It Is Due To Iran And Russia.. Iraq And Saudi Arabia Have Fallen From The Top Oil Exporters To China, 22 SEPT

 It Is Due To Iran And Russia.. Iraq And Saudi Arabia Have Fallen From The Top Oil Exporters To China

2024-09-21 03:34  Shafaq News/ The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations attributed, on Saturday, the reason for the decline of both Iraq and Saudi Arabia from the ranks of the largest oil exporters to China to the incentives provided by the Russians and Iranians to increase the purchase of their raw materials.

The institution stated in a report published today that Russia acquired 22% of China's oil imports in August 2024, at prices less than 6% of the average purchase prices.

He added that the Iranians, through Malaysia, acquired 17% of China's oil imports and less than 10% of the average price, which pushed both Iraq and Saudi Arabia to fall from the position of the largest exporters of crude oil to China, which is the largest market.

According to the institution's report, during last July, the average price of Russian oil was less than 4% of the average price, while the average price of Iranian oil was less than 7.5%, meaning that both parties increased their incentives to China to continue China's dependence on the oil of the two countries, even if at prices lower than the offered rates.

The institution attached to its report a detailed table on oil sales to countries that deal with China, as listed below:  LINK

LATEST FROM MARKZ, 22 SEPT

  MarkZ  

 [via PDK]  It’s been a great week in Iraq and I am so upbeat about this weekend.

Article:  “Fed and Powell unleash chaos across markets with a “Not a crisis at all” rate cut of 50 basis points”   I like this article from Iraq…They are saying they have a lot of foreign currency and ways to defend their exchange rate.  Why is this important?  They are telling us Iraq is ready.

  I would rate my warm and fuzzy feeling at about a 9.9 right now. It’s very warm and very fuzzy...it was a fantastic news week from Iraq. They are being told budget tables are approved and HCL is coming... Redemption center/banking folks on a shortened “on call” for this weekend in case they are needed. These are people that work in wealth management for large banks….   Comment:  I am still hearing  RV in September.  MarkZ:  I am still hearing that as well. I hope it’s accurate.

Dinarland Highlights: Central Bank Decisions & Market Shifts!

Oil And Gas Parliamentary: There Is A Major Failure In The Work Of The Internal Control Department At The Ministry Of Oil, 22 SEPT

 Oil And Gas Parliamentary: There Is A Major Failure In The Work Of The Internal Control Department At The Ministry Of Oil

Politics, Security and Economy   September 20, 2024  The Parliamentary Oil and Gas Committee identified a major failure and a number of observations regarding the work of the Director of the Internal Control Department at the Ministry of Oil.

The committee’s spokesman, Ali Shaddad, told Al-Mirbad that his committee hosted the director of the Internal Control Department at the Ministry of Oil, and after directing a number of questions to him, it became clear that there were many delays in the work of the department, and it had become one of the departments that repelled cadres specialized in internal control, despite the fact that they were cadres who had undergone important training and were linked to financial control.

However, there were 35 employees who left the Internal Control Department during the current director’s tenure, and it is not easy to dispense with them.

Shaddad added that a number of questions were put to the director regarding suspicions of corruption in some contracts that were flagged by the Federal Financial Supervision Bureau, in addition to the failure of the Director of Special Supervision to adhere to the directives of the Minister of Oil, so the work in the department began to decline despite the importance of its work.

Pointing out that the Parliamentary Oil Committee decided that this hosting would be open until the next session, which will be determined later by the Oil and Gas Committee. https://www.al-mirbad.com/detail/167165#hathalyoum

LATEST BY MILITIAMAN, 22 SEPT

 Militia Man 

 I looked today on the Ministry of Judiciary, their official gazette, and 4782 [The skipped issue that's potentially holding the budget] is not there.  Again, there's a reason for it it. Does it mean it's not done?  I don't know.  But it's not there...It doesn't mean it's not going to be.

  What we're seeing and witnessing is something we've never seen before and not at this level...Something's a foot and I think it's a powerful time frame for us to see something different with Iraq.

  Article Quote: "Alaq...points out the decline in the price of oil has nothing to do with the rise in the exchange rate because Iraq has reserves for foreign currencies which enables it to defend the exchange rate."  That's what central banks do my friends.  They defend the exchange rate.  That does not matter whether it's at 1310, which they've done, or if it's going to be at whatever the Real Effective Exchange Rate is going to be in the future.  They've worked this out.  This isn't something brand new.  They know what they're doing.  The drop the 3-zeros project is still...going to be applied.

IRAQ'S BOLD MOVE: DE DOLLARIZATION IN 2024

Government Confirms Its Adoption Of A "Constructive Economic Policy", 22 SEPT

 Government Confirms Its Adoption Of A "Constructive Economic Policy"

Time: 2024/09/20 Read: 1,820 times    {Politics: Al Furat News} Prime Minister Mohammed Shia Al-Sudani met today, Friday, with the head of the Victory Coalition, Haider Al-Abadi, where the meeting witnessed discussions on a number of issues and files related to the work of the legislative and executive authorities.  The two sides reviewed "ways to enhance cooperation and accelerate the basic requirements for implementing the government program in various fields."

During the meeting, Al-Sudani stressed that the government is adopting a constructive economic policy, improving the level of services that citizens receive from state agencies, alleviating their suffering, and completing the infrastructure that will provide an additional boost to development projects at various levels.   ;LINK