WOTS WED MAY 11 22
The name of an Iraqi government bank was removed from the international sanctions list
Oil rises with looming EU embargo on Russian oil
Oil rose on Wednesday, after falling 9 percent from the previous two sessions, due to concerns about supply, as the European Union worked to win support for a ban on Russian oil, while major producers warned that they may face difficulty in closing the gap when demand improves.
Brent crude rose $1.88, or 1.83 percent, to $104.34 a barrel at 04:39 GMT, while US West Texas Intermediate crude rose $1.78 to $101.54 a barrel.
Oil prices have fallen along with commodity and stock markets this week, on concerns about economic activity being hit by prolonged COVID restrictions in China and sharp hikes in interest rates in the United States.
The European Union proposed a Russian oil embargo, but the vote, which needs unanimous support, was postponed as Hungary ran into opposition and other European nations expressed fears their economies could be hurt.
The effect of the ban may be limited if the ban is eased to ease the concerns of Eastern European members, but analysts said oil prices could continue to rise.
The Iraqi parliament completes the formation of its permanent committees: its meetings will be held starting next week
The First Deputy Speaker of the Iraqi Parliament, Hakim Al-Zamili, announced today, Wednesday, the completion of the nomination and formation of all permanent parliamentary committees by voting on the membership of the representatives nominated for its membership.
This was mentioned by his media office, in a statement received by Shafak News Agency.
The statement indicated that, after presiding over a number of meetings with the heads of parliamentary blocs, Al-Zamili called the members of those committees to hold their meetings starting next week, and to exercise their legislative and oversight functions, after the Council had completed a quorum for the committees, and effectively worked to present the legislation that citizens awaited from their representatives. .
The First Deputy confirmed that the vote came after a series of discussions and meetings with the various heads and members of the parliamentary blocs, to present the names of candidates for membership in the committees, and that the selection came in accordance with the criteria of expertise, competence, professionalism and desire.
Rich” in money and “poverty” in planning.. Iraq’s revenues exceed its expenses by 200% during the first third of the year
Due to the continuous rise in oil prices, Iraq gained 200% more financial revenues than its expenditures for the first third of this year.
According to the tables of the Oil Marketing Company “SOMO”, Iraq’s oil revenues during the first four months of this year amounted to 38 billion and 594 million dollars, an increase of 82.8 percent compared to the revenues of the same period last year 2021, which amounted to 21 billion and 113 million dollars, and an increase of 149.11 percent compared to the same period in 2020, which amounted to 15 billion and 493 million dollars.
It indicated that the average price of a barrel of oil during the first four months of the current year 2022 amounted to $97,838 a barrel, an increase of 62.91 percent compared to the price of the first four months of last year 2021, which amounted to $60,555 a barrel, an increase of 156.85 percent over the year 2020, when the average price of a barrel reached One is $38.091.
The rate of Iraqi oil exports reached 3.2 million barrels per day on average during the first 4 months of 2022, compared to 2.9 million barrels per day on average during the same period last year 2021, compared to 3.4 million barrels per day for the year 2020.
Iraq needs about 18.8 billion dollars for its operating expenses and salaries within 4 months, while it has achieved more than 38.5 billion dollars, which means that its revenues are equivalent to 200% of its expenses, that is, it exceeds them by 100%.
And Iraq will remain a financial surplus equivalent to more than 19 billion dollars, meaning that it will spend only 49% of its revenues, and will keep 51% as a surplus, amid questions about where Iraq will spend this money.
Iraq needs extensive projects represented in opening new roads, expanding the cities of Baghdad Governorate, adding infrastructure such as roads, water and electricity to solve the housing crisis and traffic congestion, as well as building more schools and hospitals, but there is no indication on the horizon that the government plans sustainable development projects.
The government's thinking is currently limited to legislating the emergency food security support law, which aims for "consumer" projects to import foodstuffs, while the cost of the law is approximately $23 billion.
And many specialists recorded their opposition to this law by portraying it as a “consumer” law that does not plan
Dana Gas" announces an increase in the payments received from Kurdistan Region
"Dana Gas" company, listed on the Abu Dhabi Securities Exchange, announced on Wednesday that the total cash payments it received in the Kurdistan Region of Iraq and Egypt increased by 18.2% to reach ($69 million) at the end of the first quarter of this year, compared to ($58 million) dollars) in the first quarter of 2021.
The company explained, in a statement to the Abu Dhabi Financial Market, that the contributions of Egypt and the Kurdistan Region of Iraq from the total payments received to the company amounted to 17 million dollars in Egypt and 52 million dollars in Iraq.
According to the statement, the amounts owed to the company in the Kurdistan Region of Iraq amounted to about $59 million in the same period this year, compared to $48 million in the first quarter of 2021.
The financial results of Dana Gas, the largest private company operating in the natural gas sector in the Middle East, showed today, Wednesday, an increase in its net profit by 125% in the first quarter of this year, to reach ($54 million), compared to a net profit of about $24 million in the same period. period of the year 2021.
According to the company's results, its revenues increased by 32% in the same period of this year, to reach (140 million dollars) compared to (106 million dollars) in the first quarter of 2021.
On its previous position... Al-Maliki's coalition: The framework forces will participate in parliament sessions, except for the election of the president and the formation of the government
The State of Law coalition led by Al-Maliki considered, on Wednesday, that the Shiite coordination framework blocs will participate in the parliament session that will be held today, and while pointing out that it continues to boycott the sessions of electing the president and forming the new government, the Badr Parliamentary Bloc confirmed that the heads of the parliamentary blocs discussed with Al-Zamili a number of Parliament committees have fixed the number of members of the Finance Committee.
The representative of the State of Law coalition inside Radi told Shafaq News Agency, "The coordination framework blocs will participate in today's session, which includes the law prohibiting normalization and establishing relations with Israel and completing the formation of permanent parliamentary committees."
Radi added that "the coordinating framework will participate in all parliamentary sessions, and there is no boycott of Parliament sessions, except for the session of electing the president of the republic and forming the government."
For his part, the head of the Badr Parliamentary Bloc, Mahdi Amerli, told Shafaq News, "A meeting of heads of political blocs and the first deputy speaker of Parliament is currently being held to discuss the formation of the 25 permanent parliamentary committees," noting that "the session will be held after the meeting and agreement on forming committees."
Regarding the Parliamentary Finance Committee’s crisis, Amerli explained that “the number of members of the committee will be 21, but the maximum that this committee can reach will be 23 members, and the distribution of members will be according to maturity, 5 of the Sadrist bloc, 5 of the coordination framework, 4 of the independents, and the rest will be for the Kurdish parties. and Sunni.
The Iraqi parliament will resume its sessions today, and on its agenda will be a proposed law banning normalization and establishing relations with Israel, as well as the formation of permanent parliamentary committees.
Parliament’s work is almost suspended due to the crisis of choosing the president of the republic in light of the tripartite alliance (Save the Homeland) sticking to its candidate for the presidency and its support for the government of the majority of nationalism, while the Shiite coordination framework forces, led by the State of Law coalition and the forces allied with it, adhere to the candidate of the Patriotic Union of Kurdistan and a consensual coalition government, forming two What is known as the “blocking third” or “guarantor,” according to the framework forces’ description, to obstruct the presidential election session.
The name of an Iraqi government bank was removed from the international sanctions list
Al-Rasheed Bank announced on Wednesday the removal of its name from the list of international sanctions of the Charter of the United Nations, which came in accordance with the document issued on April 18, 2022.
In a statement received by Shafak News Agency, the media office said that this decision came due to the efforts made by the Iraqi government, the Ministry of Foreign Affairs, the Permanent Representative of the Republic of Iraq to the United Nations and Al-Rasheed Bank.
The statement stressed that this decision has restored Al-Rasheed Bank to its rightful place in the banking field.
The Federal Supreme Court decides to postpone the date of deciding the issue of sending money to the region
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i'll finish this later
Today, Wednesday, the Federal Supreme Court decided to postpone the date for deciding the issue of sending money to the region.
A source in the judiciary said, " The Federal Supreme Court decided to postpone the date for deciding the issue of sending money to the region, suing Prime Minister Mustafa Al-Kazemi and Finance Minister Ali Allawi until the twelfth of next June."
He added, "The postponement came after the head of the Federal Financial Supervision Bureau and the Prime Minister of the Region were involved in the case."
Parliamentary proposal for the 2022 budget
Durgham al-Maliki told {Euphrates News}: "We will propose to the Speaker of Parliament asking the government to send the budget law, to discuss it as it is linked to more than one detail in the state that depends on this law."
He pointed out that "there is cooperation between the current government and the parliament, and there is an intention to pass the law on food security and development."
The Presidency of Parliament announced on April 22 that it would ask the current government to prepare and send the 2022 budget.
Learn about the new voting mechanism in Parliament
Membe of parliament, Mustafa Sanad, revealed today, Wednesday, the new mechanism for voting in Parliament Sanad said in his post on his page on the social networking site Facebook and followed by (Baghdad Today) that "After several demands, we asked her to switch to the secret electronic hall, today the transfer was made to the smart hall, where voting and rejection by numbers without the method of manual counting or resolving the situation by looking with the naked eye.
Assessment of the Chairman of the .Council
He added that "the timing of this mechanism today coincided with the vote on the completion of the committees, and it is possible that some deputies be excluded in ".this way, but it remains the best way
Kurdistan refuses to abide by the decision of the Federal Court and the Minister of Oil's recognition of the "failure" of negotiations.. 5 options for dealing with the region's oil
Adviser to the President of the Kurdistan Regional Government for Energy Affairs, Rebwar Khansi, confirmed today, Tuesday, that the region will not comply with the decision of the Federal Court regarding the oil and gas law in the region, after a previous admission by the Federal Minister of Oil of the failure to reach an agreement with the region, which may lead the federal government to 5 options. To address this file, especially after the Minister of Oil threatened to implement the court's decision.
Khensi said, "The Iraqi government will not be able to implement the decision of the Federal Court regarding the oil and gas law in the Kurdistan region."
He added, "We will not abide by the decision of the Federal Supreme Court, which states that the oil and gas law is unconstitutional for the regional government, because it is against the constitution."
The Federal Supreme Court issued, earlier, a ruling ruling that the oil and gas law of the Kurdistan Regional Government, issued in 2007, was unconstitutional, and rescinded it for violating the provisions of constitutional articles, as well as obligating the region to hand over oil production to the federal government
For his part, Iraqi Oil Minister Ihsan Abdul-Jabbar announced that negotiations with the Kurdistan delegation, regarding the management of the energy file in the region, failed and did not achieve any positive results.
Abdul Jabbar said during a meeting of the Ministry’s opinion board that “the Ministry of Oil will proceed towards the literal application of the decision of the Federal Supreme Court in Iraq regarding the management of the energy file in Iraq,” stressing the need for the state to manage the oil activity to ensure its unity
Options available for dealing with Kurdistan's oil
For his part, the oil expert, Nabil Al-Marsoumi, believes that there are 5 options for dealing with the oil of the Kurdistan region, after the Federal Supreme Court in Iraq ruled that Kurdistan is illegal to produce and export oil and gas independently of the central government in Baghdad, and after Kurdistan refused to implement the court’s decision.
Al-Marsoumi shows that “the options available to the Iraqi government are: The first option: to resume the lawsuit filed by the Oil Ministry at the International Chamber of Commerce in Paris against Turkey, which since 2014 has allowed Kurdistan to export its oil in isolation from the Iraqi central government by connecting Kurdish pipelines. With the Iraqi-Turkish line in the Kurdish town of Fishkhabour, which enabled the region to sell its oil and keep its revenues without the authorization of the Iraqi Oil Ministry, which Baghdad considered an illegal practice, prompting the Iraqi Oil Marketing Company (SOMO) on behalf of the Oil Ministry to resort to international arbitration and file a lawsuit against The Turkish government, represented by the state-owned BOTAŞ, the pipeline operator.
And he shows that “any ruling against Turkey will lead to obligating it to follow Baghdad’s instructions regarding marketing all Iraqi oil and loading it in Ceyhan, and the court’s decision may open the door for Iraq to claim compensation, and it is known that this pipeline currently transports about 500,000 barrels per day, of which 400,000 barrels per day are from Kurdistan oil.” And 100,000 barrels per day of Kirkuk crude.”
He added that the second option is "reserving Kurdistan's oil revenues that are in international banks, which will put the regional government in a more difficult financial situation than it is." As for the third option, it is "to stop sending any money to Kurdistan from the general budget until the implementation of Federal Court Decision.
Regarding the fourth option, Al-Massoumi refers to “entering direct negotiations with foreign companies operating in the region for the purpose of reviewing the contracts signed between them and the region and amending them in the interest of both parties, provided that the Ministry of Oil, through one of its companies, manage these contracts, and if the companies refuse, it is possible to claim Western and Arab countries that have companies operating in the Kurdistan region apply legal measures against these companies, which may cause urgent losses to the shares of these companies in the global stock market.”
As for the fifth option, it is “to sue the companies that are currently working on laying a pipeline to transport gas from Kurdistan to Europe via Turkey for contradicting the decision of the Federal Court, which canceled the Oil and Gas Law of 2007 in Kurdistan.”
Below here is the WOTS for the day "Word on the Street" report:
Baghdad Selling 148.500 dinars
Purchase 147.500 dinars
North Selling 148.500 dinars
Purchase 147.500 dinars
the South Selling 148.500 dinars
Purchase 147.500 dinars
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1434.0000 |  1490.9000 | 1456.4000 | 1456.1000 | 1456.1000 | -2.3000 | 08:14 |
| USD/VND | 23050.0000 | 23060.0000 | 23022.5000 | 22951.9700 | 22952.1300 | 70.9800 | 04:35 |
| USD/CNY | 6.7220 | 6.7240 | 6.7337 | 6.7159 | 6.7337 | -0.0116 | 05:11 |
| USD/KWD | 0.3063 | 0.3073 | 0.3065 | 0.3064 | 0.3065 | -0.0001 | 05:04 |
| GBP/USD |  1.2366 | 1.2367 | 1.2389 | 1.2304 | 1.2312 | 0.0055 | 05:14 |
| USD/IRR | 42000.0000 | 42600.0000 | 42332.1000 | 42308.4000 | 42332.1000 | 55.5000 | 12:51 |
| USD/IDR | 14515.0000 | 14521.0000 | 14554.0000 | 14501.0000 | 14520.0000 | -7.0000 | 05:13 |
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Oil rises with looming EU embargo on Russian oil
Oil rose on Wednesday, after falling 9 percent from the previous two sessions, due to concerns about supply, as the European Union worked to win support for a ban on Russian oil, while major producers warned that they may face difficulty in closing the gap when demand improves.
Brent crude rose $1.88, or 1.83 percent, to $104.34 a barrel at 04:39 GMT, while US West Texas Intermediate crude rose $1.78 to $101.54 a barrel.
Oil prices have fallen along with commodity and stock markets this week, on concerns about economic activity being hit by prolonged COVID restrictions in China and sharp hikes in interest rates in the United States.
The European Union proposed a Russian oil embargo, but the vote, which needs unanimous support, was postponed as Hungary ran into opposition and other European nations expressed fears their economies could be hurt.
The effect of the ban may be limited if the ban is eased to ease the concerns of Eastern European members, but analysts said oil prices could continue to rise.
UAE Energy Minister Suhail Al Mazrouei highlighted supply concerns, warning on Tuesday that when fuel demand recovers from the coronavirus pandemic, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, dubbed OPEC+, may not be able to meet demand.
Simultaneous Iranian bombing by two drones targeting northern Erbil
On Wednesday, two Iranian drones launched air strikes targeting areas north of Erbil city in conjunction with artillery shelling by the Revolutionary Guards.
The mayor of Joman district, Suwar Akram, told Shafaq News Agency, that the bombing was carried out by two drones, and there were no casualties among the villagers in the area.
He added that the bombing, if it continues in this manner, will expose the residents of the border villages to dangers, stressing that the bombing created panic among the residents of the villages.
Earlier this morning, the artillery of the Iranian Revolutionary Guard targeted the "Sedkan" district, north of Erbil, the capital of the Kurdistan Region, under the pretext of targeting the Kurdish parties opposing the regime in Tehran.
Rich” in money and “poverty” in planning.. Iraq’s revenues exceed its expenses by 200% during the first third of the year
Due to the continuous rise in oil prices, Iraq gained 200% more financial revenues than its expenditures for the first third of this year.
According to the tables of the Oil Marketing Company “SOMO”, Iraq’s oil revenues during the first four months of this year amounted to 38 billion and 594 million dollars, an increase of 82.8 percent compared to the revenues of the same period last year 2021, which amounted to 21 billion and 113 million dollars, and an increase of 149.11 percent compared to the same period in 2020, which amounted to 15 billion and 493 million dollars.
It indicated that the average price of a barrel of oil during the first four months of the current year 2022 amounted to $97,838 a barrel, an increase of 62.91 percent compared to the price of the first four months of last year 2021, which amounted to $60,555 a barrel, an increase of 156.85 percent over the year 2020, when the average price of a barrel reached One is $38.091.
The rate of Iraqi oil exports reached 3.2 million barrels per day on average during the first 4 months of 2022, compared to 2.9 million barrels per day on average during the same period last year 2021, compared to 3.4 million barrels per day for the year 2020.
Iraq needs about 18.8 billion dollars for its operating expenses and salaries within 4 months, while it has achieved more than 38.5 billion dollars, which means that its revenues are equivalent to 200% of its expenses, that is, it exceeds them by 100%.
And Iraq will remain a financial surplus equivalent to more than 19 billion dollars, meaning that it will spend only 49% of its revenues, and will keep 51% as a surplus, amid questions about where Iraq will spend this money.
Iraq needs extensive projects represented in opening new roads, expanding the cities of Baghdad Governorate, adding infrastructure such as roads, water and electricity to solve the housing crisis and traffic congestion, as well as building more schools and hospitals, but there is no indication on the horizon that the government plans sustainable development projects.
The government's thinking is currently limited to legislating the emergency food security support law, which aims for "consumer" projects to import foodstuffs, while the cost of the law is approximately $23 billion.
And many specialists recorded their opposition to this law by portraying it as a “consumer” law that does not plan
CBI Update: Just a note:
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