Category: Business & Finance

The Undersecretary of the Ministry of Foreign Affairs for Bilateral Relations, Ambassador Muhammad Hussein Muhammad Bahr Al-Ulum, received the Ambassador of the Kingdom of Saudi Arabia to Iraq, Abdulaziz bin Khalid Al-Shammari, in the Ministry’s building in Baghdad.

The Ministry of Foreign Affairs stated in a statement: “The Undersecretary thanked the Ambassador for his efforts to enhance cooperation and raise the level of relations that have united the two brotherly countries since he assumed his duties in Baghdad.

The two sides discussed ways to strengthen bilateral relations between the two countries, as well as discussing a number of topics of common interest and ways to develop aspects of cooperation in the trade field, especially the Iraqi-Saudi agreement regarding oil prices to ensure the stability of crude oil markets.

For his part, the Ambassador expressed thanks and appreciation for the continued and fruitful cooperation with Iraq at all levels and in various economic and commercial fields./End

Source: National Iraqi News Agency

The Ambassador of the Republic of Iraq in Muscat, Qais Saad Al-Amiri, met with the Undersecretary of the Omani Ministry of Trade, Industry and Investment Promotion, Ibtisam bint Ahmed Al-Furujiyah.

The Ministry of Foreign Affairs stated in a statement, “During the meeting, the two sides discussed topics of interest to both countries in the commercial, industrial, and investment fields.”

The Ambassador stressed, “Iraq’s keenness to develop its economic relations with the Sultanate of Oman.”/End

Source: National Iraqi News Agency

OPEC oil production rose last August by 113 thousand barrels per day, led by Iraq, Iran and Nigeria, despite the continuation of voluntary cuts and the policy of the OPEC+ alliance to reduce supplies.

The monthly report issued by the Organization of Petroleum Exporting Countries, today, showed that total oil production in the 13 OPEC member states rose to 27.449 million barrels per day during the past month, compared to 27.336 million barrels per day in July 2023.

The increase in OPEC oil production last August comes despite the OPEC+ alliance’s agreement to reduce supplies by two million barrels per day starting from November 2022, until the end of 2024, in addition to the voluntary reductions implemented by 9 countries from the alliance, led by Saudi Arabia, according to what was monitored by the Energy Research Unit.

OPEC oil production in August 2023 OPEC oil production increased during August by 8 countries, led by Iran, Iraq and Nigeria, according to the monthly report.

Oil production in Iran – which is exempt from the OPEC+ agreement to reduce supplies – jumped by about 143,000 barrels per day during the past month, reaching 3 million barrels per day.

Oil production in Nigeria increased by about 98 thousand barrels per day, reaching 1.269 million barrels per day, and oil supplies in Iraq increased by 38 thousand barrels per day, reaching 4.277 million.

Libya’s supplies of crude oil also increased by about 28 thousand barrels per day, bringing the total to 1.154 million barrels per day, which boosted OPEC’s oil production last August.

In the UAE, crude oil production increased to a total of 2.913 million barrels per day, with an increase of 17 thousand barrels per day over the past month.

Crude oil supplies in Gabon, Equatorial Guinea and Kuwait increased by about 11, 7 and 2 thousand barrels per day, respectively.

A decrease in production from 5 countries. OPEC oil production declined last August from 5 member states of the organization, led by Saudi Arabia and Angola, according to the report seen by the Energy Research Unit.

Saudi Arabia’s oil production fell by 88 thousand barrels per day, bringing the total to 8.967 million barrels per day during last August, with the voluntary reduction continuing to be implemented.

Saudi Arabia continues to voluntarily reduce production by one million barrels per day since last July and will continue until the end of this year.

Crude oil production in Angola also declined by about 60,000 barrels per day, bringing the total to 1.115 million barrels per day.

Venezuela’s supplies of crude oil fell by about 42,000 barrels per day, reaching 730,000 barrels per day, according to the report, which was monitored by the Energy Research Unit./End

Source: National Iraqi News Agency

Brent crude futures settled slightly above $90 per barrel, today, Tuesday, as investors await a series of macroeconomic data scheduled for release later this week.

The price of global benchmark Brent crude fell six cents to $90.58 per barrel, while US West Texas Intermediate crude futures fell two cents to $87.27.

Brent reached $90 a barrel last week for the first time in ten months, after Saudi Arabia and Russia announced that they would extend voluntary supply cuts amounting to a combined 1.3 million barrels per day until the end of the year.

Investors are awaiting data from the sector regarding US crude inventories, scheduled to be issued this evening.”/End

Source: National Iraqi News Agency

Oil prices recorded stability in trading, on Monday, above the level of $90 per barrel, which it reached last week for the first time in ten months after Saudi Arabia and Russia announced new cuts in their production.

Brent crude rose 19 cents, or 0.21 %, to $90.84 a barrel, while US West Texas Intermediate crude fell two cents, or 0.02 %, to $87.49.

Last month, the International Energy Agency reduced its forecast for oil demand growth in 2024 to one million barrels per day, and attributed its decision to the poor state of the economy./End

Source: National Iraqi News Agency

Jordan is looking forward to expanding, organizing and supporting the fish farming sector sustainably throughout the production and marketing stages, said Minister of Agriculture Khaled Hnaifat. During a meeting with fish farming associations in the Kingdom on Monday, the minister pointed out a plan to merge the sector into one major incubator and include the manufacturing stages in the sector so that the product could be refrigerated and frozen to cover the local market needs. Jordan imports about 16,000 tons of fish annually, Hnaifat stated, predicting that local production will cover the market needs if the work of the sector is organized and the quantities and types of river fish on demand in the market are provided. He stressed the ministry’s commitment to supporting individual efforts and associations through JD100,000 in funding, a low-interest loan of up to half a million Jordanian dinars, or networking with investors to provide production lines that support production expansion and regular marketing
. Additionally, the ministry plans to support the central fish market by financing part of the processing routes, and creating a marketing window that supports the sector. For their part, representatives of the associations and farmers commended the ministry’s efforts and cooperation and the quick response to their observations and suggestions.

Source: Jordan News Agency

A programme aimed at creating job opportunities for Bahraini women at financial markets has been announced.

The Equal Opportunities Committee at SICO Bank and the Gender Balance Centre at the Secretariat-General of the Supreme Council for Women (SCW) said that a “Trading in Financial Markets” programme will be launched later this month.

The two-week programme aims to develop Bahraini women’s skills in the field of trading and investing in global financial markets, by providing them with practical experience in the stock market sector and investment portfolio management.

Cooperation between the two sides also aims to open up wider horizons for Bahraini women to take up more professions in the financial markets.

The programme will provide an opportunity for those seeking to work in financial markets to receive intensive training on virtual trading platforms that simulate the real environment of global markets.

During the programme, the female trainees will be provided with virtual amounts to trade with, as well as data related to market trends and stock prices, in addition to information about ways to take the appropriate decisions.

The programme also features counselling and guidance sessions in the field of trading and investment, to give the trainees the necessary advice and tips through training sessions and interactive workshops presented by experts.

The training platform uses state-of-the-art technology that supports access to it via mobile devices and personal computers, making it easy to use, flexible and available at any time and from anywhere.

At the end of the programme, the performance of the participants will be evaluated, and the winner will be offered an account on the actual trading platform (sicolive.com), in addition to a cash prize to help her start real trading.

Those wishing to join the programme may fill in a special form on the SCW’s website (scw.bh), no later than September 17, 2023.

Source: Bahrain News Agency

Benchmark U.S. crude oil for October delivery fell 22 cents to $87.29 a barrel Monday. Brent crude for November delivery fell 1 cent to $90.64 a barrel.

Wholesale gasoline for October delivery rose 7 cents to $2.72 a gallon. October heating oil rose 6 cents to $3.36 a gallon. October natural gas was unchanged at $2.61 per 1,000 cubic feet.

Gold for December delivery rose $4.50 to $1,947.20 an ounce. Silver for December delivery rose 21 cents to $23.38 an ounce and December copper rose 9 cents to $3.81 a pound.

The dollar fell to 146.54 Japanese yen from 147.84 yen. It rose to $1.0746 from $1.0697 against the euro, reports AP.

Source: Bahrain News Agency

This decrease was due to the drop in the financial sector and material sector.

Bahrain Islamic Index closed at 733.35 points, marking a decrease of 0.38 points below the previous closing.

Results indicated that 55 equity transactions took place with a volume of 962,261 worth BD 702,345.

Investors traded mainly in the material sector representing 62.09% of the total value of securities traded

Source: Bahrain News Agency

The Gaza Strip has witnessed a significant rise in the prices of vegetables in recent days, which is exhausting the simple Palestinian citizen in light of the difficult economic situation in which he lives.

The spokesman for the Ministry of Agriculture in the Gaza Strip, Muhammad Abu Odeh, said that the rise in the prices of vegetables in general in the Gaza Strip in their various types is due to two main reasons. The first reason is related to climate change, which globally affects the entire world and also threatens food security at the global level.

Abu Odeh explained to Maa: “The Gaza Strip was greatly affected by an unprecedented rise in temperatures, and the displacement of some seasons, such as: the dominance of the summer season primarily over the rest of the seasons. Therefore, it greatly affected the crops in the open field, because what is grown now is grown in fields.” open.

He added that this period is the period of cultivation in open fields because the agricultural year begins for the farmers and the Ministry of Agriculture in the middle of the month of August and the beginning of the month of the ninth, when cultivation begins in greenhouses and in the fields, and these crops are considered the backbone and basic basis for the production quantities of vegetables.

He explained that the crops that take place during these months are in open fields, so the production quantities are less, in addition to that, which is greatly affected by the unprecedented rise in temperatures.

He noted that it is important to provide the main and basic crops under the supervision and planning of the Ministry of Agriculture and with the assistance of farmers working in the sector and institutions

Source: Maan News Agency