Category: Business & Finance

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

The Saudi Stock Exchange main index ended trading lower today, losing 78.88 points to close at 11156.26 points.

The total value of trading reported was SAR6 billion, while the total number of shares traded was 233 million.

The Saudi Parallel Market Index (NOMU) ended the day by losing 191.29 points to close at 22365.59 points, with a valuation of SAR67.5 million.

Source: Bahrain News Agency

Abdullah bin Adel Fakhro, Minister of Industry and Commerce, received Shaheen Abdullayev, Azerbaijani Ambassador to Bahrain residing in Riyadh.

The meeting discussed bilateral ties and ways to strengthen cooperation between the two countries.

The two sides praised the progress of joint relations.

They reviewed the most important advantages and possibilities of the investment environment in Bahrain and the facilities provided by the government to investors from all over the world, making it a preferred destination for many global projects, in addition to the continuous updates of laws and legislation protecting investments.

Source: Bahrain News Agency

Bahrain All Share Index closed at 1,934.44 points, marking a decrease of 4.58 points below the previous closing.

This decrease was due to the drop in the communication service sector, consumer discretionary sector and financial sector.

Bahrain Islamic Index closed at 725.70 points, marking a decrease of 7.65 points below the previous closing.

Results indicated that 56 equity transactions took place with a volume of 1,764,455 worth BD 532,513.

Investors traded mainly in the material sector representing 61.6%7 of the total value of securities traded.

Source: Bahrain News Agency

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 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

Last month, the Ministry of National Economy granted 6 factories operating licenses for the first time, with a capital of $2 million, while 10 factories obtained licenses to establish an industrial facility.

In a statement, the Ministry of Economy expected that the operating factories would provide more than 60 job opportunities in the governorates of Hebron, Ramallah, Al-Bireh, Qalqilya, Nablus, Jenin, and Jerusalem.

The monthly report showed a 50% increase in the number of new licensed factories compared to July.

According to the report, these factories were distributed across several areas of manufacturing industries, concentrated in the food and chemical sectors

Source: Maan News Agency