Bondlady’s Corner – Iraq Economic News and Points to Ponder Friday Evening 3-29-24

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Iraq Economic News and Points to Ponder Friday Evening 3-29-24

Tlm724 Administrator Bondlady’s Corner

Submitting Recommendations To The Economic Ministerial Council Regarding Sanctioned Banks

Economy News – Baghdad  The head of the Securities Commission and head of the committee in charge of the sanctioned banks, Faisal Al-Haimas, confirmed today, Friday, the submission of recommendations to the Economic Ministerial Council regarding those banks.

Al-Haims said in a statement to the official agency, followed by Al-Iqtisad News: “Prime Minister Muhammad Shiaa Al-Sudani assigned him to head a committee to look into the sanctioned banks,” noting that “the recommendations were submitted to the Economic Ministerial Council more than three weeks ago.”

He added, “The committee is awaiting the approval of the recommendations by the Ministerial Economic Council,” noting that “the committee stressed the necessity of launching development initiatives through government and private private banks to strengthen the Iraqi economy.”

He pointed out that “the reasons for the delay in announcing the recommendations by the Council of Ministers are the existence of procedures and discussions between the Ministerial Economic Council and the Central Bank and other procedures.”

Views 101 03/29/2024 – https://economy-news.net/content.php?id=41991

Oil Continues To Achieve Gains For The Third Month In A Row

Economy  Friday, March 29, 2024 Follow-up/National News Center  Oil prices jumped more than a dollar amid expectations of tight supply due to the possibility of the OPEC+ alliance maintaining its current production cut, ongoing attacks on energy infrastructure in Russia, and a shrinking number of American oil exploration platforms.

On Thursday (March 28, 2024), Brent crude futures contracts for May delivery rose $1.39, or 1.6%, to reach $87.48 per barrel upon settlement, while the most widely traded June futures contracts rose $1.58 to reach $87 per barrel upon settlement.

As for US West Texas Intermediate crude futures for May delivery, they rose $1.82, or 2.2%, to record $83.17 per barrel upon settlement.

Brent crude recorded a weekly increase of 2.4%, while West Texas Intermediate crude recorded a weekly increase of approximately 3.2%. Both crudes achieved gains for the third month in a row.

Last session, oil prices came under pressure after US crude oil and gasoline inventories rose unexpectedly last week, driven by higher crude imports and slower gasoline demand, according to Energy Information Administration data.

However, the increase in crude oil inventories was less than the American Petroleum Institute had expected, and analysts noted that the increase was less than expected for this time of year, according to Reuters.

Prices also received support from US refinery operating rates, which rose 0.9 percentage points last week.

The number of oil and gas exploration rigs, an early indicator of future supply volume, shrank by three rigs to 621 in the week ending March 28, according to data from energy services company Baker Hughes.

Investors will await indicators from next week’s meeting of the Joint Ministerial Committee for Production Monitoring of the Organization of the Petroleum Exporting Countries (OPEC).

Growing geopolitical risks have raised expectations of potential supply disruption, but the OPEC+ alliance is unlikely to make any changes to oil production policy until the full ministerial meeting in June.

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 Provoking Points To Ponder On Failures and Mistakes

Be aware that young people have to be able to make their own mistakes and that times change.- Gina Shapira

The best brewer sometimes makes bad beer.- German proverb

We must somehow get comfortable with the reality of periodic failure. … Like a trip to the dentist, the thought of occasional reverses may not make us tingle with joyful anticipation, but then again, it’s not the end of the world.- Sam Collins

The progress of rivers to the ocean is not so rapid as that of man to error.- Voltaire

All men are liable to error; and most men are … by passion or interest, under temptation to it.- John Locke

To err is human, to forgive divine.- Alexander Pope

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