TNT – “Tidbits From TNT” Monday 11-6-2023

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Tishwash:   Al-Sudani arrives in the Iranian capital, Tehran, on an official visit 

 Prime Minister Muhammad Shiaa Al-Sudani arrived today, Monday, in the Iranian capital, Tehran, on an official visit.

The Prime Minister’s Media Office stated in a statement received by Earth News Agency, “The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, arrives in the Iranian capital, Tehran, on an official visit.”

Iraqi Prime Minister Muhammad Shiaa Al-Sudani arrived on Monday in the Iranian capital, Tehran, at the beginning of a regional tour, according to a statement by the Prime Minister’s Media Office received by Shafaq News Agency.

Yesterday, Sunday, Iraqi government spokesman Bassem Al-Awadi revealed the goals of Prime Minister Muhammad Shiaa Al-Sudani’s tour, which is scheduled to begin tomorrow, Monday, with a visit to Tehran.

Al-Awadi told Shafaq News Agency, “The goal of the regional tour of Iraqi Prime Minister Muhammad Shiaa Al-Sudani is a common understanding to stop the aggression against Gaza, stop the expansion of the war, contain it and prevent its spread, and activate urgent truce proposals.”

He added, “The visit aims to support efforts to provide and send urgent humanitarian aid to civilians in Gaza, and to prepare the ground for understandings that push the UN and international organizations to activate their international and legal obligations towards the Palestinian issue and provide protection for the Palestinian people.”

The Iraqi government spokesman added, “As for the schedule for visiting Gulf capitals, it will move according to the speed of arranging appointments. Therefore, we cannot mention the name of a specific country because it may be preceded by the name of another country.” link

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CandyKisses:  Al-Maliki describes Blinken’s visit to Baghdad as “impudent”: She came to beg!

On Monday, Safaa al-Maliki, head of the Victorious Bloc, part of the Nabni coalition, described the US Secretary of State’s visit to Baghdad as “impudent.”

Al-Maliki said in a statement received by Al-Maalouma, “The visit of the American occupying State Minister to Baghdad can be described as ‘impudent’ to say the least.”

He added, “The visit came to plead not to bomb her country’s interests in Iraq and the region.”

The head of the Victorious Bloc explained, “His visit proved that Washington is afraid and is using its weapons to kill civilians and not to confront the heroic resistance fighters.”

Yesterday, Sunday, US Secretary of State, Anthony Blinken, arrived in the capital, Baghdad, and met with the Prime Minister, Muhammad Shiaa Al-Sudani. link

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CandyKisses: Oil rises after Saudi Arabia and Russia commit to voluntary cuts. Brent at $85

Baghdad Today – Follow-up

Oil prices rose on Monday (November 6, 2023), after Saudi Arabia and Russia, the world’s two largest oil exporters, confirmed the continuation of voluntary cuts in their production until the end of the year, which keeps supply tight while investors await tougher US sanctions on Iranian oil.

By midnight GMT, Brent crude futures were up 41 cents, or 0.5 percent, at $85.30 a barrel, while US West Texas Intermediate crude was at $81.05 a barrel, up 54 cents, or 0.7 percent.

In line with analysts’ expectations, the Kingdom confirmed it would continue to reduce its voluntary output of one million bpd, bringing its output to nine million bpd in December, an energy ministry source said in a statement.

The source stressed that “this additional voluntary reduction comes to strengthen the precautionary efforts made by the OPEC+ countries with the aim of supporting the stability and balance of oil markets.”

Following the Saudi statement, Moscow also announced a continuation of voluntary production cuts of 300, <> bpd from its crude oil and petroleum products exports until the end of December.

Both contracts saw their second consecutive weekly decline last week, down about 6 percent, driven by a easing of the geopolitical risk premium that arose from fears of supply disruptions due to the potential for conflict in the Middle East.

Israel on Sunday rejected mounting international pressure for a ceasefire as the US secretary of state sought to contain a crisis that threatens further escalation in neighboring Lebanon.

ANZ analysts said in a note: “The risk premium associated with the geopolitical background has completely disappeared after two weeks of volatile prices.”

“Market focus has shifted to demand expectations that remain uncertain,” they added.

Investors this week are looking for more economic data from China after the world’s second-largest oil consumer reported disappointing factory data for October last week.

Tony Sycamore, analyst at IG Markets in Sydney, expects oil prices to be weighed down by news from the Middle East and technical charts this week.

He added that WTI crude needs to stay above the support level of $80 a barrel early this week, otherwise prices could fall to the low of $77.59 hit in August.

The US House of Representatives on Friday approved a bill to strengthen sanctions on Iranian oil that would impose measures on foreign ports and refineries (TADAWUL:2030) that refine oil exported from Iran if it is signed into law.