Дорогие друзья! Больше трех лет я рассказываю вам об основных новостях, событиях, трендах на мировом рынке нефти и газа. Я делаю это бесплатно и без рекламы. Поэтому я прошу вас о помощи. Wognews нуждается в развитии. Вас больше 20 000 человек из более чем 80 стран мира. Если каждый пожертвует небольшую сумму денег, 500 или 1000 рублей, или больше, wognews станет лучше. Спасибо, Владимир Виноградов, основатель wognews.

Dear friends! For more than three years I've been telling you about the main news, events, trends in the world oil and gas market. I do it for free and without advertising. Therefore I ask you for help. Wognews needs development. You are more than 20 000 people from more than 80 countries. If each donate a small amount of money, $10, $20, $30 or more, wognews will become better. Thank you, Vladimir Vinogradov, the founder of wognews.
2017-08-16 09:10:00

IMF HAS IRAQ

IMF HAS IRAQ

IMF - On August 1, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the 2017 Article IV consultation with Iraq.

Iraq is facing a double shock arising from the conflict with ISIS and the plunge in oil prices. In 2016, real GDP increased by 11 percent owing to a 25 percent increase in oil production, which was little affected by the conflict with ISIS. This year, economic activity is expected to remain muted due to a 1.5 percent contraction in oil production owing to the OPEC + agreement to reduce oil production and only a modest recovery of the non-oil sector.

The decline in oil prices has driven the decline of Iraq's international reserves from $54 billion at end-2015 to $45 billion at end-2016. Fiscal pressures are ongoing, with the government deficit increasing from 12 percent of GDP in 2015 to 14 percent in 2016 despite the ongoing fiscal consolidation, due to weaker oil prices and rising humanitarian and security spending.

The authorities have appropriately maintained the exchange rate peg. The simplification of documentation requirements implemented by the Central Bank of Iraq led to a decline in the parallel market spread to 6 percent in June 2017.

Medium-term growth prospects are positive. Growth will be driven by the projected moderate increase in oil production and the rebound in non-oil growth supported by the expected improvement in security and implementation of structural reform. Risks remain very high, however, arising primarily from volatile security, political tensions, and poor policy implementation.

The Fund is supporting Iraq through a three-year Stand-By Arrangement in the amount of SDR 3.831 million ($5.380 billion), equivalent to 230 percent of quota.

Executive Board Assessment

Executive Directors agreed with the thrust of the staff appraisal. They welcomed the policies put in place by the authorities to deal with the shocks of the armed conflict with ISIS and the ensuing humanitarian crisis and the plunge in oil prices. While mediummdash;term growth prospects are positive, the mediummdash;term outlook remains exposed to significant risks, arising primarily from oil price volatility, unstable security, political tensions, and weak administrative capacity. Although performance under the Standmdash;By Arrangement has been weak in some key areas, understandings on sufficient corrective actions have been reached to keep the program on track. Against this background, Directors encouraged resolute implementation of the authorities' program including continued efforts toward fiscal consolidation, strengthening the financial sector, and implementing structural reforms to promote private sector activity and improve the business environment.

Directors noted the fiscal adjustment achieved in 2016, albeit at a slower pace than programmed because of weak control of investment expenditure and spending pressures stemming from the military campaign against ISIS and assistance to internally displaced people and refugees. They welcomed that this adjustment was achieved mostly through retrenchment of inefficient capital expenditure while protecting social spending. Directors welcomed passage of a 2017 supplementary budget and the authorities' commitment to implement further consolidation measures in 2017mdash;18 to keep the program on track and ensure external and debt sustainability. They stressed that fiscal space needs to be found to enhance human capital and rebuild the physical capital of the country. Tackling the low level of non—oil tax revenue and very high level of public consumption would help create the fiscal room to finance growthmdash;enhancing investment.

To strengthen financial sector stability, Directors encouraged the authorities to take measures to bolster supervision, and move forward with plans to restructure the statemdash;owned banks that dominate the banking system. They also encouraged strengthening the legal framework of the Central Bank, eliminating a remaining exchange restriction and a multiple currency practice, and accelerating implementation of AML/CFT and antimdash;corruption measures. Directors considered that the peg to the U.S. dollar, which provides a key anchor to the economy, remains appropriate.

Directors stressed the importance of implementing structural reforms to improve the investment climate, diversify the economy, and achieve sustainable growth. They urged the authorities to overhaul public financial management, including by completing a regular inventory and paying down any arrears, and strengthening expenditure commitment and cash management to prevent the accumulation of new arrears. Directors also emphasized the importance of addressing weaknesses in administrative capacity and data provision. In addition, the implementation of the budgetmdash;sharing agreement between the Federal and Kurdistan Regional governments would put both governments in a better position to address shocks.

It is expected that the next Article IV Consultation with Iraq will be held in accordance with the Executive Board decision on consultation cycle for members with Fund arrangements.

-----

Earlier:

IMF:       IRAQ:
 

IMF BUYS IRAQ

IMF BUYS IRAQ IMF BUYS IRAQ The completion of the second review allows the authorities to draw the equivalent of SDR 584.2 million (about US$ 824.8 million), bringing total disbursements to SDR 1494.2 million about US$ 2109.7 million. The SDR 3.831 b ...
2017-08-03  
   

ROSNEFT - KURDISH TALKS

... ate-controlled oil company is in discussions with Iraqi Kurdistan over helping it develop oilfields in disputed territory at the heart of tensions with Baghdad, in a move that pitches Moscow into one of Iraq’s oldest faultlines. Russia’s state-contro ...
2017-07-03  
 

IMF WANT EUROPE

IMF WANT EUROPE IMF WANT EUROPE The European Union could do more to convince countries to put EU reform recommendations into practice. For example, targeted support from the EU budget could be provided to incentivize reforms. The EU should also conti ...
2017-07-26  
   

KURDISH - IRAQI OIL

KURDISH - IRAQI OIL KURDISH - IRAQI OIL Crude oil flows from the Kirkuk fields in northern Iraq were briefly disrupted on Thursday after a Kurdish faction seized a pumping facility in protest at the policies of Baghdad and Erbil, adding a new threat ...
2017-03-03  
 

IMF NEED RUSSIA

IMF NEED RUSSIA IMF NEED RUSSIA Directors underscored that accelerated structural reforms and broader trade relations can help promote a diversified export mix. They also urged the authorities to strengthen property rights, advance privatization, imp ...
2017-07-17  
   

IRAQ PLANS 3.6 MBD

IRAQ PLANS 3.6 MBD IRAQ PLANS 3.6 MBD Iraq plans to raise crude exports from its southern port of Basra to an all-time high in February, keeping exports high even as OPEC production cuts take effect this month. Iraqplans to raise crude exports from ...
2017-01-11  
 

UAE IS BETTER FOR IMF

UAE IS BETTER FOR IMF UAE IS BETTER FOR IMF The economy is weathering the post-2014 oil shock well. The key policy goal is to foster economic adjustment to the new oil market realities. To foster the adjustment, especially given downside risks, the m ...
2017-07-17  
   

IRAQ'S OIL RECORD: 4.051 MBD

IRAQS OIL RECORD: 4.051 MBD IRAQS OIL RECORD: 4.051 MBD Iraq’s Ministry of Oil has said that total oil exports for November have reached a record high of 4.051 million bpd. Iraq’s Ministry of Oil has said that total oil exports for November have reac ...
2016-12-09  
 

IMF WANT BRAZIL

IMF WANT BRAZIL IMF WANT BRAZIL Directors observed that the financial sector has remained sound despite the severe stresses. To make the system more robust, they encouraged actions to further strengthen financial safety nets through enhanced monitori ...
2017-07-17  
   

IRAQ WANTS 9 MBD

IRAQ WANTS 9 MBD IRAQ WANTS 9 MBD “We should be producing 9 million if it wasn’t for the wars,” said Falah Al Amri, the director general of state oil marketing company SOMO. “We should be producing 9 million if it wasn’t for the wars,” said Falah Al ...
2016-10-25  
 

IMF HAS EGYPT

IMF HAS EGYPT IMF HAS EGYPT The approval by the IMF Executive Board of the First Review of the program shows the IMF’s strong support for Egypt in these efforts. The approval by the IMF Executive Board of the First Review of the program shows the IMF ...
2017-07-17  
   

IRAQ & KURDISTAN DEAL

IRAQ & KURDISTAN DEAL IRAQ & KURDISTAN DEAL Iraqi Prime Minister Haider Jawad Kadhim Al Abadi and his Kurdish counterpart, Nechirvan Barzani, have agreed to split the proposed export volume of 150,000 bopd from Kirkuk’s Baba Gorgor and Khabbaz fields ...
2016-09-01  
 

IMF NEEDS SAFEGUARD

IMF NEEDS SAFEGUARD IMF NEEDS SAFEGUARD “The current period of growth should be used as an opportunity: to further safeguard the financial sector--by building up capital buffers and strengthening corporate and bank balance sheets; to address the issu ...
2017-07-10  
   

IRAQ RESTART INVESTMENT

IRAQ RESTART INVESTMENT IRAQ RESTART INVESTMENT As a result of the investment, Iraqs crude output should increase by 250,000-350,000 barrels per day next year, the Iraqi officials said. The country now produces about 4.6 million bpd, most of it from ...
2016-08-12  
     
Tags: IMF, IRAQ, OIL, PRICE

Chronicle:

IMF HAS IRAQ
September, 22, 09:20:00

OIL PRICE: NOT ABOVE $57

International benchmark Brent crude futures were at $56.51 a barrel at 0644 GMT, up 8 cents, or 0.14 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.24 percent, at $50.67 per barrel.

IMF HAS IRAQ
September, 22, 09:15:00

СОТРУДНИЧЕСТВО АЛЖИРА И РОССИИ

Руководители энергетических ведомств России и Алжира обсудили состояние и перспективы двустороннего сотрудничества, а также совместную деятельность в многосторонних форматах, в том числе взаимодействие в рамках Форума стран-экспортеров газа. Также речь шла о взаимодействии в рамках соглашения ОПЕК+ по сокращению объемов добычи нефти. Стороны подтвердили приверженность исполнению взятых обязательств по достижению скорейшей ребалансировки нефтяного рынка.

IMF HAS IRAQ
September, 22, 09:10:00

ГАЗ РОССИИ ДЛЯ МАРОККО

Александр Новак отметил, что Россия занимает лидирующие позиции в мире в области топливно-энергетического комплекса, в частности, первое место по добыче нефти, второе место по добыче газа. «При этом Россия - номер один по экспорту газа. Мы добываем 670 млрд кубических метров газа, из них 220 млрд поставляем в другие страны различными способами – трубопроводным и сжиженным», - подчеркнул Министр.

IMF HAS IRAQ
September, 22, 09:05:00

НОВЫЕ ТЕХНОЛОГИИ РОССИИ

Кирилл Молодцов также сообщил о применении новых технологий в сфере нефтегазодобычи. «Из общего количества технологий, а их насчитывается примерно 600, более 300 производятся в России. Более двухсот имеют российские наработки и аналоги, то есть практически имеют стадию разработки проекта. Есть технологии, которые нас сильно волнуют, и мы будем развивать их дальше. Это абсолютно автономные системы добычи, окончание морских месторождений, забуривание, возможности создания и развития проектов в Арктике», - заключил Кирилл Молодцов.

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