Monthly Archives: May 2015

Iraqi bank says it coordinated with IMF to develop the banking business

Shafaq News / Rafidain Bank announced on Saturday, an ongoing bilateral cooperation with the International Monetary Fund (IMF) in the context of providing advice regarding the development of the work of banks in the country.

The general director of the bank , Basem al-Hassani said in a statement received by Shafaq News, that al- Rafidain Bank began advanced steps with regard to its bank to be parallel with its counterparts in the countries of the world.

He noted that Rafidain Bank is one of the main pillars of the national economy and financial trading in Iraq due to its strong financial position.


UK to boost military aid to Iraq, Kurdistan region

ERBIL, Kurdistan Region – The United Kingdom has announced it will boost its commitment to Iraq, agreeing to send military experts to Iraq and the Kurdistan region to train bomb-disposal teams and other Iraqi forces, the UK National Security Council in a statement on Thursday.

The UK will send military advisers, trainers and an undisclosed number of soldiers, according to the statement. The announcement from the UK described the Kurdistan region as safe and conducive for carrying out military campaigns against the Islamic State.

“The military trainers will share their skills in dealing with roadside bombs and other improvised explosive devices that have been a favorite weapon of Islamic State [ISIS] militants,” said the statement.

“The UK wants to send bomb-disposal teams to Erbil and Baghdad to provide military facilities to the Iraqi forces,” the statement said.

According to UK media, 100 military advisers and military trainers have been stationed in the Kurdistan region and have trained 1,200 Peshmerga on weapons, urban warfare and bomb disposal.

The UK launched its first airstrikes against ISIS targets in Iraq on September 30, four days after British parliament approved military action following a request from the Iraqi government.


Saudi Arabia Pumps Crude at Record Pace Boosting OPEC Output

Saudi Arabia maintained crude production at a record this month, helping send OPEC output to the highest level since October 2012.

Saudi Arabia, OPEC’s top producer, pumped 10.25 million barrels a day in May, unchanged from April and the most in a monthly Bloomberg survey going back to 1989. The kingdom exported more crude because of higher Asian demand amid increased use of domestic electricity.

“The Saudis see no reason to cut output at this time,” Sarah Emerson, managing principal of ESAI Energy Inc., a consulting company in Wakefield, Massachusetts, said by phone. “Asian demand is reaching a seasonal peak and they’re going to keep aggressively competing for market share there.”

Production by the Organization of Petroleum Exporting Countries climbed 67,000 barrels to 31.579 million a day this month, according to the Bloomberg survey of oil companies, producers and analysts. Last month’s total was revised 217,000 barrels higher to 31.512 million a day, because of changes to the Saudi, Iraqi and Algerian estimates.

Brent for June settlement rose $2.98, or 4.8 percent, to close at $65.56 a barrel on the London-based ICE Futures Europe exchange. Brent, the benchmark for more than half the world’s oil, touched $61.24 on Thursday, the lowest intraday level since April 15.

Iraqi Surge

Iraqi production rose 197,000 barrels a day to a record 3.87 million in May, according to the survey. Iraq, OPEC’s second-biggest producer, has bolstered output in eight of the past nine years as foreign investment poured in.

Angolan production increased by 100,000 barrels a day to 1.78 million in May, the biggest gain after Iraq. BP Plc lifted force majeure on exports from the 130,000 barrel-a-day Saturno field on May 5. There was a 10-day force majeure on shipments from the 180,000 barrel-a-day Plutonio field in April. Force majeure is a legal step that protects a company from liability when it can’t fulfill a contract for reasons beyond its control.

Libyan output tumbled 115,000 barrels a day to 405,000, the biggest decline this month. The country’s current output is about a third of what it was before the 2011 rebellion that ended Muammar Qaddafi’s 42-year rule.

OPEC ministers are scheduled to gather June 5 in Vienna. Kuwait and Libya are predicting that there will be no policy change at the meeting and the output target will remain at 30 million barrels a day.

“It looks like there will be no decision to change anything at this meeting,” Emerson said. “They will probably state that they will keep apprised of the market and react accordingly.”


An Iraqi oil refinery that was too important to destroy has just been destroyed

ISIS fighters and pro-goverment forces battled for a year over control of the oil refinery at Baiji, Iraq’s largest. The plant was crippled but intact, and would have been a key asset for whomever came to control all of the refinery and the pipelines in and out of it. This weekend, ISIS forces, which had controlled much of the facility since April, suddenly retreated. And torched the place on their way out.


Abadi in Paris next Tuesday to participate in the meeting of the international coalition against the terrorist organization Daash

BAGHDAD / Nina / The French Foreign Ministry said on Friday that “Paris will host the meeting next Tuesday of the international coalition against Daash terrorist organization”.

French Foreign Ministry spokesman Romain Lyndall said in a statement today that “the participants in the meeting which will be chaired by French Foreign Minister Laurent Fabius and his US counterpart John Kerry and Iraqi Prime Minister Haider al-Abadi, reflects the common will to defeat terrorism and discuss the importance of reaching a comprehensive political solution to achieve national reconciliation in Iraq “.

He added that the aim of the meeting is to send messages on the need to reach a lasting political solution to the Iraqi crisis, which is the only way to fight this terrorist organization effectively, and to insist on the Iraqi government’s support for the effective implementation of the repairs necessary to achieve national reconciliation.”

Lyndall said that the “developments in the security situation in Iraq in light of Daash terrorist operations will be the focus of the second mini-ministerial meeting of the Ministers of Foreign Affairs of the coalition against Daash, in the presence of 24 participants among the countries and international organizations in order to promote efforts of the elimination of the organization.

The French capital Paris hosted on the fifteenth of the month of September the Paris Conference on peace and security in Iraq, in which the participants stressed the adherence to the unity of Iraq and its territorial integrity and sovereignty, and to support the new Iraqi government with the necessary means in the fight against Daash, including appropriate military aid that meets the needs expressed by the Iraqi authorities, provided that it respects international law and the safety of civilians .


Canadian GDP -0.2% vs. 0.2% forecast – Canadian gross domestic product fell unexpectedly last month, official data showed on Friday.

In a report, Statistics Canada said that GDP fell to a seasonally adjusted -0.2%, from -0.1% in the preceding month.

Analysts had expected GDP to rise 0.2% offers an extensive set of professional tools for the financial markets.
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Mahdi: Foreign Oil Companies not committed to contracts in Iraq

Maysan (AIN) –The Iraqi Oil Minister Adil Abdul Mahdi revealed that “Some Foreign Oil Companies does not show commitment towards its work in Iraq.”

Minister Abdul Mahdi said in his speech at the conference held in Maysan over administrating Oil and Gas in Iraq, which was attended by reporter of AIN, “These companies should commit to the contracts concluded with the Iraqi Oil Ministry and Iraqi Government,” stressing “Some companies are looking for justifications to reduce its work in Iraq and skip its commitments in the former periods.”