Al-Sudani: We are working to create job opportunities
Prime Minister, Muhammad Shiaa Al-Sudani, said that Iraq has begun to move to the stage of production and infrastructure construction.
Al-Sudani added that the government is working to stimulate the economy, create job opportunities, confront challenges, and consolidate sovereignty link
Among them is Iraq. US oil imports from 5 Arab countries exceed $ 3.6 billion
Economy News - Follow-up
U.S. oil imports declined slightly in the first quarter of 2024, with five Arab countries, led by Saudi Arabia and Iraq, accounting for a share of nearly 8% of the world's largest oil consumer imports.
US crude oil imports amounted to about 572.29 million barrels (6.28 million barrels per day) during the first quarter of 2024, compared to 574.25 million barrels (6.38 million barrels per day) during the same period in 2023, according to recent data seen by the Energy Research Unit (based in Washington).
While the volume of US oil imports from Saudi Arabia, Iraq, Libya, Kuwait and the UAE reached about 45.2 million barrels during the first quarter of 2024, representing 7.9% of the total US imports during the first 3 months of this year.
The value of US imports from the 5 Arab countries reached about $ 3.68 billion during the first quarter of 2024, according to data collected and analyzed by the Energy Research Unit.
U.S. Oil Imports from Arab Countries
Saudi Arabia, as usual, came in first place in the list of the largest Arab oil exporters to the United States, with the volume of its exports reaching 25.43 million barrels during the first quarter of 2024, with a total value of $ 2.13 billion.
Iraq also ranked second with an export volume of 13.37 million barrels, or the equivalent of $ 1.02 billion, and Libya ranked third with exports reaching 3.67 million barrels, with a total value of $ 318.4 million.
The value of US oil imports from 5 Arab countries in the first quarter of 2024
On the other hand, Kuwait ranked fourth on the list, with exports to the United States amounting to about 1.74 million barrels during the first quarter of 2024, with a value equivalent to $ 126.5 million.
The UAE came in fifth place with exports of 0.99 million barrels during the first quarter, or about $81 million, according to the latest data from the U.S. Census Bureau.
The exports of the 5 Arab countries to the United States recorded 235 million barrels, or the equivalent of $ 19 billion, during 2023, equivalent to 10.1% of America's total imports of crude oil, according to annual data collected published by the Energy Research Unit on February 8.
Arab Oil Exports in March 2024
US oil imports from Saudi Arabia, Kuwait, the United Arab Emirates and Libya increased during March 2024, compared to the previous month (February), while imports from Iraq decreased.
The volume of Saudi oil exports to the United States rose to 9.82 million barrels in March 2024, compared to about 6.56 million barrels in February.
Libyan oil exports also rose to 2.06 million barrels during March 2024, compared to about 0.91 million barrels during the previous month.
The following graph - prepared by the Energy Research Unit - shows the volume of US oil imports from 5 Arab countries in the first quarter of 2024:
The volume of US oil imports from 5 Arab countries in the first quarter of 2024
Kuwait's exports to the United States also increased to 0.96 million barrels in March, after its absence from exports during the previous month, which was repeated in the case of the UAE, whose exports in March amounted to about 0.99 million barrels compared to zero in February 2024.
As for Iraq's exports, they fell to 4.06 million barrels during March 2024, compared to about 4.4 million barrels during the previous month, according to detailed data monitored by the Energy Research Unit from the US Census Bureau.
U.S. Oil Imports in March 2024
The volume of US oil imports increased by 2.7% month-on-month to 185.21 million barrels (5.97 million barrels per day) in March 2024, compared to 180.21 million barrels (6.21 million barrels per day) during the previous February.
While another side of the comparative data showed a decrease in US oil imports during March 2024 by 7% year-on-year compared to the same month (199.25 million barrels) of 2023.
The value of imports in March 2024 also decreased to $ 12.85 billion, despite the increase in the average price to $ 69.39 per barrel, compared to about $ 13.42 billion during the same month of 2023, when the average was $ 67.38 per barrel.
On the other hand, the volume of US crude oil exports decreased by 11.2% to 132.91 million barrels (4.28 million barrels per day) in March 2024, compared to 149.68 million barrels (4.82 million barrels per day) during the same month of 2023, according to another aspect of the data analyzed by the Energy Research Unit.
The Iraqi government has successfully wrapped up numerous strategic and developmental initiatives, notably including the completion of the Grand Al-Faw Port and Karbala Refinery. They've also initiated the Basra-Shalmaja railway project to bolster connectivity with neighboring Iran.
Further, the government is steadfast in its commitment to advancing the Development Road project, envisioning Iraq as a pivotal hub for global trade between the east and west. Additionally, plans are underway for an integrated network of main roads, overpasses, and bridges aimed at alleviating traffic congestion and streamlining travel from the southernmost regions to the north.
In the realm of energy, Iraq has sealed contracts for its fifth licensing round and partnered with the renowned French company TotalEnergies for the implementation of four substantial oil, gas, and renewable energy ventures. The launch of the sixth licensing round underscores the government's dedication to curbing the harmful practice of gas flaring.
All the pieces are aligning for Iraq's transition to the international stage. The new salaries remain undisclosed, and the flow of black gold into Turkey has yet to commence.
Why is that? Because they have not revealed an internationally recognized exchange rate. Rumors suggest it could be set at $3.90, but nothing has been confirmed.
American newspaper: The United Nations is “collapsing” and three countries lead a move to form a “new world order”, 4 MAY
The American newspaper The Cradle revealed, in an analysis published today, Friday (May 3, 2024), the existence of what it described as “major movements” being undertaken by three countries to “secure the future of the world” with the imminent expected collapse of the United Nations system as a result of the influence exercised by the United States. On the United Nations and the subsequent “destruction” that befell the world.
The newspaper said, according to what “Baghdad Today” translated, that China, Iran and Russia are now making actual and unprecedented moves to create a “new world order” based on the BRICS economic system, as an alternative to the American-Western SWIFT system, with the aim of securing the world from the possible collapse of the economic system as a result of... “Corruption” of the United Nations and the influence of the United States on its decisions.
She continued, "Russia hosted UNRWA and provided it with economic support to continue funding humanitarian efforts in Palestine after attempts by Israel and America to stop its funding. China and Iran also followed Russia's steps by hosting Palestinian parties in ongoing efforts to unify them towards establishing an official Palestinian state."
The newspaper confirmed that the old world order is now “collapsing” under “the weight of the corruption of the United Nations and the United States’ complete control over its decisions without concern for the rest of the world’s countries, including the continued support and protection of the Israeli regime, which prompted the three countries to move to establish a new system that protects the world from regimes and leaders.” Genocide and their control,” according to her description.
The United States, according to the newspaper’s description, is “now losing” its influence to China, which is now “questioning the United States and its ability publicly through the international level, such as questioning it regarding its insistence on preventing the establishment of a Palestinian state and its silence regarding the genocide committed publicly by Israel, in addition to the terrorist attack on Nord Stream transmission line in Europe.
The American Cradle announced that the BRICS system will soon become the “new United Nations” in the world, which will make the United States and its Western allies lose control over the current international system that relies on the United Nations, explaining, “What is also happening is that China, after officially condemning the Israeli attack on the Iranian embassy in... Damascus has become close to Tehran following the rapprochement that took place last year with Moscow, as the three countries apparently agreed on an alliance formula based on providing mutual benefit by providing each other’s needs to secure the future of the world away from the United Nations and its corruption.
The American newspaper also announced an expected visit by Russian President Vladimir Putin to the Chinese capital, Beijing, next month, where an agreement will be made to activate “the new world order on which the idea of the BRICS economic system was based,” where the two parties will agree with Iran on a “unified position” on establishing... “A new global security order is based on the position towards the Palestinian issue and the genocide committed by Israel, which for the West, which supports Israel in any case, is still something far from being described as genocide,” she said.
The newspaper also pointed out that the United States, which had previously issued “threats of a tsunami wave of sanctions” against China if it implemented its idea to establish a new global security system based on the BRICS economic system as an alternative to the United Nations, is now facing a union between the three major countries and their “civilizations.”
The ancient countries and their enormous economic and industrial capabilities,” and the countries of Asia and the Global South, something that realistically threatens, as Washington realizes, its “hegemony” at the international level through the entirely Western-oriented United Nations.
The analysis issued by the newspaper expected that the three countries would succeed in establishing their new world order with the imminent collapse of the SWIFT economic system and the loss of the United Nations’ credibility before the countries of the world after its “complete submission” to the desires of the Americans and Israel and the decisions of the “genocidal regimes,” in reference to the major Western countries and their continued support. For Israel, it is expected that by the end of this year the world will witness the emergence of a “new United Nations” whose center of power will be in the East and South of the world, instead of in the West. link
"...of floating to achieve a homogeneous equilibrium exchange rate..."
This article talks about utilizing supply and demand to create a higher exchange rate to meet the demands for their currency currently taking place.
The global standard for raising a currencies' price is 3 months. Iraq has reached a higher level of money velocity for the last 16 months.
This is putting price pressures on their currency. Currently they are seeking more bilateral contracts to secure a position that would allow them to change their monetary policy.
Currently, "The General Directorate for Industrial Development (GDID), part of the Iraqi Ministry of Industry and Minerals, has granted 219 preliminary licences for new industrial projects."
An industrial project is an investment to create, expand, and develop facilities that will increase the production of goods and services in a country.
