Bondlady’s Corner – Iraq Economic News and Points to Ponder Tuesday Evening 9-26-23

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Iraq Economic News and Points to Ponder Tuesday Evening 9-26-23

Tlm724 Administrator Bondlady’s Corner

Minister Of Finance: The Government Continues Its Efforts For Economic Reforms

Money  and business  Economy News – Baghdad  The Minister of Finance and Governor of Iraq at the Asian Infrastructure Investment Bank, Taif Sami, participated today, Tuesday, in the work of the official session at the governors’ level in the bank for its second and final day, with the participation of the Director General of the Iraqi Fund for Foreign Development in the Ministry of Finance.

According to a statement by the Ministry of Finance, the session’s agenda included “voting on a number of decisions, most notably accepting the membership of a number of countries in Asia and Africa in the bank, voting on electing a new president and two deputies to the bank’s Board of Governors, in addition to approving the annual report of the Asian Bank’s work for the year 2022.”

The Minister of Finance indicated, “The Iraqi government will continue its efforts for economic reforms, adopting a road map to achieve sustainable development goals and a gradual approach to financing development by maximizing revenues for the budget and the contribution of international banks, including the Asian Bank, to finance promising investment projects in Iraq.”

Views 27 09/26/2023 – https://economy-news.net/content.php?id=36645

Oil: The Final Oil Revenues For The Month Of August Amount To More Than $8 Billion

Economy | 11:52 – 09/26/2023   Baghdad – Mawazine News   The Ministry of Oil announced today, Tuesday, that the final revenues for the month of August amount to more than $8 billion.

The ministry stated in a statement received by Mawazine News that “the total final revenues achieved for the month of August, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), amounted to more than 8 billion dollars, as the amount of crude oil exports reached (106) million and (122) million.”

(One thousand and (679) barrels, with revenues amounting to (Cool billion (997) million and (851) thousand dollars.

She added, “The total quantities of crude oil exported last August from the oil fields in central and southern Iraq amounted to (105) million and (236) thousand and (963) barrels, while the quantities exported from Qayyarah were (420) thousand and (991) barrels.” While exports to Jordan were (464) thousand and (725) barrels,” noting that “the average price of one barrel reached (84,787) dollars.”

She pointed out that “the exported quantities were loaded by (38) international companies of several nationalities, from the ports of Basra, Khor Al-Zubair, monobuoys, and the modern Kirkuk warehouse, by tanker trucks, and from the Qayyarah field.”   https://www.mawazin.net/Details.aspx?jimare=235522

Oil Falls As Interest Concerns Outweigh Tight Supplies

Energy   Oil prices were revised on Tuesday, amid concerns that demand for fuel will be affected by major central banks keeping interest rates high for a longer period, even as supply is expected to tighten.

Brent crude futures fell 38 cents to $92.91 a barrel by 0400 GMT, while US West Texas Intermediate crude futures fell 34 cents to $89.34.

The world’s top economic policymakers, the US Federal Reserve and the European Central Bank, have reaffirmed in recent days their commitment to fighting inflation, indicating that tight policy may last longer than previously expected. High interest rates slow economic growth, reducing demand for oil.

Separately, Moody’s said on Monday that a US government shutdown would hurt the country’s credit, a warning that comes one month after Fitch downgraded the US rating by one notch on the back of the debt ceiling crisis.

While supply remains tight with Russia and Saudi Arabia extending production cuts until the end of the year, Moscow on Monday eased its temporary ban on gasoline and diesel exports, which had been issued separately to stabilize the domestic market.

With the Golden Week holiday starting in China from Sunday, oil prices may get a boost from higher travel and the resulting demand for petroleum products from the world’s second-largest oil consumer.

Oil prices have risen about 30% since mid-year mostly driven by supply shortages, wiping 0.5 percentage points off global GDP growth in the second half of this year, according to JPMorgan.

JPMorgan added in a note that the shock “is not large enough to threaten the expansion by itself,” according to Reuters.

“We expect $94 a barrel during the last quarter of 2023 which is the maximum steepness of the curve we see before OPEC likely eases supply constraints,” said Baden Moore, head of carbon and commodities strategy at National Australia Bank. Views 87 09/26/2023 – https://economy-news.net/content.php?id=36621

Dollar Prices Rise In Baghdad Markets With The Closure

Time: 09/26/2023 17:26:34 Read: 520 times   {Economic: Al-Furat News} The exchange rates of the US dollar rose against the Iraqi dinar, today, Tuesday, in Baghdad markets with the closure of the main stock exchange.

With the closure of the main Kifah and Harithiya stock exchanges in Baghdad, dollar prices recorded 155,500 Iraqi dinars against 100 dollars, while dollar prices recorded this morning 154,600 dinars against 100 dollars.

Our correspondent indicated that selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 156,500 dinars for 100 dollars, while the purchase price reached 154,500 dinars for 100 dollars. LINK

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Points to Ponder on “Feelings”:

Our feelings were given us to excite to action, and when they end in themselves, they are cherished to no good purpose — Sanford

Strong feelings do not necessarily make a strong character — The strength of a man is to be measured by the power of the feelings he subdues – not by the power of those which subdued him — 
Richter

Cultivate consideration for the feelings of other people if you want not have your own injured — Those who complain the most of ill-usage are those who abuse others the oftenest – 
Richter

The heart that is soonest to awake to the flower is always the first to be touched by the thorns — 
Moore

Thought is deeper than all speech; feeling deeper than all thought; soul to souls can never teach what unto themselves was taught — 
Cranch 

The last, best fruit which comes to late perfection – even in the kindliest soul – is – tenderness toward the hard – forbearance toward the un-forbearing – warmth of heart toward the cold – philanthropy toward the misanthropic — 
Richter

Some people carry their hearts in their heads; very many carry their heads  in their hearts — the difficulty is to keep them apart and yet both actively working together — 
Sterne

A word – a look – which at one time would make no impression –  at another time wounds the heart; and like a shaft flying with the wind, pierces deep, which, with its own natural force — would scarce have reached the object aimed at – 
Sterne