Bondlady’s Corner – Iraq Economic News and Points to Ponder Thursday Evening 11-30-23

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Iraq Economic News and Points to Ponder Thursday Evening 11-30-23

Tlm724 Administrator Bondlady’s Corner

Oil Prices Are Turning Lower Amid Anticipation Of The Results Of The OPEC+ Meeting

Arab and international  Economy News – follow-up   Oil prices fell by more than 2 percent, Thursday, in anticipation of the outcome of the OPEC+ alliance meeting, which may include further supply cuts in 2024 on its agenda .

By 16:21 GMT, Brent crude futures for January delivery fell 2.68 percent to $80.63 per barrel, a quick turnaround from a rise of about 1.1 percent, or $84.01 per barrel a few hours earlier .

The Brent contract expires to the nearest maturity later today, Thursday .

US West Texas Intermediate crude futures also fell by 2.75 percent to $75.70 per barrel .

A source told Reuters that it is possible that OPEC+, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will reach an agreement that includes reducing production by approximately two million barrels per day, depending on the outcome of negotiations between members on Thursday .

Calum McPherson, an analyst at Investec, said that Saudi Arabia’s pledge to extend its voluntary reduction would be “really important and will remove the risk of collapse of any proposed agreement,” according to Reuters .

But investors will await the official announcement at Thursday’s meeting and the details of the additional reduction .  Views 10 11/30/2023 – https://economy-news.net/content.php?id=38022

Al-Mandalawi Calls For The Formation Of An International Economic Alliance

Money  and business  Economy News _ Baghdad  Today, Thursday, First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, called for the formation of an international economic alliance to achieve development and reconstruction instead of the language of weapons and wars.

The media office of the First Deputy Speaker of the House of Representatives said in a statement received by Al-Iqtisad News, “The First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, received in his office today, Thursday, the Chargé d’Affaires of the German Embassy in Iraq/Head of the Mission, Maximilian Rasch.”

Al-Mandalawi called for “the formation of an international (economic) alliance, built on the basis of meeting the interests of common peoples, and achieving development, reconstruction and prosperity for peoples, instead of the language of weapons and wars, and aims to develop infrastructure and encourage investment at all levels.”

He stressed that “the House of Representatives supports the work of Siemens in building a number of stations in various governorates,” stressing the importance of “activating bilateral memorandums of understanding and parliamentary ties between the two countries, and granting more facilities to reputable German investment companies to work in Iraq.”

In turn, the German Chargé d’Affairs stated that “his country is committed to Iraq in the fields of electricity, education, and revitalizing bilateral relations at various levels,” stressing that “Iraq has contributed fundamentally to preventing escalation in Gaza, and has the ability to bring peace to the region.”   Views 51 11/30/2023 – https://economy-news.net/content.php?id=37999

Economist: The Government Is Required To Shift To A Flexible Economy By Encouraging Investment And Protecting Investors From Extortion

Thursday 30, November 2023 10:24 | Economical Number of readings: 518   Baghdad / NINA / Economic expert Saleh Al-Hamashi called on the government to shift to a flexible economy by encouraging investment and protecting investors from government blackmail and others.

He said in a statement to the National Iraqi News Agency ( NINA ): “The global economic conditions are fluctuating, global growth is slowing down, the region is suffering from major political and security crises, events are accelerating, and the possibilities are many, and all of these events are casting a shadow on the region’s economies.”

Al-Hamashi added: “Iraq already suffers from the problem of the rentier economy, which by its nature is inflexible in the face of economic, political and security fluctuations, as it turns the state into a financial one and leaves it out of the general economy.”

He pointed out: “Iraq today has benefited from the rise in global oil prices, but has been affected by the rise in global prices for foodstuffs. All commodities have also risen globally, and the government is unable to address or compensate for the shortage locally because the Iraqi economy has become a hostage of regional and global economies.”

Al-Hamashi expressed his belief that the impact has become direct on the Iraqi economy in all economic developments, calling on the government to develop a plan to transform into a flexible economy capable of facing all changes by encouraging investment and protecting investors from governmental and non-governmental blackmail, as well as activating the role of banks in moving the wheel of the economy. By providing cash liquidity and easy movement of funds.”/End 3

https://ninanews.com/Website/News/Details?Key=1092668

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 Provoking Points to Ponder on Riches & Wealth: 

In proportion as nations become more corrupt, more disgrace will attach to poverty and more respect to wealth. — Colton

The larger the income, the harder it is to live within it. — Whately

Misery assails riches, as lightning does the highest towers; or as a tree that is heavy laden with fruit breaks its own bough, so do riches destroy the virtue of their possessor. — Burton

To have what we want is riches, but to be able to do without is power. — G. Macdonald

There are two things needed in these days; first, for rich men to find out how poor men live; and second, for poor men to know how rich men work. — E. Atkinson

He is richest who is content with the least, for content is the wealth of nature. — Socrates

If a rich man is proud of his wealth, he should not be praised until it is known how he employs it. — Socrates

No man can tell whether he is rich or poor by turning to his ledger.  It is the heart that makes a man rich. He is rich according to what he is, not according to what he has. — H W Beecher