Oil Prices Fall To Their Lowest Level
Energy Oil prices fell to their lowest levels in a week on Monday after the OPEC+ alliance confirmed its intention to significantly increase oil production in September, while traders remain cautious about the implications of any potential additional sanctions against Russia.
Brent crude futures fell $1.55, or 2.3%, to $68.1 a barrel by 13:34 GMT, their lowest level since July 23. US West Texas Intermediate crude also fell $1.72, or about 2.5%, to $65.65 a barrel. Both benchmarks lost about $2 each last Friday.
The OPEC+ alliance of oil-exporting countries announced on Sunday its agreement to increase production by 547,000 barrels per day in September, as part of a gradual plan to regain market share lost during the production cut period.
This move is part of a series of increases aimed at restoring approximately 2.5 million barrels per day, representing approximately 2.4% of global demand, in an early and full return from the largest tranche of cuts implemented by the alliance. https://economy-news.net/content.php?id=58370
Globally: Gold Records Its Highest Gains In 10 Days.
Economy | 04/08/2025 Mawazine News – Follow-up Gold prices continued to rise for the third consecutive session on Monday, supported by growing expectations that the US Federal Reserve will cut interest rates amid weak economic data released last week.
Spot gold rose 0.3% to $3,373.22 per ounce by 13:15 GMT, recording its highest level since July 24, while US gold futures rose 0.8% to $3,427.10.
Data last week showed a slower-than-expected slowdown in US job growth in July, and data for May and June were revised down by 258,000 jobs, indicating a clear deterioration in the labor market.
Gold is considered one of the assets that perform well in a low interest rate environment and is considered a safe haven against inflation. https://www.mawazin.net/Details.aspx?jimare=264592
A Slight Rise In The Dollar Exchange Rate In Baghdad
Economy | 04/08/2025 Mawazine News – Baghdad – The dollar exchange rate against the dinar witnessed a slight increase on Monday in local markets in Baghdad. The selling price reached 140,750 dinars for $100, while the buying price reached 138,750 dinars for $100. https://www.mawazin.net/Details.aspx?jimare=264578
Researchers Analyze How The “Development Path” Will Change The Regional Energy Map For Iraq And Turkey.
Economy 2025-08-01 | Source: Anadolu Agency 1,920 views Alsumaria News – Economy affairs expert Turkish researcher Sercan Caliskan and Gulf Yasar Al-Maliki said that the “Development Road” project between Turkey and Iraq establishes an energy agreement between the two countries.
The “Development Road” is a land and railway route extending from Iraq to Turkey and its ports. It is
1,200 kilometers long inside Iraq and aims to transport goods between Europe and the Gulf states.
Çalışkan, a researcher in Iraq studies, noted that relations between Ankara and Baghdad have
developed to a strategic level in the energy sector, and that this process is linked to the “Development Road” project.
Çalışkan, a researcher at the Turkish Center for Middle Eastern Studies, emphasized that the development road project not only entails new energy lines for Turkey and Iraq, but also for the countries of the region.
He added, “The bilateral relations strengthened by the Development Road project have
created a favorable environment for opening up new horizons of opportunity in various fields.”
He pointed out that the negotiation process for the new energy agreement not only paved the way for oil transportation, but also for comprehensive, long-term cooperation that would prevent legal disputes between the two parties.
For his part, Al-Maliki, affairs an expert on Gulf at the Middle East Economic Survey (MEES), said that
Turkey and Iraq are keen to expand their economic cooperation within the framework of the Development Road project. Al-Maliki added,
“Crude oil from other countries can also be transported via the Turkish–Iraqi oil pipeline,
which will strengthen Türkiye‘s position as a regional energy hub between Asia and Europe.” He pointed out that re-transporting Kirkuk oil from northern Iraq to Mediterranean refineries is also important for Baghdad.
Last week, Turkish sources told Anadolu Agency that Ankara and Baghdad had begun negotiations to reach a more comprehensive agreement for the transport of Iraqi oil.
In this context, a Turkish presidential decree was published in the Official Gazette on July 21, announcing that the crude oil pipeline agreement between Turkey and Iraq, in effect since 1973, will expire on July 27, 2026.
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