Samson: Oil prices rebound and rises for this price

2018/11/16 12:13

Oil prices rose on Friday amid expectations of a reduction in supplies from the Organization of the Petroleum Exporting Countries (OPEC), although affected by a record increase in US production.

Brent crude futures were $ 67.49 a barrel by 0747 GMT, up 87 cents, or 1.3 percent, from the previous settlement. US WTI crude futures rose 50 cents, or 0.9 percent, to $ 56.96 a barrel.  Prices have received support mainly from expectations that OPEC will cut production soon for fear that the trend of crude to fall again, as happened in 2014 under the weight of supply.

Saudi Arabia, which leads the Organization de facto, wants OPEC to cut supplies by about 1.4 million bpd, equivalent to about 1.5 percent of global supplies, sources told Reuters this week. Saudi Arabia would be willing to share Russia, as happened when the supply was cut jointly from January 2017, although  Russia has not yet undertaken to renew any joint action.

While OPEC is considering curbing supplies, US crude production hit a new record last week at 11.7 million bpd, according to data released by the US Energy Information Administration on Thursday.  US production has risen about 25 percent since the beginning of this year.  US record production means that US crude inventories posted their biggest weekly gain in nearly two years.  Crude inventories rose 10.3 million barrels in the week ending Nov. 9 to 442.1 million barrels, the highest level since early December 2017.   LINK


Samson:  Jordan loses one billion dollars annually due to Iraq

16th November, 2018

Chairman of Jordanian Trucks Association Mohammed Kheir al-Dawood disclosed that this sector of economy lost 7.1 billion dollars due to the closure of 8 border crossings before the Jordanian trucks.

He pointed that the Jordanian trucks did not enter the Iraqi territories despite the opening of the joint Iraqi-Jordanian border crossing of Treibel.

The Jordanian trucks sector contains 21.000 trucks, with 100.000 families are living on its daily work, he added.   LINK

Don961:  Economist: The name of the relationship on the currencies will not affect the strength of the dinar and this is important

Economie   11:26 – 10 October 18

Baghdad / Al-Ghad Press:

Economic expert Qusay al-Jabri said on Wednesday that writing the name of the governor of the Central Bank Ali al-Alaq on the new currencies will not affect the strength of the dinar.

Al-Jabri said in a statement to Al-Ghad Press that “the governor of the Central Bank of Iraq Ali al-Alaq all the powers, where we find that the Iraqi state today mostly by proxy and this is not new and exercise his work normally despite some difficulties faced by the official responsible.”

He stressed that “we must pay attention to and care about is the strength of the Iraqi dinar, we find that the signature of the Governor of the Central Bank on the banknote does not affect the strength of the dinar or the Iraqi economy, and this thing, as we know is the practice in a number of countries, including the state Iraq in the past and there is signed by his name frank. ”

He pointed out that “the Iraqi dinar strongly supported today by the currency of the dollar and gold reserves, and that there are many factors exist should be cautious, which is possible to affect the Iraqi economy and we should care about.”       link