Iraqi News Highlights Tuesday Evening 5-30-23
Tlm724 Administrator Bondlady’s Corner
Oil Is Falling As Many Concerns Dominate Investor Sentiment
Energy Economy News / Baghdad Oil prices witnessed a significant decline during Tuesday’s trading, as investor concerns about the disagreement of some members of Congress with the debt ceiling agreement reached between some representatives of the Republican Party in the House of Representatives and the White House on Sunday, sparked concern among investors in the oil market about The potential impact of this on the level of demand for oil in the largest consumer of crude oil in the world.
Oil Now
In terms of trading, Brent crude futures prices fell by 1.57% to $75.98 a barrel, and West Texas Intermediate crude prices fell by 1.42% to $71.75 a barrel.
The most important factors affecting oil price movements today
Pessimism prevailed among investors in the oil market today, after fears of falling demand for crude in the United States outweighed the impact of expectations that OPEC + might cut oil production again at its next meeting scheduled for the end of this week.
Some House Republican lawmakers said on Monday that they might oppose a deal that would raise the debt ceiling in the United States, though Republican House Speaker Kevin McCarthy and Democratic US President Joe Biden have expressed optimism about approval of the deal.
And in the event that the US Treasury fails to fulfill its obligations during the coming period, this will lead to disruption of global markets and will result in catastrophic repercussions on the US economy and the global economy, which will greatly negatively affect the demand for oil.
The deadline for approval of the debt ceiling agreement and its adoption by the US Congress coincides with the meeting of the Joint Ministerial Committee of the Organization of Petroleum Exporting Countries and its allies, OPEC +, which has increased uncertainty about whether they will cut production further to counter the recent decline in oil prices.
Conflicting signals from major oil producers’ statements about potential production levels weighed on investor sentiment, as markets are increasingly concerned about the debt ceiling agreement in the United States, which is at risk of default during the first week of June.
Last week, Saudi Energy Minister Abdulaziz bin Salman issued a warning to short sellers in the oil market who bet on falling prices, which reinforced market expectations of another possible cut by OPEC +.
However, statements by some Russian officials, including Deputy Prime Minister Alexander Novak, indicate that Russia – the world’s third largest producer of crude oil – is inclined to leave production at current levels unchanged.
On the other hand, oil markets are awaiting PMI data for the manufacturing and service sectors in China – the largest importer of crude oil in the world – which will be released tomorrow, amid growing expectations that China’s economy has begun to lose momentum amid the challenges it faces, which also negatively affected market sentiment. .
Views 57 05/30/2023 – https://economy-news.net/content.php?id=34484
Planning Postponed The Population Census To Next Year
Iraq Tuesday, May 30, 2023 Baghdad / National News Center The Ministry of Planning postponed conducting the general population census until next year, noting that the reasons for the postponement were due to lack of time.
Undersecretary Maher Hammad Johan said, in a press statement, followed by the National News Center, that “the ministry cannot conduct the general census at the specified time at the end of the current year 2023,” noting that “the delay in approving the budget was a reason for changing the date.”
Johan added, “The ministry has set a new date on which it is hoped that the census operations will be launched, which is October of next year 2024 after completing the technical preparations for it,” pointing out that “the population numbers, according to preliminary statistics of the ministry, reached 43 million people.”
And the Undersecretary stated that “the procedures that precede the census take several months and with the participation of the educational staff,” noting that “the end of the preparations will be with the start of the school year, and thus it is impossible to empty them to participate in the census process.”
Iraq had conducted the last population census in 1987, with the participation of all governorates, followed by the 1997 census, which was conducted with the exception of the governorates of the Kurdistan region. https://nnciraq.com/208230/
Dollar Exchange Rates In The Local Market
Economy Tuesday, May 30, 2023 Baghdad / National News Center Today, Tuesday, the exchange rates of the dollar against the dinar recorded stability in the local markets in all governorates of the country.
As “the selling price reached 147,500 dinars per 100 dollars, while the purchase price reached 145,500 dinars per 100 dollars, in the capital, Baghdad.” https://nnciraq.com/208257/
Iraq Raises Its Possession Of Gold To More Than 132 Tons
Money and business Economy News – Baghdad Today, Tuesday, the Central Bank of Iraq announced the purchase of approximately 2.3 tons of gold.
And the bank said in a statement, that “new quantities of gold were purchased, approximately 2.3 tons, which resulted in an increase in its holdings of this metal by 1.79%.”
He added, “The total gold it possesses is (132.74) tons, maintaining its sequence in rank (30) in the ranking of world gold holdings.”
The Investments Department of the Central Bank of Iraq stated, “The purchase came with the aim of increasing its holdings of gold in light of the economic and political conditions the world is witnessing.”
Views 180 Added 05/30/2023 – https://economy-news.net/content.php?id=34476
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