WOTS THU SEP 16 21 Al-Kaabi reveals for the first time the issue of changing the price of the dollar in Iraq
No My FX Buddies Podcast today but this is the latest one:
Publishes the dollar exchange rate on the local stock exchange for Thursday, September 16, 2021, according to specialists' monitoring.
Baghdad - Stock Exchange of struggle
147,450
....
The price is in most Baghdad exchanges
Purchase
147,000
Sale
148,000
—————————————————
Erbil - Bursa
147,550
———————————
Basra - Bursa
147,550
————————————
Mosul - Bursa
147,600
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Sulaymaniyah - Bursa
147,600
The Markets:
Precious Metals:
Brent 75 WTI 72 Bitcoin: 47,839 10 yr yield: 1.30
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|
| USD/IQD |  1435.6000 |  1486.4000 | 1458.0000 | 1458.0000 | 1458.0000 |  0.0000 | 00:11 |
| USD/VND | 22753.0000 | 22757.0000 | 22744.8700 | 22737.1100 | 22737.1100 | 7.9900 | 04:32 |
| USD/CNY | 6.4450 | 6.4470 | 6.4458 | 6.4298 | 6.4314 | 0.0136 | 05:29 |
| USD/KWD | 0.3003 | 0.3013 | 0.3004 | 0.3003 | 0.3004 | -0.0001 | 04:46 |
| GBP/USD | 1.3817 | 1.3818 | 1.3851 | 1.3806 | 1.3830 | -0.0013 | 05:30 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14258.0000 | 14261.0000 | 14263.0000 | 14215.0000 | 14238.0000 | 20.0000 | 05:30 |
Things in the News:
Iraqi Articles:
Oil prices rise with a further decrease in US stocks
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Oil prices jumped on Thursday, continuing their strong gains the previous day after a larger-than-expected decline in crude oil inventories in the United States, the world's largest oil consumer, while Brent rose.
Brent crude rose 18 cents, or 0.2 percent, to $75.64 a barrel by 05:20 GMT, after settling at a 2.5 percent gain the previous day.
US West Texas Intermediate crude rose 18 cents, or 0.3 percent, to $ 72.79, after settling at a rise of 3.1 percent on Wednesday.
U.S. crude and fuel stocks fell sharply last week, the Energy Information Administration said on Wednesday, as U.S. Gulf region refineries and offshore oil facilities continue to recover from Hurricane Ida.
The Energy Information Administration said crude stocks fell by 6.4 million barrels in the week to September 10 to 417.4 million barrels.
The storm cut global supply for the first time in five months, but the market is set to start approaching balance in October as the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, a group called OPEC+, implement plans to increase supply.
The House of Wisdom discusses the establishment of the Generations Fund
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The participants in the economic symposium held by the House of Wisdom, tagged {Sovereign Wealth Funds - Iraqi Generation Fund, a Necessary Demand} agreed on the importance of the government adopting the establishment of a sovereign wealth fund directed to real investment inward within the framework of exceptional strategic economic and social development and in a different administrative style. Sovereign wealth funds, according to the chairperson of the virtual session, Dr. Falah Thuwaini, are “special-purpose investment arrangements, owned and established by the general government for macroeconomic purposes, and that hold, employ or manage assets.”
to achieve financial goals.
economic supremacy
The financial advisor in the Prime Ministry, Dr. Mazhar Muhammad Salih, told Al-Sabah that the main topics discussed in the issue of the sovereign fund focused on one dilemma, which is how a deficit economy over the past 40 years can establish a sovereign wealth fund, So, sovereign funds are a phenomenon that arose in surplus economies in general.
Saleh stressed the need to adopt a sovereign wealth fund directed to real investment inward within the framework of exceptional strategic economic and social development and in a different administrative style, noting that this matter {requires the presence of the state’s economic sovereignty again in the management of the economic project by moving the idle projects and idle wealth of the public and private sectors, That is, in partnership with the market and foreign investment.
investment activities
The financial advisor believes that these steps will lead to “moving and developing the national economy and transforming it into a sustainable surplus economy through investment activities that work on an actual diversification of the sectors of the economy,” pointing out the importance of “the proposed inward-oriented sovereign fund is managed through a system similar to holding companies.” He indicated that the existing 40 sovereign funds around the world differ from country to country and from fund to fund.
Box}.
In order to overcome legislative difficulties, Salih pointed out that the symposium concluded with a proposal {that the Iraqi Fund for Foreign Development in the Ministry of Finance, be the legal basis for managing the next sovereign wealth fund for Iraq after agreeing on the fund’s style and nature, whose money will necessarily be from the state’s wealth outside the budget. Mostly public and in financial and administrative partnership with the natural wealth of people
and morale}.
Various definitions
In turn, the chair of the session, Dr. Falah Thuwaini, presented a prelude to the sovereign wealth funds, noting that “in view of the diversity of these funds in terms of their objectives, sources of funding and types, many concepts emerged from countries, international organizations and researchers, and everyone knows them according to a certain standard,” explaining that {The International Working Group of Sovereign Wealth Funds (IWG), which is a group of (26) member states of the International Monetary Fund and owns the largest sovereign wealth funds, gives a concept of a kind of comprehensiveness, as it defines the matter as special-purpose investment arrangements, owned and established by the general government For macroeconomic purposes, it holds, employs, or manages assets to achieve financial goals, using investment strategies that include investing in foreign financial assets.
Thuwaini explained that sovereign wealth funds are classified based on many criteria and indicators, such as the goals they seek, such as future generations savings funds, stability funds, reserve investment funds, development funds, and retirement reserve funds, and are also classified according to the scope of the fund's work, such as local sovereign funds, international sovereign funds, and sovereign funds. Mixed, as well as divided according to funding sources, such as funds financed by raw materials, funds financed by current payments surpluses, funds financed by privatization proceeds, funds financed by budget surpluses, and according to the degree of transparency.
Al-Kaabi reveals for the first time the issue of changing the price of the dollar in Iraq
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The First Deputy Speaker of the House of Representatives, Hassan Al-Kaabi, confirmed, on Tuesday, that changing the dollar exchange rate is a government decision, and the House of Representatives has nothing to do with it.
Al-Kaabi said in a televised interview, which was followed by (Baghdad Today), that "the upcoming elections are one of the challenges facing the political process, as the Iraqi political system based on democracy requires the existence of elections," noting that "the election law was definitely not the desire of the political blocs."
He added, "Changing the electoral system affects the voter on the one hand and the candidate on the other. The current electoral system achieves more justice, in addition to the fact that the small constituency will be reflected on the citizens in terms of providing services."
Al-Kaabi called "the candidate to believe with his voters after winning," noting that "his bloc is working to translate the reform advocated by Muqtada al-Sadr."
He pointed out, "The current electoral system does not help to form alliances during the electoral process, but after the elections there will be a new map of alliances, as our democratic system requires that decision-making be with the participation of others."
He pointed out, "The House of Representatives was and still wants to embody the saying "Made in Iraq and planted in Iraq," accusing ambassadors of countries of interfering to prevent the implementation of the national project "Made in Iraq and Sowed in Iraq."
And he expressed his conviction that "the head of the next government will either be a Sadrist or the Sadrists will bring him, as our next project is to form a strong government in consultation with our partners in the country."
He stressed, "The results of the elections will impose on the partners the features of the upcoming alliances, and that the Sadrists will sweep the seats in the upcoming elections."
He referred to the honor document and said that it "will require the political forces to draw a new political map, as no political party can rebuild the state on its own."
Regarding changing the dollar exchange rate, Al-Kaabi said that “changing the dollar exchange rate is a government decision and the House of Representatives has nothing to do with it.
Economist: Iraq's annual imports exceed 140 trillion dinars
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The economic expert, Nasser Al-Kinani, confirmed, today, Thursday, that the main problem in each budget is the operational budget allocations, while referring to Iraq’s annual imports, according to oil prices currently, in addition to other revenues, which exceed 140 trillion dinars.
Al-Kinani said in an interview with Alsumaria News, "Next year's budget is still in the government's inclusion, and it is supposed to recover with the recovery of oil prices globally, given that the price of a barrel of oil currently has reached seventy dollars per barrel compared to the price in the previous budget, which was drawn on the basis of the price of 45 dollars per barrel, which means that talking about a deficit in it is illogical according to the language of numbers,” noting that “if the price of a barrel of oil is calculated at 70 dollars, this means that the annual income from oil revenues only from crude oil is 72 billion dollars by six billion dollars. A dollar per month according to the monthly export schedules, and it may rise to larger numbers in the event of an increase in oil prices, and it may reach 75 billion dollars, meaning that the oil imports amount to 108 trillion dinars.
Al-Kinani added, "All ministries have revenues in addition to the revenues of border crossings and customs, not to mention other revenues, including oil derivatives from black oil, whose revenues exceed 10 billion dollars annually, white oil, gasoline and kerosene, all of which may exceed fifteen trillion dinars and in total revenues All other, it may exceed forty trillion dinars annually,” noting that “the problem in every budget is the inflation of salaries, especially for the higher grades and the three presidencies, and the privileges they have for these groups. We have not seen it in any country in the world, in addition to not resolving the outstanding financial issues with a region Kurdistan And what is related to oil exports from the region and customs imports and ports there
And press statements indicated that the initial price of a barrel of oil in the next budget is 50 dollars, subject to increase and decrease, and that the total amount of the budget is not definitively estimated, but does not exceed 120 to 140 trillion dinars, which is a large number, and the deficit ratio will not be less than the 20 percent based on the supply of requests and expected revenues in the best case.
CBI Update: Just a note: No Update at this time
They have been having auctions and the ISX has been trading regularly; the sites just don't update in time to put the information in this report, unless it is
here.
Click on the link above for the latest update.
The CBI for rate is 1460
The currency auction For September , 2021 total sales amount $ .
ISX Update:
www.isx-iq.net/
Shares Traded: not updated for today
Value Traded: not updated for today
9-15-2021 Intel Guru Bruce We are getting some limited information from a few bankers – most of which is pointing towards notifications tomorrow (Wed) and the possibility of going Wed or Thurs – for appointments...We have heard some people believe that we will be going between tomorrow and Saturday - there’s a 4 day span that may end up happening...tomorrow is supposed to be a BIG DAY – for the RV...
9-15-2021 Intel Guru MarkZ [via PDK] [Mark are we going to RV this month? September? Member Comment: He said this morning he thinks it will happen in September.] I really hope we have solid news by tomorrow morning on the RV front.
9-15-2021 Newshound/Intel Guru Petra On Saturday Kazemi calls an extraordinary meeting of the Council of Ministers. We believe they passed that budget [2022] at the Council of Ministers meeting on that Saturday...last week we had the US/Washington was there on Thursday and then on Saturday King Abdulaziz of Saudi Arabia himself showed up in Iraq . Why in the world would the King of Saudi Arabia show up in Iraq ?
9-15-2021 Intel Guru Frank26 [Firefly Boots-on-the-ground Iraqi TV Report] FIREFLY: Kazemi is on the news right now...he's saying attention and all resources are on the elections. And once these elections are completed and the new government is in place with the laws that we passed and the new budget it is at that point that we can address in the upcoming new year the exchange rate of our currency. FRANK: ...A new exchange rate is coming with a new currency.
9-15-2021 Intel Guru Bruce ...We have not yet received our notifications. We know that there are some very positive things going on sort of behind the scenes...Tomorrow (Wed) a full day full staffing – starting 9 AM – going all evening – available – that is what is scheduled – doesn’t mean that schedule couldn’t change – sometimes they do – but I believe that for the first time in a few days anyway – that is a positive sign...tomorrow is supposed to be a BIG DAY...
9-15-2021 Intel Guru MarkZ [via PDK] There is a lot of quiet so far but still lots of anticipation as we watch the clock...There is still a lot of good chatter….I am tentatively excited….but we have been here before…we watch things play out over the next 12-24 hours…Hopefully this one is “it”.
9-15-2021 Newshound Guru Militiaman they've been doing preparations for more than a few months...the whole process has been underway under our noses...it's had some stops and starts but at this stage in the game we've gotten to a certain point...of digital transformation...we know the world banking institutions are fully aware...if you stop and look at a lot of the articles on mainstream media they're talking about digital transformation, the US treasury is talking about digital transformation, the whole roadmap from Kazemi is about digital transformation...in other words we've got you ready, the banks are already, we're here and now we're going to show you what we have specifically ready for you. Yes, I think the banks are completely 100% ready to finish this process and keep moving forward...
9-15-2021 Newshound/Intel Guru Mnt Goat 1. limit the huge demand for hard currency with the aim of stabilizing the price and reducing it to less than the official rate... 2. Need to control currency smuggling, and this matter needs great capabilities: We all know the culprit here is the currency auctions... 3. Iraq needs time until the government controls the payment of its debts and the monetary reserve remains at the internationally accepted limits ...they are all interconnected and are already in motion now since December 2020...So, this stuff is...happening right now and has been ongoing. What we don’t know is where do they stand right now? [post 2 of 2]
9-15-2021 Newshound/Intel Guru Mnt Goat Article: "HOW IS THE EXCHANGE RATE STABLE?" ...they are clearly talking about a pathway to returning the dinar to its glory days prior to the 1990’s invasion and NOT just pre- December 2020 devaluation rate. We all should be very happy as they are showing us the principals involved and how they plan to get there. Remember these items are all also in the White Paper...they are telling us “regarding the return of the official price to its previous era” that there are three things now in the way holding up the return of the dinar... [post 1 of 2....stay tuned]
9-15-2021 Intel Guru Frank26 Your [Iraqi citizens'] government is now buying and selling your oil in Iraqi dinars based on an RV calculation that was done many years ago...they took it all the way up to $125 [Dinars?] a barrel...Buying and selling with the Iraqi dinar. No longer with the American dollar. This is huge. This is a huge step in your monetary reform. Hoo Rah !!!
Catnip's Corner:
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ARTICLE 1-A (from PM Kadhimi's website; posted only on Arabic side, not on English side)
Prime Minister Mustafa Al-Kazemi receives the new French ambassador to Iraq
Today, Wednesday, Prime Minister Mustafa Al-Kadhimi will receive the new French ambassador to Iraq, Eric Chevalier.
At the beginning of the meeting, the French ambassador delivered a written message to the Prime Minister, from French President Emmanuel Macron.
During the meeting, they discussed bilateral relations between the two countries, and ways to develop them in various fields, especially economic, investment, and cultural fields, in the field of security cooperation and combating terrorism.
The meeting also discussed the follow-up to the decisions of the Baghdad Conference for Cooperation and Partnership, and the subsequent meetings recommended by the conference.
The Prime Minister stressed the importance of developing joint cooperation between Baghdad and Paris, and praised the reopening of the French Cultural Center in the capital, Baghdad.
Media Office of the Prime Minister
15 - September - 2021
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ARTICLE 1-B (from PM Kadhimi's website; posted only on Arabic side, not on English side)
Prime Minister Mustafa Al-Kazemi sponsors the Social and Human Sciences Conference
Today, Wednesday, Prime Minister Mustafa Al-Kazemi sponsored the annual Social and Human Sciences Conference - the course of the late scholar Dr. Ali Al-Wardi, which was held by the Ministry of Culture, Tourism and Antiquities.
During his speech, Mr. Al-Kazemi indicated the importance of holding this conference, which bears the name of the great scholar Ali Al-Wardi, whose approach to social analyzes must be taken advantage of according to modern concepts, and in a way that puts solutions to many phenomena and behaviors.
His Excellency explained that culture is an important responsibility for building society and developing citizens, stressing at the same time the importance of the humanities and their effective role in the advancement of society.
The Prime Minister referred to the great challenges he experienced in Iraq, the government's efforts to confront them, and its ability to cross many crises.
His Excellency stressed that Iraq is counting on its educated sons and opinion writers to spread peace, renounce war and create hope for the future, as well as relying on them to urge citizens to participate extensively in the upcoming elections; In order to perpetuate the democratic approach, of which elections are the most prominent form.
Media Office of the Prime Minister
15 - September - 2021
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ARTICLE 1-A (from PM Kadhimi's website; posted only on Arabic side, not on English side)
The speech of Prime Minister Mustafa Al-Kazemi during the conference on the recovery of funds looted by corruption
I welcome you, brothers, to your important conference on recovering looted funds due to corruption, as honorable guests in the land of Mesopotamia in Baghdad, which has suffered as much as it has suffered because of corruption, smuggling and looting of Iraq’s bounties over the past decades.
Corruption and money smuggling are a serious disease that affects any society, and any country if the risks of this disease are not dealt with seriously and responsibly, by taking measures to combat corruption and eliminate outlets for waste, smuggling and disregard for the capabilities of peoples.
We acknowledge that this disease afflicted our country for decades, as billions of dollars were stolen and smuggled during the era of the previous dictatorial regime, and unfortunately after 2003, founding mistakes allowed corruption to worsen in a more dangerous way, and some took advantage of the security chaos and legal loopholes to steal the people’s money and transfer it to outside Iraq.
Corruption and the recovery of the Iraqi people's money smuggled out of Iraq is a priority for the current government.
Corruption and terrorism are two sides of the same coin. Corruption and the dissipation of the state’s capabilities and capabilities are explicit terrorism. Corruption has paved the way for ISIS gangs to desecrate the land of Iraq.
Corruption was present when an attempt was made to plunge society into a false sectarian conflict, whose first and last goal is to loot money. with the Iraqis.
We talk about the weak infrastructure in Iraqi cities, referring to corruption, money smuggling and waste of resources, and the same is true when we talk about the spread of slums, unemployment, and the decline of health and educational institutions after Iraq was occupying advanced positions in health and education.
We say with courage and frankly, that the path to a rational state begins with frankness with our people about the diseases that led to the decline of a great, historical and fundamental country in the region and the world like Iraq.
We set from the beginning our main goal in fighting corruption, and we formed a special committee to combat it, which did its duty with the Integrity Commission, the judicial authorities, the Ministry of Justice, and Financial Control, and it revealed, within one year, corruption files that were not revealed for 17 years, and recovered money looted from abroad.
On the other hand, the committee was attacked and false accusations were aimed at thwarting it and thwarting its work, but when you have a national duty before you, there is no place for frustration and retreat.
I salute these blessed national efforts, and I call on the recovery department in the Integrity Commission to work hard and diligently with the Ministry of Justice to follow up on the looted funds, by opening legal cases against the parties involved, and speeding up the process of returning the funds to the Iraqis.
I call on friendly and brotherly countries to help Iraq recover its money, and in return we are open to the utmost cooperation with all countries in this regard.
There should be no safe haven for looted money and thefts, and the corrupt and thieves should not feel that there is a haven for money stolen from any country.
The corrupt must realize well that this money will return to its owners, no matter how long and how far away the time is, and they will face the law with the crimes they committed.
With our insistence on returning the smuggled money, and with your efforts, ideas and the fraternal responsibility that unites us, we will fight the scourge of corruption and money smuggling, and we will create a safe and fair environment for our peoples.
Stop corruption, destruction and sabotage in Iraq and in every country, stop disregarding the capabilities and rights of peoples, stop abusing our peoples, stealing their money, and destroying their economies.
Media Office of the Prime Minister
15 - September - 2021
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ARTICLE 2 (from Government of Iraq twitter account)
The Prime Minister: “ I call on the friendly and brotherly countries to help Iraq to recover its money, and in return we are open to the utmost degree of cooperation with all countries in this regard.”#Iraqi_government The Prime Minister: “I call on the Recovery Department of the Integrity Commission
to work hard and diligently with the Ministry of Justice to follow up on the looted
funds, by opening legal cases against the parties involved.”
The Prime Minister: “Some took advantage of the security chaos and legal loopholes to steal people's money and transfer it outside Iraq.”
The Prime Minister: “Fighting corruption and recovering the Iraqi people's money smuggled out of Iraq is a priority for this government.”
PM @MAKadhimi said during the conference on recovering stolen funds due to corruption: “I welcome you, brothers, to your important conference on recovering stolen funds due to
corruption.”
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ARTICLE 3
The President of the Republic announces the signing of the electoral code of conduct
09/15/2021 18:01
Baghdad / Obelisk: The President of the Republic, Barham Salih, announced, on Wednesday, September 15, 2021, the signing of the electoral code of conduct.
Saleh said in a tweet, "In the presence of the Prime Minister, leaders and representatives of political forces, a code of electoral conduct was signed, to protect the ballot and its integrity, and to ensure equal opportunities for candidates."
He added, "The Moudawana aims to hold fair elections to ensure a true representation of the will of the Iraqis, to secure the peaceful transfer of power, and to move towards reforming the system of governance."
The obelisk publishes the text of the statement:
Today, Wednesday, September 15, 2021, the President of the Republic, Dr. Barham Salih, hosted an expanded meeting that included Prime Minister Mustafa Al-Kazemi, leaders and representatives of political forces, the head and members of the Independent High Electoral Commission and the Special Representative of the Secretary-General of the United Nations in Iraq, Jenin Hennis-Plasschaert.
The meeting witnessed the signing of the electoral conduct document submitted by the Presidency of the Republic regarding the rules that must be adhered to by Iraqi political parties during the electoral process, in order to preserve its peace, integrity and conduct properly. Opportunities, provided that the Code is put up for public discussion and social activities in all governorates in order to consolidate the electoral process.
President Barham Salih said, during the meeting, that these elections are pivotal and historic and are based on a national decision to hold them early in order to overcome the political crisis that the country has witnessed, noting that the electoral process represents a historic and valuable opportunity to correct the path, correct the march, and move towards a real reform project that meets the aspirations of Iraqis. Looking forward to a dignified life.
His Excellency pointed out that the electoral code of conduct emphasizes respect for the constitution and legal regulations, creating a safe and stable environment for elections, creating equal opportunities for candidates, adhering to the instructions of the Electoral Commission, and preventing negative phenomena that affect the voter's decision, from using political money, intimidating citizens and manipulating others.
The President pointed out that the commitment of the political forces to the Code will contribute to controlling the pace of the electoral process, which will have decisive consequences, pointing out that the Iraqi people are watching us, as well as the international community, and we hope that this responsibility will be fulfilled and that the elections will be a democratic model for the peaceful transfer of power.
President Barham Salih said that the elections are a historic and valuable opportunity, which we hope will be the beginning of correcting the path, correcting the march, and moving towards a real reform project that meets the aspirations of Iraqis and their aspiration for a free and dignified life.
His Excellency thanked the Electoral Commission and its efforts in organizing the polls, stressing that supporting its independence is everyone's responsibility, as well as enabling it to perform its constitutional role in fair elections away from manipulation. to make it successful.
For his part, Prime Minister Mustafa Al-Kazemi affirmed that the electoral code of conduct is an important document that deserves support and attribution, and it is a document of conscience that we must all abide by, indicating that the Iraqis have no choice but the elections, and we must deal with their results in good faith, indicating that the government will not biased only to the will of the electorate.
The Prime Minister added that the Electoral Commission played a major role in preparing for the elections, which deserves to be commended, noting that the government has fulfilled all its obligations towards the commission, pointing out the need to deal with the election results, and we all have a responsibility in the public service, and not repeat past mistakes.
Leaders and representatives of political forces also stressed the need to adhere to the electoral code of conduct, to work together to provide a safe and stable electoral environment, to support the Electoral Commission in the success of its mission and to secure the right of voters to choose their representatives freely.
Media Office of the Presidency of the Republic
Wednesday - September 15 - 2021
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ARTICLE 4
Bloomberg: Iraq takes an unprecedented step regarding the prices of oil exported to the United States
09.15.2021 - 08:33
Iraq made sharp cuts to the price of its crude oil to its customers in the United States, in a move described by Bloomberg Economic Agency as striking.
The agency said, in news, followed by “Nass” (September 15, 2021), that “Basra Light Crude was sold in October at a discount of $1.15 a barrel to buyers in the Americas, compared to a slight discount (15 cents a barrel) for the same crude in September.”
The report pointed out that "this pricing of Iraqi oil constitutes an unfamiliar departure from the prevailing custom in the Middle East, where most countries take into account what the Kingdom of Saudi Arabia is doing in the field of pricing, and rarely shy away from it."
Earlier this month, the kingdom kept its main crude - Arab Light - at $1.35 with a premium of 15 cents a barrel for October, unchanged from September.
But Iraq is now lowering prices for buyers everywhere, except for Kirkuk oil sold from a Mediterranean port, where its price has remained unchanged.
The agency believes that this reduction in Iraqi oil prices is likely as a result of the recent decline in the volume of US purchases.
Tanker tracking data shows shipments fell in June and July, rising briefly before declining again in the early part of September.
Bloomberg data showed that oil production in the Gulf of Mexico in the United States shrank sharply in the wake of Hurricane Ida, which caused a large part of the region's production to stop.
The Office of Safety and Environmental Security said at the time that "oil and gas companies evacuated 290 offshore facilities and halted 91 percent of their normal offshore production before the storm arrived."
And the office's data indicated that "companies also reduced 1.89 billion cubic feet of natural gas production, or 85 percent of production."
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