Business

Today, Tuesday, the Ministry of Oil announced the final statistics for the quantities of crude oil exported and the revenues generated for the month of August. The Ministry stated, in a statement received by Al-Ghadeer, that “according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), the …

Oil prices fell on Tuesday, amid fears 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 …

Iraq’s Ministry of Oil has released its final statistics for oil exports and associated financial revenues for August. According to the data provided by the Iraqi Oil Marketing Company (SOMO), Iraq exported 106,122,679 barrels of crude oil, generating $8,997,851,000 in revenue. Of this total, the majority came from oil fields …

The exchange rate of the US dollar against the Iraqi dinar decreased on Tuesday in the markets of the capital, Baghdad, and Erbil, the capital of the Kurdistan Region. Dollar’s prices decreased with the closure of the two main stock exchanges, Al-Kifah and Al-Harithiya, in Baghdad, reaching 156,000 IQD per …

The Organization of the Petroleum Exporting Countries (OPEC) has rejected projections by the International Energy Agency’s (IEA) suggesting that the global consumption of fossil fuels will peak in 2030 before dropping to record lows because of an increase in the use of the renewables. OPEC Secretary General Haitham Al Ghais …

Oil prices spiked on Wednesday, bolstered by supply disruptions in Libya, output cuts from Saudi Arabia and Russia, and positive expectations over the trajectory of the global economy. International benchmark crude Brent traded at $92.29 per barrel at 09.59 a.m. local time (0659 GMT), a 0.25% gain from the closing …

The benchmark oil price settled largely unchanged on Monday, holding above the $90 a barrel reached last week for the first time in 10 months following fresh Saudi and Russian crude output cuts. Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled …

Iraq’s Prime Minister Mohammed Shia al-Sudani held a meeting with a delegation from the Shura Council of the Kingdom of Saudi Arabia, which is currently visiting the capital, Baghdad. The delegation is headed by Ibrahim Mohammed Al-Qannas. The meeting was characterized by discussions aimed at emphasizing the importance of sustaining …

The world risks a “great fracture” of its economic and financial systems, U.N. Secretary-General António Guterres said on Thursday at a summit with Southeast Asia’s ASEAN bloc, China, the United States and others in Indonesia. In a wide-ranging speech that touched on geopolitical tension, multilateral development finance and climate change, …

Oil prices rose on Wednesday amid market concerns of a supply shortage after Saudi Arabia and Russia announced an extension of voluntary production cuts until the end of the year. Futures for Brent crude oil increased by 17 cents, or 0.2%, to $90.21 per barrel as of 00:08 GMT. On …

Oil prices rose in Asian morning trading today, Monday, as market sentiment was boosted by positive economic data from China and the United States, as well as expectations of continued crude supply cuts from major producers. According to Reuters, Brent crude rose 17 cents, or 0.2 %, to $88.72 a …

New Development Bank (NDB) launched by the BRICS bloc aims to increase local currency fundraising and lending, amid Western sanctions against founding shareholder Russia, South African Finance Ministry has announced. According to South African Finance Minister Enoch Godongwana, increasing local currency use among NBD members will be on the summit’s …

Major European financial firms have suffered at least 100 billion euros in direct losses from Russian markets since the outset of the Ukraine conflict back in February 2022, a new report unveils citing a survey study of their annual financial statements. “A survey of 600 European groups’ annual reports and …

Saudi Aramco oil giant has declared a significant decline in its second quarter profits this year amid falling oil prices and thinner margins in refining and chemicals. The 38 percent year-on-year decline “mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins,” the world’s largest, …

OPEC+ is unlikely to tweak its current oil output policy when a panel meets on Friday, six OPEC+ sources told Reuters, as tighter supplies and resilient demand drive an oil price rally. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, …

The overall exports and revenues achieved for July have been reported by the Iraqi Ministry of Oil on Tuesday. The Iraqi Oil Marketing Company (SOMO), according to a statement from the ministry, released preliminary data showing that the overall volume of crude oil exports reached 106,755,169 barrels, bringing in $8.293 …

Iraq’s State Council has finalized the auditing processes for the triennial budget of 2023-2025, an official press release said on Tuesday. The press release said that the auditing process of the Budget Law No. 13 of 2023 was conducted in the presence of the Finance Minister, the Planning Ministry, and …

Iraq’s Prime Minister,Mohammed Shia al-Sudani, on Wednesday said that Iraq would no longer remain dependent on oil, highlighting that “ready alternatives” will be available after 2028. In a meeting with the Iraqi-American Business Council delegation, led by the Council President and Deputy Head of the U.S. Chamber of Commerce for …

Oil prices fell to multi-week lows on Monday as analysts highlighted rising global supplies and concerns about demand growth just ahead of key inflation data and a U.S. Federal Reserve meeting later this week. Brent crude futures fell $2, or 2.7%, to $72.79 a barrel by 11:50 a.m. EDT (15:50 …

Iraq and Pakistan have agreed to strive for strengthening and expanding the bilateral economic, trade and investment ties in the traditional and non-traditional sectors, and also through “Pakistan-Iraq Business Council” to further augment trade ties between the two countries. This was announced in a joint statement, issued simultaneously here in …