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A series of Facebook polls carried out by IWPR in Iraq has revealed concerns over the rise in fake news circulating in the country due to the coronavirus crisis.

The 27 polls were published on around a dozen high-profile Iraqi Facebook pages between April 19 and 23, gathering over half a million votes in total.

Asked whether they believed that there had been a spike in fake news since the start of the crisis, 87 per cent of 23,100 respondents agreed that there had been.

Respondents also did not display much trust in official figures on infection rates. Asked whether they believed the government data on coronavirus, 65 per cent of 43,500 respondents said they believed the numbers were inaccurate.

A significant proportion of respondents appear to believe, however, that the pandemic was a conspiracy. Asked whether the pandemic was a genuine crisis or not, 38 per cent of 42,000 respondents said that it had been fabricated for political purposes.

Nonetheless, 74 per cent of 21,500 respondents said that they supported the government measures to stop the spread of coronavirus.

As in many other places around the world, rumours and misinformation about the pandemic, the virus itself and possible treatments have spread widely in Iraq.

One persistent theory was that the virus had been invented or exaggerated by the government to put an end to the popular public demonstrations that had been ongoing in Iraq since the autumn of 2019.

Another rumours include that the virus had been created by the US, or was being exploited as a way to allow Islamic State (IS) to return to Iraq.

Most of those who participated in the polls had rigorously observed the curfew instructions, with 75 per cent out of 26,200 voters keeping to the restrictions.

Nonetheless, 67 per cent of 18,600 people who responded to a question about social distancing said that they continued to follow the same greeting habits, such as handshaking, kissing and hugging friends and relatives.

Iraqs strict curfew measures, which ban public gatherings and travel, have not been sufficient to stop rising cases of the virus.

According to the most recent figures from the ministry of health, the total number of infections reached 13,481, including 370 deaths, while 7,539 active cases were being treated.

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Fake News in Iraq - Institute for War and Peace Reporting

DUBAI:One of the UAEs best-known master developers, Meraas, is to be folded into the government-owned conglomerate Dubai Holding, the emirates media office said Tuesday.

The merger is an effort to sustain and advance growth through a unified and integrated vision, according to an official statement. It is in line with a directive from Sheikh Mohammed Bin Rashid Al-Maktoum, the ruler of Dubai and vice president of the UAE who owns both companies.

The merger comes as Dubai grapples with the economic downturn resulting from the coronavirus pandemic, which has hit business in the emirate and globally. The collapse in travel and tourism and the slowdown in trade have had a big effect on Dubai, which is the leisure and commercial capital of the Gulf.

The combined entity will continue to be run by Sheikh Ahmed Bin Saeed Al-Maktoum, the rulers uncle, who is also head of the Emirates aviation group.

A closer relationship between Meraas and Dubai Holding had been expected for some time since Sheikh Ahmed was put in charge of both companies in an executive reshuffle last year, but could signal a new wave of consolidation in the region under pressure from the pandemic fallout.

The statement said the merger would build on gains and support Dubais global competitiveness.

Meraas is the developer of some of Dubais most extravagant real estate and projects, like the Bluewaters hotel and leisure complex as well as other waterside developments. Dubai Holding is one of the emirates biggest conglomerates, owning the Tecom free zones and the Jumeirah hotels and leisure chain, in addition to a big property portfolio.

Some experts believe the pandemic will accelerate a trend toward consolidation across the Gulf.

The Dubai government is setting the tone for what needs to happen across the region, Tarek Fadlallah, CEO of Nomura Asset Management in the Middle East, told Arab News.

Leading from the top like this sends a positive message.

Ali Maabereh, head of mergers and acquisitions at KPMG in Saudi Arabia, expected a wave of corporate activity in the Kingdom and across the region.

The current pandemic is creating a lot of uncertainties and contradictions in what to expect after the dust settles, he said. The expected key impacts on companies are shortages of liquidity and working capital requirements. Though companies might be running a healthy profit and loss account, there will be significant pressure on working capital requirements.

Some analysts believe Dubai is preparing for a round of debt renegotiation ahead of some big repayments due in the next three years. Efforts to contain the coronavirus will cause Dubais economy to contract sharply, exacerbating overcapacity in key sectors and making it more difficult for the emirates government-related entities (GREs) to service their large debts, Capital Economics, the London-based consultancy, said recently.

Dubai Holdings debt levels are estimated to be a relatively small proportion of the $21 billion repayment falling due in the next three years, ahead of a significant total $30 billion of maturities due in 2023. There are no available estimates for Meraas liabilities.

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Iraq confirms commitment to reduce production in OPEC + deal - Arab News

By Javier Blas and Grant Smith on 6/4/2020

LONDON (Bloomberg) --OPEC+ is set to extend production cuts to prop up the oil market after a breakthrough in high-stakes negotiations, and the cartel could meet as soon as this weekend to sign off on the deal.

After almost a week of wrangling, OPEC+ leaders Russia and Saudi Arabia clinched a tentative deal with holdout member Iraq, according to a delegate. The pair were pushing Iraq to stop shirking its share of cuts and even to compensate for failure to comply with cuts in the past.

The agreement -- though still to be ratified -- means OPEC+ will extend its record production curbs for another month until the end of July. Brent crude, the global benchmark, edged higher, nearing $40 a barrel.

The 23-nation partnership between the Organization of Petroleum Exporting Countries and other major producers has helped engineer a doubling in Brent prices since April. The oil price surge has revived the fortunes of major energy companies like Exxon Mobil and Royal Dutch Shell Plc, and reduced the fiscal hole in the budgets of oil-rich nations.

Failure to reach an agreement this month could have brought millions of barrels of oil onto the market, undermining a tentative recovery as the coronavirus lockdown eases. With U.S. shale production starting to come back online, OPECs careful management of the demand recovery is crucial.

The kingdom and the Kremlin, who were on opposite sides of a vicious price war until a peace deal in April, are now united against those in OPEC who have consistently failed to shoulder their share of the burden. Russia, a habitual laggard, has complied punctiliously with the historic deal brokered by President Donald Trump in April, and wants to make sure others are too.

Reunited in leadership of OPEC+ and grimly facing many more months, if not years, of oversupply, Russia and Saudi Arabia had little to lose and much to gain by imposing concrete measure to improve compliance by the laggards, especially Iraq, said Bob McNally, founder of consultant Rapidan Energy Group and a former White House official.

The details of the deal between OPEC+ and Iraq on compliance werent clear late on Thursday. A delegate said countries were waiting for a formal letter from Baghdad spelling out the details before calling for an official meeting. OPEC+ is used to dramatic glitches endangering deals at the last minute, so delegates said nothing would be agreed until formal communications take place.

Tougher conditions will be difficult for Iraq to accept. It made less than half of its assigned cutbacks last month, so compensating fully would require it to slash production by a further 24% to about 3.28 million barrels a day, according to Bloomberg calculations.

For a country still rebuilding its economy following decades of war, sanctions and Islamist insurgency, thats a tall order. The government risks a backlash from parliamentarians and rival political parties by acceding to foreign pressure and foregoing crucial oil sales.

Three other nations -- Angola, Kazakhstan and Nigeria -- also produced above their OPEC+ quotas in May. The three had earlier on Thursday already agreed to bring their production in line with the agreement.

The Deal. Enforcing better compliance among OPEC+ nations has been a motif since Saudi Energy Minister Prince Abdulaziz bin Salman was appointed.

In his first public outing after becoming energy minister, in Abu Dhabi last September, the prince was literally applauded for securing loud pledges of atonement from Iraq and Nigeria.

His tenure has also been stormy. In March, the princes attempt to force Russia to make deeper output reductions backfired spectacularly, splintering the entire alliance and igniting a destructive price war.

Two months ago, Prince Abdulazizs achievement in successfully restoring the OPEC+ coalition and forging an agreement for historic production cuts was overshadowed -- and delayed -- by a spat over Mexicos contribution.

The final deal in April set out historic cuts of 9.7 million barrels a day, or roughly 10% of global oil supplies, to offset the unprecedented collapse in demand caused by the virus lockdowns. Then a few weeks later, Saudi Arabia and its closest allies in the Persian Gulf promised additional supply restraint of 1.2 million barrels a day in June.

If a new accord is signed this weekend, the impact on the oil market could be dramatic. After the massive oversupply earlier this year, Russian Energy Minister Alexander Novak predicts there could be a supply deficit of 3 million to 5 million barrels a day next month, Interfax reported. Thats roughly in line with projections from an OPEC committee that met on Wednesday, a delegate said.

That would provide a stronger foundation for the crude price recovery, and also allow the cartel to start chipping away at the billion-barrel stockpile thats built up during the crisis.

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OPEC+ extends production cuts through July on deal with Iraq - WorldOil

OPEC is in negotiations with its members to find the best way forward, but talks appear to have stalled over one laggard, Iraq, which has failed to live up to its agreement under the cartels production cut deal. Does this give OPEC cover for meeting delays and overall noncompliance, or is it a sincere effort to get it onboard?

Whether Iraq can be brought in line and fully comply with its share of the OPEC deal is certainly doubtful. Yet interestingly enough, OPEC and Russia have staked the extension of the dealy past June, when the current level of cuts expire and cuts begin to ease, entirely on whether all laggard members bring production down to agreed-upon levels.

Either OPEC and Russia are certain they can get Iraq to bring its production down to its quota, or they are content to have the cartels production above normal.

Russia and Saudi Arabia both agreed that the current level of production cuts should be extended at least one more month. The caveat? That all other countries implement their established quotas in full.

Thats a pretty big ask, and if history repeats itself, its impossible. What this means for oil prices is that there would be no extension, inventories wont draw down as quickly, and oil prices will remain depressed along with demand for crude--which although it is picking back up thanks to lockdowns being lifted, is still about 20 million barrel per day under what it was before the pandemic.

Iraq isnt the only laggard, to be fair. Nigeria, Angola, and Kazakhstan are also not keeping up their end of the bargain. The cartel went to work trying to get the three, and Iraq, to recommit to the cuts, and with the exception of Iraq, all three gave the requisite assurances. Related: Are Investors Ignoring The Largest Financial Risk Ever?

Of course, that doesnt mean they will necessarily do so, but its at least a start.

Iraq, however, has not committed to bringing its production down to the quota in June.

OPECs compliance for May is thought to be about 89%. This isnt terrible considering the volume of how much is being cut. Still, compliant Saudi Arabia is declaring its unwillingness to continue its share of the cuts for another month unless the laggards get their act together. Laggards that include Iraq, whose compliance reached only about 42% in May.

OPEC wont even have the meeting this week unless Iraq agrees to improve its compliance.

Is it all just a ploy to manage market expectations in the run up to the meeting to ensure that whatever agreement is hatched is looked upon favorably, therefore maximizing the price impact? Is it a strategy to get out of extending the deal, perhaps as discussed with U.S. President Donald Trump? Is it designed to put maximum pressure on Iraq to comply?

Chances are, well never know. But one thing is for certain: Iraq will not comply with the deal--period.

In fact, it said as much. Iraq said it would fully implement cuts by the end of July-in their promise-to-fulfill-later kind of way that they have done in the past.

Iraq the Laggard

For the most part, when it comes to chronic noncompliance, we are talking about the usual suspects of Iraq and Nigeria. But Iraq is so much bigger.

Both countries have unique challenges when it comes to sticking to any production cut deal that OPEC or OPEC+ could ever hatch. For Iraq, it is their reliance on international oil companies, most of which operate in the semi-autonomous Kurdistan region. So on one hand, Iraq doesnt want to bite the hand that feeds it--big foreign oil companies--and on the other, Iraq has a tough time trying to regulate what goes on in the Kurdistan region. This is not even to mention the rocky political climate in Iraq. Related: Can Yemens Oil Industry Make A Comeback?

For Nigeria, its the fact that it has a strong reliance on its oil revenues. Most OPEC nations rely on oil revenue for a substantial part of the revenue. But for Nigeria, shutting down oil production and forgoing the revenue associated with that oil production is tough. Yet Nigeria has agreed, although its May compliance was still not up to snuff.

OPECs Other Problem

Is OPEC really worried about the extra barrels Iraq is pumping? After all, Saudi Arabia has overachieved its own quota for well over a year while the laggards basked in their overproduction. Most signs point to legitimate worry. Saudi Arabia has declined to publish its July OSP for July until after the meeting. The Kingdom is also raising its customs duties on hundreds of products to generate more non-oil revenue. In a similar vein, its tripling its VAT and suspending its cost of living allowances. These are worrisome signs.

Whats most concerning in the market, however, is the notion that the OPEC deal could fall apart entirely.

The previous deal catastrophe is all too fresh in our minds after Russia and Saudi Arabia--the two heavyweights in the deal--failed to reach an agreement over the cuts. The deal failure triggered a price war between the two, plunging the world into a glut of oil and sending prices spiraling as demand fell in the wake of the pandemic.

By Julianne Geiger for Oilprice.com

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Did Iraq Just Doom The OPEC Deal - OilPrice.com

Iraqs new government hopes to open a new page with Arabian Gulf countries to attract capital inflows from the region, Finance Minister Ali Allawi said.

Their main objections to the projects they are shown in Iraq is the routine and deadly bureaucracy that prevents any successful investment, Mr Allawi told reporters in Baghdad on Sunday.

We promised to look at this issue in a very positive way and lift restrictions to create a streamlined investment environment in Iraq, he said.

The finance minister, who visited Saudi Arabia and Kuwait last month, said he avoided discussing Iraqs need for financing to plug a huge budget deficit expected this year.

He said he focused instead on building a long-term relationship, describing Arab Gulf business involvement in Iraq as negligible, except for some investments in the oil sector.

We want to create a kind of balance and integration between Iraq and the Gulf countries, which have a little role in the Iraqi economy, Mr Allawi said.

Hopefully we will open a new page with regard to Gulf businessmen and the economic issues, especially with Saudi Arabia and Kuwait.

Among the opportunities Mr Allawi said he mentioned to his counterparts in Saudi Arabia and Kuwait were their countries expertise in solar energy, which Iraq needs to tap, and a consumer market dominated by imports from Iran and Turkey.

We want to encourage them, but for them to enter in force the environment has to change, he said.

Mr Allawis visit to the two countries was the first official overseas trip by a member of Prime Minister Mustafa Al Kadhimis government.

Mr Al Kadhimi, a former intelligence chief supported by the United States, signalled upon taking office early in May that one of his priorities was to take relations between Iraq and its Arab Gulf neighbours out of the deep freeze.

The new prime ministers closeness to Washington has helped revive regional interest in Iraq.

Arabian Gulf nations had all but given up on Iraq in the past decade, seeing it as a failed state gravitating more and more towards the orbit of Iran despite the presence of American forces in the country.

Mr Allawi is the prime ministers main ally in the cabinet, which is divided by loyalties to different Shiite, Kurdish and Sunni groups.

The veteran academic and former investment banker has written and lectured on the social history of corruption in Iraq, as well as what he regards as errors by Washington in the aftermath of the US-led invasion that toppled Saddam Hussein in 2003.

He is a nephew of the late Iraqi politician Ahmad Chalabi, a mathematician who attracted Mr Allawi and other educated figures into the opposition to Saddam.

As a member of past governments, Mr Allawi steered away from the ideological rhetoric that marked many of his peers since the first democratic elections in the post-Saddam era consolidated the Shiite ascendency.

Accompanying Mr Allawi on his trip to Saudi Arabia was Salem Chalabi, a prominent Iraqi lawyer who is well connected in Saudi Arabia and the UAE. Mr Chalabi is also a nephew of Ahmad Chalabi.

Although the sharp drops in oil price and the coronavirus pandemic have hit economies across the region, Arabian Gulf Nations still possess sovereign wealth funds that could invest in mega-projects in Iraq, Mr Allawi said.

He said Iraq and the GCC could ultimately become a nucleus for a larger, single market.

Updated: June 8, 2020 06:29 PM

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Ali Allawi: Iraq must cut red tape to do business with Gulf - The National