The financial advisor to the Prime Minister, Mazhar Muhammad Salih, expects an increase in demand for Iraqi oil.
Saleh told {Euphrates News} agency, “There is an increasing trend in the United States’ demand for Iraqi crude oil, as the US Energy Information Administration announced a significant increase in US imports of Iraqi oil during the current month of August 2024.”
He added, “The continued increase in demand for Iraqi oil is mainly supported by increased economic activity within the United States. Available data indicate that US demand for oil in general, including Iraqi oil, has increased as a result of improved retail sales and more-than-expected US economic growth.
This growth has had a positive impact on higher oil prices and increased oil imports from Iraq, which has become an important position in meeting the needs of the US market.”
Saleh continued, “This increase also comes within the framework of a general increase in Iraq’s oil exports in recent years, driven by the country’s increased capacity to produce oil and the rise in global demand, especially during the war in Ukraine.”
He pointed out that “the trends of increase in US demand for Iraqi oil began at the beginning of this year. During the month of March 2024, US imports of Iraqi oil reached 7.75 million barrels, an increase of about 2.39 million barrels compared to the month of February, in which imports reached 4.68 million barrels of oil per month.” LINK
Oil Prices Fall Due To Chinese Demand Concerns And Middle East Tensions
Oil prices fell in early Asian trade on Monday, as concerns about weak demand in China, the world’s biggest oil importer, weighed on market sentiment.
Investors also focused on progress in Middle East ceasefire talks, which could reduce supply risks, Reuters reported. Brent crude futures were down 13 cents, or 0.2 percent, at $79.55 a barrel by 0032 GMT.
West Texas Intermediate (WTI) crude futures were down 13 cents, or 0.2 percent, at $76.52 a barrel. Both benchmarks fell about 2 percent on Friday as investors tempered expectations for growth in demand from China, but ended the week largely unchanged from the previous week after a slew of U.S. data last week showed slowing inflation and strong retail spending.
“Continuing concerns about slowing demand in China have led to a sell-off,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
“Another factor is the approaching end of the peak summer driving season in the United States.” “Tensions in the Middle East and an escalation in the war between Russia and Ukraine, which pose supply risks, are supporting the market,” he said.
Data from China on Thursday showed its economy lost momentum in July, with new home prices falling at the fastest pace in nine years, industrial production slowing and unemployment rising.
That has raised concerns among traders about weaker demand from China, where the country has cut its Refineries sharply cut crude processing rates last month due to weak fuel demand. https://www.mawazin.net/Details.aspx?jimare=253566
The Central Bank Supports The Liquidity Of The Real Estate Bank With An Amount Of 2 Trillion Dinars
Banks Economy News – Baghdad The Central Bank announced, on Monday, supporting the liquidity of the Real Estate Bank with an amount of 2 trillion dinars.
The Central Bank’s media office said in a statement, seen by “Al-Eqtisad News”, that “it supported the liquidity of the Real Estate Bank with an amount of 2 trillion dinars, to meet the requests of citizens applying to purchase units in residential complexes in all governorates, starting with ready-to-move-in units.”
It added that “an amount of 300 billion dinars was allocated to meet citizens’ requests to purchase floors outside the complexes, which had previously obtained the necessary approvals from the Real Estate Bank.” https://economy-news.net/content.php?id=46492
Al-Suwani Directs The Adoption Of Economic And Reform Foundations For Restructuring Public Companies
Prime Minister Mohammed Shia Al-Suwani stressed, on Monday, the importance of adopting sound economic and reform foundations in restructuring public companies.
A statement from his media office received by Mawazine News stated that “Al-Sudani chaired the second meeting of the Supreme Committee for Restructuring Public Companies, to follow up on the efforts made in the field of restructuring some public companies, within the framework of the general administrative and economic reform that the government is pursuing in its program.”
During the meeting, he pointed out “the seriousness of the government steps taken within the framework of targeting the reform of the work of public companies, and employing the public sector to contribute strongly to economic development, according to a mechanism that preserves public money and is based on sound economic foundations that support and activate the rest of the sectors.”
The statement indicated that “the meeting approved the principles adopted by the subcommittee, and the process of classifying companies according to performance and specialization, in order to develop an accurate picture that takes into account the public interest.”
The Prime Minister directed “the continuation of holding meetings of the Supreme Committee for Restructuring Public Companies, and at a more accelerated pace, in order to keep pace with aspects of economic reform in other sectors whose work is related to the tasks of these companies.” https://www.mawazin.net/Details.aspx?jimare=253582
A Significant Decline In The Dollar Exchange Rate In Local Markets
The exchange rate of the dollar against the Iraqi dinar witnessed a noticeable decline this morning, Monday, in the markets of Baghdad and Erbil.
The dollar prices decreased with the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where it recorded 149,100 dinars for every 100 dollars, compared to yesterday, Sunday, which amounted to 149,500 dinars for every 100 dollars.
In the markets of Baghdad, selling prices decreased in exchange shops, where the selling price reached 150,000 dinars, and the purchase price 148,000 dinars for every 100 dollars.
