Saturday, December 2, 2023
PM Al-Sudani: Iraq explores economic partnerships and industrial zones with neighboring countries, 2 DEC
PM Al-Sudani: Iraq explores economic partnerships and industrial zones with neighboring countries
Shafaq News/ Iraqi Prime Minister Muhammad Shiaa Al-Sudani announced on Saturday that the government is actively considering establishing economic projects, industrial cities, and free zones through partnerships with neighboring countries.
Al-Sudani highlighted ongoing studies for collaborative initiatives with Iran, Saudi Arabia, Jordan, and Kuwait in his address at the Industrial Partnerships Forum in Basra.
Describing the Development Road Project as groundbreaking, Al-Sudani emphasized that it marks Iraq's first venture into settling industrial cities, commencing from Al-Faw port and extending to the connection point with Turkey.
Addressing the need for economic reform, Prime Minister Al-Sudani stated that "Iraq possesses natural resources capable of meeting local market demands and exporting surplus products." Emphasizing the shift from a mono-economic reliance on oil, he outlined the government's commitment to diversifying the economy by supporting industry, agriculture, tourism, and trade.
Al-Sudani underscored the importance of practical developments, asserting that "Iraq must transform from a consumer market for imports to a self-sustaining, advanced industrial economy." He emphasized the role of industrial sectors in generating job opportunities for the country's youth, acknowledging the challenges posed by unemployment.
For its part, the Iraqi Minister of Industry and Minerals, Khaled Battal Al-Najm, unveiled 90 participation opportunities between government companies and the private sector, totaling approximately $10 million in investment value. These opportunities span diverse sectors, offering a range of possibilities for interested companies.
OPEC Plans Collective Production Cut: Impact and Market Reactions, 2 DEC
OPEC Plans Collective Production Cut: Impact and Market Reactions
In a significant development in the global oil market, the Organization of the Petroleum Exporting Countries (OPEC) has reportedly planned a collective production cut. The move, which includes an extension of current policy cuts and a Saudi-led reduction of 1 million barrels per day (mbpd), demonstrates a strong sense of unity among OPEC members, despite minor deviations from agreed quotas.
OPEC’s Planned Production Cut
The comprehensive reduction involves an apparent agreement on a Saudi-led cut of 1 mbpd, along with indications of a further cut of 1 mbpd for the entirety of the first quarter. The OPEC+ producers, including Saudi Arabia and Russia, are set to remove around 2.2 mbpd of oil from the global market in the first quarter of the next year. This total includes a rollover of the current voluntary cuts by these countries, amounting to 1.3 mbpd.
Market Reaction
In reaction to these developments, the bond markets are experiencing a sell-off. Gold prices have seen a decrease and the US dollar has gained strength. The market is reacting with an inflationary impulse, even though the price of oil has only increased by $1. This reaction, however, is relatively small compared to recent market movements.
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Saudi Arabia, one of the biggest oil producers, is leading these voluntary cuts by continuing its 1 million barrels per day reduction. Other members like Iraq, UAE, Kuwait, Kazakhstan, and Algeria have also decided to cut their oil supply, with Russia continuing its 500,000 barrels a day cut. This collective reduction by OPEC signifies a significant attempt to stabilize the volatile oil market and maintain oil price stability.
https://bnn.network/finance-nav/opec-plans-collective-production-cut-impact-and-market-reactions/
Blinken Calls on Iraqi Government for Protection of American Facilities, 2 DEC
Blinken Calls on Iraqi Government for Protection of American Facilities
U.S. Secretary of State Antony Blinken has communicated with Iraqi Prime Minister Mohammed Shia al-Sudani, expressing the urgency for the Iraqi government to uphold its responsibilities in safeguarding installations hosting American personnel. This call comes amidst rising tensions and attacks on U.S. personnel in Iraq, emphasizing the necessity for increased protection.
Blinken’s Call for Protection
In the conversation with al-Sudani, Blinken made a pointed call for the Iraqi government to fulfill its obligations in protecting American facilities and personnel. He stressed the importance of not just ensuring the safety of American personnel, but also of curbing the conflict from escalating and affecting the wider region.
Al-Sudani’s Reaffirmation
In response, al-Sudani reaffirmed Iraq’s rejection of any attacks on its territory. He emphasized Iraq’s commitment to safeguarding international coalition advisers currently stationed in the country, including American personnel. The Prime Minister viewed the recent attack on the Jurf al-Sakhr area as a direct breach of Iraqi sovereignty and reiterated the government’s determination to prevent such violations.
Broader Discussions
In addition to the immediate concerns in Iraq, the dialogue between Blinken and al-Sudani also covered broader regional issues. They discussed the ongoing conflict between Israel and Hamas, the deteriorating humanitarian situation in Gaza, and the need to prevent the conflict from spreading. The U.S. has been actively involved in this conflict, providing Israel with bunker-busting bombs and other weapons for the war, as reported by The Wall Street Journal.
Simultaneously, on the domestic front, a U.S. appeals court ruled that former President Donald Trump must face civil lawsuits related to his role in the Capitol riots, rejecting his claim of immunity. This ruling signifies a landmark decision in holding political figures accountable for their actions. On the international front, the U.S. is planning to announce a $3 billion contribution to the Green Climate Fund, a fund dedicated to climate action. This contribution will add to a previous $2 billion allocation, highlighting the U.S.’s commitment to global climate action.
As the world grapples with multiple crises, organizations like Doctors Without Borders emphasize the urgent need for protecting healthcare facilities, particularly in conflict-ridden regions like Gaza. They have called for an immediate and sustained ceasefire, highlighting the necessity of peace for effective healthcare delivery.
"IRAQ UPDATE: Iraq announced officially that they will end the dollar crisis before the end of 2023.", 2 DEC
Iraq Update: Iraq announced officially that they will end the dollar crisis before the end of 2023.
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