Government advisor: Tensions and war in the region may lead to a jump in oil prices
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified today, Monday, the indicators of the rise in oil prices in global markets, and while he attributed them to two basic variables, he indicated that if tensions and war continue in the region, a jump in prices is expected.
Saleh told the Iraqi News Agency (INA): "The oil asset cycle is subject to accelerated upward volatility across current energy market indicators and two fundamental variables that affect global oil supply and demand: the first is OPEC+'s decisions to reduce oil production on the production of OPEC countries themselves and their allies, as OPEC+ has currently implemented significant oil production cuts of 5.86 million barrels per day."
He added, "These cuts consist of two parts: the first is a reduction of 3.66 million barrels per day extended until the end of 2025, and the other is an additional voluntary reduction of 2.2 million barrels per day that remains in effect until September 2024."
He pointed out that "the cuts come to remove the current oil glut, which is affected by the decline in growth in the world's most important energy-consuming economies, China," noting that "the second variable is the geopolitical situation and the war taking place in the two energy basin regions of the world, namely the Russian-Ukrainian war and the other is the ongoing war in the Middle East, especially the Gaza and Lebanon war with the Zionist entity and its effects on the oil-producing Gulf region, which dominates more than 50% of global oil exports."
He continued, "If military operations or geopolitical tensions continue in the two regions, oil prices are expected to jump." link
“Coordination with the World Bank for projects” Pretty much everybody except the US and the federal Reserve is banking on Iraq’s WTO ascension and the increase in value of the dinar.
The world bank is one of those and they are working with Iraq on larger infrastructure projects.
Iraq is not staying in the background for much longer ... Most likely when they announce the official WTO ascension we will see a public rate…imo
Trade Bank of Iraq announces the imminent opening of a cash deposit center in Karkh
The Trade Bank of Iraq announced today, Monday, the imminent opening of the cash deposit center in the Karkh side.
The bank's media advisor, Aqil Al-Shuwaili, said in a statement received by the Iraqi News Agency (INA): "Based on the directives of the respected Prime Minister, Mohammed Shia Al-Sudani, to provide the best services to citizens, the Trade Bank of Iraq announces the imminent opening of the (Cash Deposit Center)."
He explained that "this center receives all cash deposits only for all customers," indicating that "this is a new service that the bank will launch with the aim of providing the best services to customers, and to contribute to reducing the pressure of cash deposits on its other branches in Baghdad link
Article: "World Trade Organization in Geneva 2024 was held on July 18th."
That's just a few months ago...
Quote: "The significance of this is it marked the formal resumption of Iraq's accession process to the WTO after a 6-year hiatus."
They have intensified the bilateral negotiations for the accession...There's a push now and they will need to be an internationally accepted currency in place ahead of the accession.