000 | 14463.0000 | 14398.0000 | 14425.0000 | -11.0000 | 05:12 |
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Deputy: The arrival of a delegation from the Kurdistan Region to Baghdad is "a waste of time."
MP Mansour Al-Baiji considered that the arrival of the delegations of the Kurdistan Region to Baghdad "a waste of time and a delay in approving the budget, nothing more."
"The arrival of delegations to Baghdad is a waste of time and a delay in approving the country's general budget, because the Kurdistan Regional Government is due to have it hand over its imports to the federal government, and this is the essence and point of disagreement between Baghdad and Erbil."
He stressed that "the general budget law is ready for voting, and we are awaiting its inclusion on the session's agenda in order to proceed with passing it because it is unreasonable to disrupt the country's general budget because of the Kurdistan Regional Government, which does not wish to hand over its revenues, as is the case in other governorates."
Mansour Al-Baiji believes that "there is no solution to passing the budget law except by a majority inside the parliament, and it is the only matter to solve the dilemma of the budget law, whose approval is long overdue, and the people are waiting impatiently to vote on it, so this law must be passed at the earliest session."
He added, "We hope that the Presidency of the Council of Representatives will present the budget law on the agenda of the parliament and give up its responsibility for delaying its approval due to the dilemma of the Kurdistan region, which because it is real for him to hand over its revenues to the center until it receives its share in the federal budget."
The MP talked about "unanimity from most of the members of the House of Representatives, there is no solution or political consensus on the Kurdistan Region’s share of the budget, all revenues are surrendered. Otherwise, we will pass the budget by the majority," indicating that "the Kurdistan Regional Government must understand this matter well because we will not hand over the revenues of our governorates to a region." Kurdistan and our provinces are destroyed. "
The Kurdistan Regional Government delegation, headed by the Deputy Prime Minister, Qubad Talabani, arrived on Tuesday evening, Tuesday, to the Iraqi capital, Baghdad, to negotiate with the political blocs on passing the federal budget law for 2021
The flow of Iranian oil to China undermines OPEC's efforts to control the market
The flow of Iranian oil to China in recent weeks has crowded imports from other countries, which threatens to complicate the efforts of the "OPEC +" alliance and undermine its efforts to tighten supplies in the global market.
China, the world's largest importer of crude oil, currently buys nearly 1 million barrels per day of crude oil, condensates, and sanctioned fuel oil from Iran, according to estimates by traders and analysts.
Traders said that this Iranian oil is replacing preferred grades from countries such as Norway, Angola and Brazil, and is leading to an unusually quiet spot market.
Most traders and refiners around the world are reluctant to buy Iranian crude due to the US sanctions, which could lead to repercussions, such as a cutoff from the US banking system.
However, the seemingly unstoppable rise in global crude oil prices is making Iranian oil at a very low price increasingly attractive to Chinese buyers, including independent refineries, which account for about a quarter of the country's crude oil processing capacity.
While the global benchmark Brent crude is trading at around $ 70 a barrel due to improved demand and tighter supplies from OPEC +, the continuation or increase of Iranian flows may impede the coalition's efforts to continue raising prices.
Iran's cheap crude competes with OPEC countries
It is reported that Iran is a member of the Organization of Petroleum Exporting Countries, but it is exempt from the supply restrictions. However, China's preference for its cheap crude is displacing demand from OPEC countries such as Angola, as well as other producers such as Norway and Brazil, despite the fact that the quality of all these countries' oil is not identical.
According to traders, up to 10 million barrels of Angolan oil scheduled to be exported in April were still without buyers until earlier this week, compared to a month in which these shipments usually have been sold by now.
Traders added that oil from Nigeria and the Republic of the Congo also encountered difficulties due to the lack of desire to buy.
Shipping data shows that three supertankers carrying oil from the Norwegian "Johan Sverdrup" field have been floating off China for at least two weeks without being unloaded.
Market participants said that only 16 million barrels of North Sea crude left Europe for Asia in February, the lowest amount in four months, and the downward trend is likely to continue in the short term.
A leap in the export of Iranian oil to China
“With the increase in flows from places like Iran, and all other degrees of arbitrage to China now closed, the spot market looks really weak, and between now and June,” said Yuntao Liu, an analyst at Energy Aspects, which is based in London. Until July, it will be very difficult to sell preferred brands such as West African ores, Norway's Johan Sverdrup ores, and Brazilian raw materials.
He states that the Chinese special players in the oil industry are often described as "teapot refineries".
It is worth noting that Iranian oil flowing to China is a mixture of barrels that are transported directly from the Gulf, in addition to Iranian shipments whose trademark has been changed to become Middle Eastern or Malaysian.
Data intelligence company Kepler said last week that China's imports of crude oil from Iran will average 856,000 barrels per day this month, the highest level in nearly two years.
Traders said that most of this oil is bought by local Chinese commercial enterprises, as private and state-owned refiners try to distance themselves from dealings with the state subject to US sanctions.
They added that these supplies will likely be kept temporarily in tanks before being resold to local refineries at a later date.
These special processors, which are mostly based in Shandong Province, are known to work on refining Iranian and Venezuelan crude into fuel, and using low-quality sludge fuel oil as feedstock for their units.
These increased Iranian flows appeared as the administration of President Joe Biden tried to revive the nuclear deal with Tehran.
Iran was exporting about 2.5 million barrels per day of oil before the sanctions were imposed in 2018. Ed Morse, head of commodity research at Citigroup, said in a note published in January that Iran is starting the year as a strong alternative player to higher oil prices.
The cost of producing a barrel of oil in some Iraqi fields is $ 17!
A member of the Energy Committee in the House of Representatives, Jamal Al-Muhammadawi, called for canceling the licensing rounds contracts and finding another mechanism to replace them.
Al-Muhammadawi said, "We demanded the cancellation of the licensing contracts rounds, and the creation of another mechanism to manage the oil fields that would achieve the Iraqi connection."
He explained, "Especially since after the drop in point prices due to the Corona pandemic, shouts have arisen regarding the economic viability of these contracts, which incurred great losses for the state's treasury, compared to production."
He pointed out that "the cost of oil production in some fields may sometimes reach $ 16 to $ 17, and this is a large amount compared to the sums of money sold since the outbreak of the pandemic until now
CBI Update: Just a note:
including $0. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
3-16-2021 Intel Guru MarkZ [via PDK] [Should we use a bank or redemption center to exchange?] As I understand it…if you walk into a regular bank you will get whatever the street rate is…you are not going to get the higher contract rates…so imo…i would choose to go to a redemption center. Also not all banks are set up with machines to verify your currency… they would...send it off and take a day or two. …I don’t know about you but I don’t know that I would trust all the tellers that would be handling it without me around…may be missing a few bills…I choose redemption centers where they will verify it right in front of your face.
3-16-2021 Newshound Guru Jeff IMO Vietnam needs more time...easily another year...IMO no other currencies will go with the Iraq dinar...the Iraq dinar is the only currency you're going to see change the rate at this time.
3-16-2021 Intel Guru Footforward [frank [Guru Frank26]...said the rate will be 1$ internationally...] ...as things stand there is something in place that make it actually illegal for them to come out that low. And Frank doesn't know about this. And no one else does either. Frank may also be getting misinformation. I know I have the best source on the rate? I like Frank. This isn't anti Frank.
3-16-2021 Intel Guru MarkZ [via PDK] Hearing the HCL will pass in Iraq on Wednesday or early Thursday…this is profit sharing for the oilfields in Iraq and Kurdistan. When this passes…I am told “BOOM” budget is done and we have a new rate…so I am watching this very closely….
3-16-2021 Newshound Guru Pimpy There's nobody from an official capacity who said, 'Hey, we're going to be swapping lower denominations for higher denominations.' That usually happens when we do what's called a LOP. That's when they knock the 3 zeros off the dinar, not the rate exchange, the dinar. That's devaluing the dinar. In other words on million dinar all of sudden becomes worth a thousand in ours [dollars] because they took 3 zeros off. That's not a good thing...I never seen an official announcement that lower denomination were coming out yet. I do know for a fact that they exist. I got confirmation on that and I was allowed to share that information...It's just a matter of when. That's what everybody has been waiting for.
3-16-2021 Newshound Guru Jeff I've been telling you that if they're going to do the rate change this month in March, their back wall for March has to be Sunday the 21st to do it. The reason why is because...they would need the last week of March to complete the suspended laws...they just need one reading and they're done...we're in great shape...
3-16-2021 Intel Guru Frank26 1 to 1 ... Inside of Iraq you're going to have one dinar. What are you going to have in the the other hand? A dollar? NO! They base it on the exchange rate of the dollar. They don't have any dollars in their country...a dinar is a dinar inside the country of Iraq. The value of that dinar is equivalent of an American dollar. Not bad. You got purchasing power. Outside of Iraq it depends on what you want to convert it into...Let me ask you this. Outside of Iraq I have a 25K note in my hand - What do I have in my other hand and I'm an American citizen? $25,000 dollars... Internationally it's a completely different ball game... [Post 2 of 2]
3-16-2021 Intel Guru Frank26 We have a date. It's a solid date. At the onset it will come out at a rate 1 to 1 IMO. That rate will be domestically and internationally recognized. This is the process of monetary reform - the lava flow that we call the redenomination, the revaluation and now finally the reinstatement...this phase is approaching us in the near proximal future... [Post 1 of 1...stay tuned]
3-16-2021 Intel Guru Footforward For those who have eyes to see and ears to hear, you know what the rate is already. For newer people, my opinion, that is not financial or investment advice, my opinion is the rate will be at least 3.50 and more likely 5.00.
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