After amending the budget law, this is how the oil file will be managed in the Kurdistan Region, 5 FEB

 After amending the budget law, this is how the oil file will be managed in the Kurdistan Region

 The Parliamentary Finance Committee revealed, today, Monday, the mechanism for managing the oil file in the Kurdistan Region after voting on amending Article 12 of the Federal Budget Law.

Useful summary.. In important news you can find it on Al Furat News channel on Telegram.. To subscribe click here

Committee member, Moeen Al-Kazemi, told {Euphrates News} that: “The amendment of Article 12 of the federal budget that took place will allow the federal Ministry of Oil to resume exporting Kurdistan Region oil with a capacity of 400,000 barrels per day through the SOMO company and deposit the oil sales proceeds in the treasury of the Ministry of Finance after the export was halted for more than 20 months from March 2023.”
He added, “This export will add an important addition to the state’s treasury,

 and there will also be a new outlet for export other than the southern outlets through the Turkish port of Ceyhan, in addition to benefiting from this pipeline instead of disrupting it, which may lead to the imposition of fines on Iraq in the event of continued disruption of this pipeline that was established in agreement with Turkey.”

Al-Kazemi pointed out, “It will also allow the federal Ministry of Oil to supervise the oil fields in the region and follow up on the current production for local consumption away from the 400,000 barrels per day, as there are 70,000 barrels per day consumed locally and must be followed up and calculated within the local revenues of the Kurdistan government.”
He added, 

“The amendment will also allow the federal government to follow up on the non-oil revenues in the region, which amounted to 4 trillion dinars in 2024 for border crossings, taxes and fees, and were not delivered, considering that there is a deficit in the region’s allocations, and the amendment to Article 12, Second/C, will leave no room for the regional government to evade handing over non-oil revenues to the federal government.”

Al-Kadhimi pointed out that “the important issue is to eliminate problems between the federal and regional governments,” calling for “balanced relations and harmony within the state administration coalition.”
He explained that “the federal Ministry of Oil is the one that will sign contracts with oil importers in the region, and oil revenues and sales amounts will be deposited in the Iraqi government’s account/the US Federal Reserve, then the Central Bank of Iraq, and finally in the Ministry of Finance.”  

Al-Kadhimi noted that “the Ministry of Finance will pay the region $16 for each barrel of oil as extraction and oil costs as a first stage until the actual costs are determined through an agreement with an international specialized technical body that accurately determines the costs.” 
The member of the parliamentary finance committee concluded his speech by stressing that “the issue of oil revenues will be entirely in the hands of the federal government, but as for non-oil revenues, there must be credibility and transparency from the regional government and opening a new page and ending previous arguments through the consensus that was reached to amend Article 12.”

Wafaa Al-Fatlawi 

https://alforatnews.iq/news/%D8%A8%D8%B9%D8%AF-%D8%AA%D8%B9%D8%AF%D9%8A%D9%84-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D9%87%D9%83%D8%B0%D8%A7-%D8%B3%D9%8A%D8%AF%D8%A7%D8%B1-%D8%A7%D9%84%D9%85%D9%84%D9%81-%D8%A7%D9%84%D9%86%D9%81%D8%B7%D9%8A-%D9%81%D9%8A-%D8%A7%D9%82%D9%84%D9%8A%D9%85-%D9%83%D8%B1%D8%AF%D8%B3%D8%AA%D8%A7%D9%86
 

AJ: AGREEMENT HAS BEEN REACHED!, 5 FEB

 AJ

The World Finally Agreed.

The Kurdistan Region's Ministry of Finance announces that, after 15 days of joint work.

Finance Ministry’s technical teams, an agreement has been reached on the financial rights of the Region’s public employees.

The Ministry reaffirms its commitment to fulfilling obligations to prevent a recurrence of last year’s issues - statement

Quote

Zoom News

@zoomnewskrd

·

18h

Remarks from Kurdistan Region’s Finance Minister Awat Sheikh Janab follow a landmark agreement between Baghdad and Erbil over the Region’s financial entitlements and obligations, securing timely payment for public employees and ending a decade-long dispute.

7:03 PM · Feb 3, 2025

JEFF: When the rate changes it'll come out somewhere around the $3.80 range! @DINARREVALUATION

 

ZOOM IRAQ NEWS: BARZANI & UN SPECIAL REPRESENTATIVE discuss developments in Iraq and the border region!, 5 FEB

 ZOOM NEWS

Kurdistan Region Prime Minister Masrour Barzani met with UN Special Representative in Iraq, Mohammed al-Hassan, to discuss developments in Iraq and the border region. 

They emphasized resolving Erbil-Baghdad disputes and hailed the approval of federal budget law amendment by Iraqi Parliament as a “positive step” toward solutions - statement. : KRG

Last edited12:41 PM · Feb 4, 2025

·

NADER FROM MID EAST CC HIGHLIGHT NOTES: THE current state of the U.S. export market, 4 FEB

 NADER FROM MID EAST CC HIGHLIGHT NOTES

Highlights

Summary

In this insightful video, the speaker discusses the current state of the U.S. export market, emphasizing the recent rise in exports of goods and services, which saw a notable increase of 2.7% to reach a record high of $273.5 billion in November 2024.

 Despite this positive growth, the speaker expresses concern over the potential negative impact of President Trump’s policies on international trade, particularly regarding the relationships with key export partners such as Canada, Mexico, and China.

 The speaker highlights the importance of exports to the U.S. economy, noting that they constituted only 10% of the Gross Domestic Product (GDP) in 2022. 

He stresses the necessity for a cooperative approach to trade and warns against the adverse effects of tough rhetoric and strategies that could lead to significant losses for American businesses and individuals involved in importing and exporting goods.

• 📈 Record Exports: U.S. exports of goods and services reached a new high of $273.5 billion in November 2024.
• 🌍 Key Export Partners: The main export partners for the U.S. include Canada, Mexico, China, Japan, the UK, and Germany.
• 🚗 Diverse Exports: Major exports consist of industrial supplies, capital goods, consumer goods, automotive vehicles, and food and beverages.
• ⚠️ Impact of Policies: Concerns are raised about the detrimental effects of President Trump’s trade policies on U.S. exports.
• 💰 Economic Implications: The speaker notes that exports accounted for just 10% of the U.S. GDP in 2022, underscoring their significance.
• 🤖 Business vs. Politics: The speaker emphasizes the need to separate political rhetoric from business realities in trade discussions.
• 🚨 Warnings of Losses: Potential losses for key industry leaders like Elon Musk due to canceled contracts highlight the risks of deteriorating trade relations.

Key Insights

• 📊 Export Growth vs. Trade Relationships: The U.S. saw a 2.7% increase in exports, showcasing a resilient export market. However, reliance on strong trade relations with key partners is crucial. Any disruption, especially from politically motivated decisions or tariffs, could negate these gains, leading to economic instability.

• 🔗 Interconnected Global Economy: The speaker underscores that the U.S. is the world’s third-largest exporter, but with exports only comprising a small percentage of GDP, this highlights the fragility of the American economy’s reliance on global trade. A globalized economy means that policies affecting one region can have cascading effects worldwide.

• 🚧 Political Influence on Trade: The video raises a significant point about how political decisions, particularly those made by advisors in the current administration, can have profound impacts on business operations and international relations. The speaker warns that a lack of understanding or respect for the complexities of trade can lead to disastrous outcomes.

• 📉 Potential Losses for Industries: The mention of Elon Musk’s significant losses due to a canceled order illustrates the tangible consequences of strained trade relations. If major companies begin to feel the effects of trade policies, it could lead to broader economic repercussions, including job losses and reduced investment.

• 💔 Economic and Personal Impact: The speaker connects trade policies to the everyday lives of people who depend on international trade for their livelihoods. This personal element emphasizes that decisions made at the top have real consequences for families and communities, making it critical for policymakers to consider the human element in their decision-making processes.

• 🏛️ Need for Cooperation: The video argues for a more nuanced approach to international trade, suggesting that toughness and aggression in negotiation tactics are outdated. Instead, fostering cooperation and understanding among nations could lead to more beneficial outcomes for all parties involved.

• 🌪️ Evolving Trade Dynamics: The speaker references the outdated practices of intimidation and aggression in business, likening them to tactics from past decades. He advocates for a more sophisticated and modern approach to trade that reflects the current global landscape, where collaboration is more effective than confrontation.

In conclusion, the video provides a comprehensive view of the complexities surrounding U.S. exports, the importance of maintaining strong international relationships, and the potential fallout from aggressive trade policies. It serves as a cautionary tale about the interplay between politics and economics, urging viewers to consider the broader implications of trade decisions on both a national and personal level. The insights shared highlight the necessity for informed and strategic decision-making in international trade, essential for the economic well-being of the United States and its citizens.

MAJEED: They already have the greenlight to go ahead with it !!, @DINARREVALUATION #iraqidinar