Oil Rises After A Week Of Intense Sales Due To Supply And Demand Concerns, 19 NOV

 Oil Rises After A Week Of Intense Sales Due To Supply And Demand Concerns

Saturday 18, November 2023 08:41 | Economical Number of readings: 273  Baghdad / NINA / The price of Brent crude oil, the global standard, remained below $80 per barrel, a day after it fell 5% to the lowest level in 4 months due to increasing fears of escalating supplies from outside the Organization of the Petroleum Exporting Countries (OPEC) and slowing demand.

By yesterday evening, Friday, Brent crude futures rose $1.34, or about 1.7%, to $78.76 per barrel, and US West Texas Intermediate crude rose to $74.1, an increase of $1.2, or about 1.7% as well.

The two benchmarks lost about one-sixth of their value over the past four weeks, and prices are heading towards recording a fourth week of losses.

“Oil prices have fallen slightly this year, although demand has exceeded our optimistic expectations,” Goldman Sachs analysts said in a note.

They added, "OPEC's non-essential supplies were much stronger than expected, and partially offset the OPEC cut."

The reason for the decline in oil this week was mainly due to the sharp rise in US crude inventories and the continuation of production at record levels, and the shrinking demand in China also raised concerns./ End   https://ninanews.com/Website/News/Details?key=1090476

🔥Iraqi Dinar🔥Dinar Over $1🔥News Guru Intel Update IQD Value to USD🤑💵🤑🎉

Parliamentary Oil Committee: The Oil And Gas Law Has Not Reached Parliament And Is Still In The Government’s Drawers, 19 NOV

 Parliamentary Oil Committee: The Oil And Gas Law Has Not Reached Parliament And Is Still In The Government’s Drawers, 19 NOV

Iraq  Saturday, November 18, 2023 4:35 PM  Exclusive / National News Center  The Second Deputy Chairman of the Parliamentary Oil and Gas Committee, Adnan Al-Jabri, today, Saturday, called on the Prime Minister to open an investigation into the devaluation of the rights of lecturers in Basra.

Al-Jabri said in a statement to the National News Center: “Data for 35,721 retirees in the General Directorate of Basra Education was published as contracts for lecturers and administrative volunteers in the education departments in Basra Governorate, but we were surprised by the lecturers who have direct positions in their schools.”

Al-Jabri stressed on the Ministry of Education, “Do not underestimate the merit of volunteers who have been working for free for three years and filling vacancies in many schools affiliated with Basra Education.”

Regarding the oil and gas law, he explained that “it has not yet reached the House of Representatives and is still in the government’s custody, and the government has formed many committees to study the organization of the draft law.” 

He added, “This law must be enacted during this session to resolve the problems between the center and the region, preserve the entitlements of the oil-producing governorates, and regulate production operations and management of oil and gas.”   https://nnciraq.com/237375/

"RV UPDATE" BY CLARE & PIMPY, 18 NOV

 Clare

  Article:  "Private banks and exchange companies express their preparations to reduce the exchange rate"  Quote: "Private banks and exchange companies are showing great preparations, collectively and in coordination, to reduce the price of the dollar”

 Pimpy   

It's a tug-of-war for you to find that sweet spot when it comes to currency exchanges.  Right now I believe the Iraqi dinar is way too low, It's too cheap.  Iraq is starting to get get back on track.  If they're going to start doing trade with  other countries they're going to need a stronger Iraqi dinar...

What would really be a super huge lift and bring a ton of value to the Iraq dinar is if they get away from the greenbacks and start using their own currency to do transactions for the oil.  That would be huge. 

US Envoy Mediates Crisis Over Iraq Speaker's Removal, 18 NOV

US Envoy Mediates Crisis Over Iraq Speaker's Removal

ERBIL — US Ambassador to Iraq Alina Romanowski is mediating between conflicting parties to address the ongoing issue involving Parliament Speaker Mohammed al-Halbusi, a leading Arab newspaper reported.

The diplomat held discussions with Iraqi Supreme Judicial Council Chairman Fayeq Zeidan over recent developments and the country's security situation, emphasizing the significance of an independent court adhering to legal procedures and the Iraqi constitution.

Romanowski acknowledged her meeting with Halbousi, referring to him as the "speaker of the House of Representatives" in a recent tweet. The diplomat is reportedly engaged in a series of political meetings to tackle the crisis triggered by the Federal Court's decision to remove Halbousi from parliament.

Anonymous sources within the Iraqi parliament revealed that Romanowski has proposed a resolution to the issue, considering the removal of Halbousi as an urgent decision not grounded in the constitution. The US ambassador aims to act as a mediator between Iraq's political factions to address the matter, deeming it potentially perilous for the country's stability.

Iraqi political analyst Mujahid Tai highlighted on social media that there are numerous parties challenging the Federal Court's decision on Halbousi. He expressed the view that maintaining the existing political balance in Iraq is more challenging than upholding the court's ruling.

On the other hand, Halbousi’s opponent, Bassem Khashan, criticized the US ambassador, asserting that she favors retaining Halbousi as the speaker of the Iraqi parliament. Khashan accused her of supporting someone accused of “fraudulent” activities.

Amid these political tensions, concerns have risen about the potential impact on Iraq and the region. The Kurdistan Democratic Party (KDP) recently commented on the matter and emphasized the need for a careful assessment of the situation, calling for responsible steps to align with the constitution, coalition agreements, and the federal government agenda. The party stressed the importance of returning to principles that promote partnership, consensus, and balance for the stability and unity of Iraq.

https://www.basnews.com/en/babat/830625

Iraq-Turkey Collaborative Efforts to Reorganize Trade, 18 nov

 Iraq-Turkey Collaborative Efforts to Reorganize Trade, 18 nov

ERBIL — Discussions took place on Thursday between Iraqi and Turkish officials aiming to regulate and restructure economic exchanges between the two countries.

Iraqi PM Muhammed Shia’ al-Sudani directed the establishment of comprehensive trade regimes and standards, aiming to discourage reliance on parallel markets, Iraqi News Agency reported.

The meeting involved representatives from the Iraqi Central Bank, PM advisors, a Turkish delegation led by the Turkish ambassador, Turkish banks operating in Iraq, and representatives from the Turkish private sector.

The discussions highlighting the importance for Turkish customs authorities to align with Iraqi customs, ensuring equal exchange between the two nations.

They also shed light on establishing interconnected financial and banking systems between the countries to facilitate capital transactions and commerce, reducing reliance on the parallel market.

The meeting further discussed exploring simplified access to credit card usage in Turkey for Iraqi residents and tourists.

These measures are expected to aim at reorganizing and regulating trade regimes and capital exchanges between the two neighboring countries using approved legal and banking methods.

https://www.basnews.com/en/babat/830515

2023 Budget Canceled - Finance Salaries