Iraq and 7 countries extend oil production cuts

Eight OPEC+ countries announced on Monday that they would extend the oil production cut until the end of next December.

The countries, namely Iraq, Russia, Saudi Arabia, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and the Sultanate of Oman, said in a statement that they “agreed to extend for one month the additional voluntary production cut of 2.2 million barrels per day.”

The decision aims to prevent the market from being flooded with supply and prices from falling, while the price of US West Texas Intermediate crude and Brent crude is around $70 per barrel amid no growth in demand and an acceleration in supply.

OPEC, led by Saudi Arabia, formed the OPEC+ alliance in 2016 with other countries, including Russia, to deal with the challenges posed by US competition.

This alliance currently has 22 members, who are cutting production by about six million barrels per day, either based on a decision taken at the alliance level or through additional voluntary restrictions.

OPEC+ ministers are due to meet in Vienna, where OPEC is based, in early December. But Sunday’s announcement confirms that the eight countries that extended production cuts will not abandon current cuts to oil output before the start of 2025.

Thus, the voluntary cuts will begin to be lifted at least three months later than the date set at the last ministerial meeting in early June, when OPEC and its allies announced their desire to increase production starting in October.

But the group left a way out at the time, noting that this decision is subject to review at any time.

Global oil demand growth has been declining for months due to a slowdown in the economy in China, the world’s second-largest consumer and the main driver of global oil demand growth, and in the United States, which is awaiting the results of the presidential elections scheduled for Tuesday.

Shafaq.com

Al-Sudani directs the localization of private sector salaries and sets next July as the date for the departure of cash payments

Prime Minister Mohammed Shia al-Sudani directed, on Monday, to localize the salaries of private sector workers, similar to state employees, while setting July of next year as the month for the departure of cash payments by government institutions.

Al-Sudani’s media office stated in a statement received by Shafaq News Agency, “In implementation of the financial and economic reform approach, which represents one of the government’s most important priorities, the Prime Minister directed a number of steps to be taken to enhance and develop electronic payment systems and services.”

He explained that the directive included working to localize the salaries of private sector employees, similar to the government sector, and assigning the Ministry of Labor and Social Affairs and the Central Bank of Iraq, with the participation of a number of private sector institutions, to prepare an appropriate mechanism for this purpose.

Al-Sudani also stressed that ministries and all government institutions should abandon cash payments and use electronic payments in collection and other related transactions, through an integrated plan submitted by each ministry or government institution before December 31, with actual implementation to begin no later than July 1, 2025.

Shafaq.com

Sistani identifies seven factors for “Iraq’s stability”: You have a long way to go to achieve this

The highest Shiite authority in Iraq, Sayyid Ali al-Sistani, identified seven factors for the “stability of the country” on Monday, stressing that Iraqis have a “long path” to achieve this.

This came according to a statement issued by his office in Najaf, after he received this morning Mohammed Al-Hassan, the representative of the Secretary-General of the United Nations and head of its mission in Iraq (UNAMI) and the accompanying delegation.

The statement explained that Al-Hassan gave Al-Sistani a brief explanation of the tasks of the international mission and the role it aims to play in the coming period.

In return, the reference Sistani welcomed the presence of the United Nations in Iraq and wished its mission success in carrying out its tasks.

Al-Sistani pointed to the major challenges facing Iraq at the present time and what its people are suffering on more than one level.

“Iraqis, especially the conscious elites, should learn from the experiences they have gone through and do their utmost to overcome their failures and work hard to achieve a better future for their country in which everyone enjoys security, stability, progress and prosperity,” said the Grand Ayatollah Sistani, stressing that “this cannot be achieved without preparing scientific and practical plans to manage the country based on the principle of competence and integrity in assuming positions of responsibility, preventing foreign interference in all its forms, enforcing the rule of law, restricting arms to the state, and combating corruption at all levels.”

Al-Sistani added, “But it seems that the Iraqis have a long way to go before they achieve this, may God help them.”

Regarding the volatile situation in the region, the reference expressed his “deep sorrow over the ongoing tragedy in Lebanon and Gaza and his deep regret over the inability of the international community and its institutions to impose effective solutions to stop it or at the very least to neutralize civilians from the tragedies of the fierce aggression practiced by the Israeli entity.”

Shafaq.com

Extension of the legislative term of the Iraqi parliament for an additional month to pass laws

Member of the Parliamentary Legal Committee, Mohammed Al-Khafaji, revealed on Monday that the current legislative session of the Council of Representatives ends on the 9th of this month, and that its extension for another month is subject to Article 58 of the Iraqi Constitution.

He added in a statement to Shafaq News Agency that according to this article, the legislative term can be extended at the request of the President of the Republic, the Prime Minister, the Speaker of the House of Representatives, or 50 representatives, provided that the extension is approved by a vote of the majority of the members of the House.

Al-Khafaji explained that there is a trend to extend the legislative session from November 9 to December 9, in order to organize the work of Parliament and approve pending laws, as the past period witnessed repeated postponements in the Council’s sessions and the incomplete agenda.

Al-Khafaji pointed out that the extension will provide an additional opportunity for the government to submit the draft general budget law for 2025, which is supposed to be submitted before the end of this year. He stressed the importance of the government taking advantage of this time to avoid the delay that the budget witnessed this year.

Shafaq.com

Imports and dependence on oil are obstacles to Iraq’s accession to the World Trade Organization

Membership in the World Trade Organization allows access to international trade policies. Despite the economic policies that Iraq has adopted over the past two decades in terms of international openness and the pursuit of establishing modern economic and legislative rules, attempts to obtain a seat in the World Trade Organization have not succeeded so far, noting that Iraq obtained observer status in the organization in 2004.

The financial advisor to the Prime Minister, Dr. Mazhar Mohammed Salih, said: The Iraqi economy lacks regulatory and supervisory regulations in the scope of trade relations and international requirements according to internationally approved standards. Supporters of joining the World Trade Organization believe that this path allows member states of the organization to have broader access to global markets, while membership in the World Trade Organization guarantees access to international trade policies.

Salih indicated that there is a lack of some important economic legislation, especially those related to the rights of workers in the private sector, the field of social security and trade union organization. He referred to the existence of two restrictions that weaken Iraq’s role in the international organization: the first is that Iraq is an importing country and does not have the competitive ability to export, and the second is the almost total dependence on oil.

For his part, academic Dr. Amr Hesham explained that supporters of joining the World Trade Organization have a number of reasons that encourage joining, including that international trade agreements provide broader vital access to global markets in the areas of goods and services, and the agreements and their rules create a commercial climate that allows for a reasonable degree of commercial forecasting, thus achieving the goal of preparing marketing and export plans.

He explained that trade agreements include obligations and rights, and the exercise of the rights contained in the agreements is limited to member states in the region and no one else, and resorting to the Trade Dispute Settlement Body imposes seriousness in applying the rules to all parties with the existence of a special mechanism to take punitive measures in the event of non-implementation.

Hesham pointed out that membership in the World Trade Organization guarantees access to other trade policies, and the procedures they include that may affect access to markets, and the extent of their consistency with international agreements, and participation in future negotiations in a way that ensures the defense of commercial interests that concern those countries, and the formulation of new agreements approved by ministerial meetings.

The World Trade Organization (WTO): An intergovernmental organization that regulates and facilitates international trade among nations. Governments use the organization to establish, review, and enforce the rules governing international trade. The organization formally began operations on January 1, 1995, under the Marrakesh Agreement, replacing the GATT of 1948. The WTO is the world’s largest international economic organization, with 164 member states representing over 98 percent of world trade and global gross domestic product.

Alsabaah.iq

It included a warning to Baghdad.. Report: Israel prepared a target bank for sites inside Iraq

An Israeli report revealed on Sunday that Tel Aviv has identified a “target bank”, some of which are Iraqi and others belong to armed factions, to strike if attacks from the country continue. The report indicated that Israeli officials have conveyed several warnings to Baghdad in this regard.

The Times of Israel quoted unnamed officials as saying that satellites monitored Tehran’s work to transfer ballistic missiles and related equipment from Iran to Iraqi territory, with the presumed goal of using them in an expected imminent attack on Israel.

The newspaper added in a report that “Israel is monitoring and identifying targets related to the militias supported by Iran, in addition to Iraqi targets.”

Baghdad has warned that it must rein in the militias and prevent them from using its territory to launch attacks.

Drone attacks have increased in recent weeks, with a regional security official saying there were an average of five attacks a day from inside Iraq against Israel by Iranian-allied militias, and over the past week, eight drones were launched in a 24-hour period.

Two officials told the Hebrew newspaper, speaking on condition of anonymity, that American forces and partner forces were intercepting the attack drones, explaining that the ongoing attacks increased the possibility of Israel responding directly to those attacks.

Shafaq.com

Joint cooperation between Al-Maliki and Al-Mashhadani to enhance the work of Parliament

Joint cooperation between Al-Maliki and Al-Mashhadani to enhance the work of ParliamentShafaq News/ The head of the State of Law Coalition, Nouri al-Maliki, stressed on Sunday the necessity of activating the mechanisms of the legislative authority, during his reception of the Speaker of the Council of Representatives, Mahmoud al-Mashhadani.

In the context of the meeting, Al-Maliki pointed out the importance of enhancing coordination and cooperation between the political forces and the Presidency of the House of Representatives, stressing the importance of collective work to present laws and legislation that serve the interests of the citizen and the country’s supreme interests.

The two sides also discussed the challenges facing the political process in Iraq, and the need to find effective solutions to ensure the country’s stability and enhance the democratic experience.

For his part, Al-Mashhadani expressed the commitment of the Presidency of the Council of Representatives to move forward in completing its tasks, stressing the importance of the political forces supporting the Council’s efforts to achieve the required reforms and meet the needs of citizens.

Last Thursday evening, the Iraqi Parliament elected Mahmoud Al-Mashhadani as its Speaker, after nearly a full year of political deadlock and failure more than three times to resolve the issue.

shafaq.com

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Iraqi Negotiating Committee with America Stresses Transferring the “Military” Relationship to an Economic Partnership

Shafaq News / The Supreme Coordination Committee for the Strategic Framework Agreement for Friendship and Cooperation with the United States of America stressed the need to move the relationship with Washington to an economic partnership and not focus on military affairs.

This came during the committee’s regular meeting, headed by Foreign Minister Fuad Hussein, today, Sunday, in the presence of all representatives of the subcommittees within the Supreme Committee, according to a statement by the committee received by Shafaq News Agency.

The statement said, “During the meeting, the latest developments in bilateral relations between Iraq and the United States of America were discussed, in addition to reviewing the achievements approved during the last meetings between the two parties in mid-April in Washington, DC. The future working papers that will be discussed during the upcoming meetings of the committee, scheduled to be held in February of next year, were also discussed within the agreed upon axes, which include cooperation in the fields of politics and diplomacy, security and defense, energy, economy, education, health, and the environment.”

The Foreign Minister stressed the importance of strengthening relations with the United States of America by implementing the provisions of the agreement, and moving the relationship to a solid economic partnership. He also stressed the need not to focus only on military and security aspects, but rather to expand cooperation to include economic, health, educational, and other fields.

Shafaq.com

MP: America is waging an economic war against Iraq

Information / Baghdad… Today, Sunday, the representative of the Sadiqoun parliamentary bloc, Rafiq Hashem, accused America of practicing economic warfare against Iraq, stressing that the trend towards Russia and China is the only salvation from American hegemony.

Al-Salihi told Al-Maalouma Agency, “America is waging an economic war against Iraq in order to keep its forces in the country, indicating that America is preventing Iraq from obtaining its money from oil sales.”

He added, “America is plotting a new economic conspiracy against the Iraqi people by reducing financial transfers to Iraq, which has led to an increase in the exchange rate of the dollar against the Iraqi dinar.”

He pointed out that “Iraq’s openness to major countries such as Russia and China is the only solution to get rid of American economic hegemony.”

Almaalomah.me