Bondlady’s Corner – Iraq Economic News and Points to Ponder Tuesday Evening 10-3-23

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Iraq Economic News and Points to Ponder Tuesday Evening 10-3-23

Tlm724 Administrator Bondlady’s Corner

Oil Stability With The Rise Of The Dollar And Mixed Indicators Of Supply

Energy   Economy News – Baghdad  There was little change in oil prices on Tuesday, after they fell to their lowest level in three weeks in the previous session amid a rise in the dollar, a bleak outlook for the global macro economy, and mixed indicators related to supply.

By 1359 GMT, Brent crude futures rose six cents to $90.77 a barrel, and US West Texas Intermediate crude rose 34 cents to $89.16 a barrel. Prices had fallen by more than one percent earlier in the session.

ANZ analysts said in a note to clients, “Brent crude prices fell to (about) $90 per barrel, with rising US yields and the strength of the dollar dominating market sentiment.”

“While supply remains limited, higher interest rates mean expensive storage of inventories. This could lead to further drawdown of oil stocks,” they added.

Yesterday, Monday, the dollar rose to its highest level in 10 months against a basket of major currencies after the US government avoided a partial closure and economic data reinforced expectations that the US Federal Reserve would keep interest rates high for a longer period or even raise them again.

Higher interest rates, coupled with a stronger dollar, make oil more expensive for holders of other currencies, which could lead to lower demand for it.

Views 30  10/03/2023 – https://economy-news.net/content.php?id=36770

Iraq Exports More Than 6 Million Barrels To America During The Month Of September

Money  and business   Economy News – Baghdad   The US Energy Information Administration announced on Tuesday that Iraq’s oil exports to America amounted to more than 6 million barrels during the month of September.

The administration said in a table seen by Al-Iqtisad News, “Iraq exported 6,450 million barrels of crude oil to America during the month of September, with an average of 215,000 barrels per day, lower than the month of August, in which Iraqi oil exports to America amounted to 7,130 million barrels.” An average of 230 thousand barrels per day.

She added, “Iraq exported crude oil to America during the first week of September at an average of 100,000 barrels per day, while it exported an average of 248,000 barrels per day in the second week, and exported an average of 233,000 barrels per day in the third week,” noting that “exports in the fourth week amounted to An average of 280 thousand barrels per day.

The US Energy Information Administration stated that “Iraq ranked sixth in its exports to America during the past month after: Canada, Mexico, Saudi Arabia, Colombia and Brazil, and ranked second in the Arab world after Saudi Arabia, whose last exports to America amounted to 12 million and 870 thousand barrels,” indicating that “Canada It ranked first as the country that exports the most oil to America, followed by Mexico.  Views 34  Added 10/03/2023 – https://economy-news.net/content.php?id=36767

The Rise In Dollar Prices In Baghdad Markets

Time: 10/03/2023 10:32:15 Read: 3,159 times   {Economic: Al-Furat News} Dollar prices rose, today, Tuesday, in Baghdad markets.  The prices were as follows..   The selling price was 157,750 Iraqi dinars, while the purchase amounted to 155,750 dinars per 100 dollars.   LINK

Commerce Sets The Date For Starting The First Step Of Electronic Transformation

Monday 02, October 2023 13:40 | Economical Number of readings: 337  Tomorrow / NINA / The Ministry of Commerce has set the date for starting the first step of electronic transformation.

A statement from the ministry stated, “Minister of Commerce, Atheer Daoud Al-Ghurairi, visited the legal department at the ministry’s headquarters, to follow up on the final stages of the electronic transformation of its entire work, which is certain to begin within the next two weeks.”

During his visit, Al-Ghurairi stressed, “We have developed plans and programs to improve performance and services in various directions, by working according to an economic vision and clear goals, automating work joints, building a solid information base, and changing the culture of support by targeting the groups benefiting from the catering system.”

He pointed out that “the process of automating the legal department is the first step to electronic transformation, and it will be followed successively by the rest of the ministry’s formations to get rid of the classic paper-based and routine system to an electronic system using a modern and advanced programming language.”   https://ninanews.com/Website/News/Details?key=1080999

Parliamentarian: 11 Countries Want To Invest In The Path Of Development

Economy |  02/10/2023  Mawazine News – Baghdad  MP Baqir Al-Saadi confirmed on Monday that 11 countries want to invest in Iraqi development road projects.

Al-Saadi said in an interview followed by Mawazine News, “The development path is not a paper project, but rather a reality. The Sudanese government seeks to put the first phase in the axes of direct implementation within a short period not exceeding months,” pointing out that “the project is strategic for Iraq’s economic future.”

He added, “11 countries have expressed their desire to invest in Iraqi development road projects, and the number may reach 50 if they are initiated,” stressing that “the world is facing the birth of an exceptional transportation line that will connect the countries of Southeast Asia and the Indian Ocean to Europe via Iraq.”

He pointed out that “the benefits of the project can be summarized in 15 points, the most prominent of which are the financial returns and the volume of investments in building industrial cities and other logistical support, in addition to creating job opportunities and charting a new transportation route in Iraq that attracts various world goods.”  https://www.mawazin.net/Details.aspx?jimare=235797

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Points to Ponder From Aristotle:

Dignity does not consist in possessing honors, but in deserving them. 

Education is an ornament in prosperity and a refuge in adversity. 

Even when laws have been written down, they ought not always to remain unaltered. 

He who is to be a good ruler must have first been ruled. 

I count him braver who overcomes his desires than him who conquers his enemies; for the hardest victory is over self. 

In a democracy the poor will have more power than the rich, because there are more of them, and the will of the majority is supreme. 

Inferiors revolt in order that they may be equal, and equals that they may be superior. Such is the state of mind which creates revolutions.