Business

Iraq has extended an agreement with Jordan for another year to supply it with 10,000 barrels per day (bpd) of crude oil under preferential terms, the Iraqi oil ministry said on Thursday. The announcement came after a meeting on Thursday between Iraqi Oil Minister Hayan Abdel-Ghani and Jordan’s Energy Minister …

Oil prices were steady on Thursday after an European Central Bank (ECB) decision to slow interest rate hikes but were unable to claw back much of this week’s more than 8% decline as demand concerns in major consuming countries continued to weigh. Brent futures were up 28 cents, or 0.39%, …

The dollar fell on Wednesday before the Federal Reserve is expected to hike rates for possibly the last time this cycle, which could lead to further dollar declines. Investors are concerned that continued rate hikes will weigh on the economy, and fed funds futures traders are pricing in rate cuts …

Prime Minister Mohammed Shia al-Sudani on Wednesday said that Iraq is capable of developing a competitive national industry to rival international industries. Al-Sudani made these remarks during an exclusive interview on the sidelines of the first Metal, Petrochemical, Fertilizer, and Cement Investment Conference, organized by the Ministry of Industry and …

Iraq’s federal government and the Kurdistan Regional Government (KRG) have not reached an agreement needed to resume oil exports from the semi-autonomous Kurdistan region in northern Iraq to the Turkish port of Ceyhan, Iraqi oil minister Hayan Abdel-Ghani said on Wednesday. Turkey halted Iraq’s 450,000 barrels per day (bpd) of …

Oil prices sank 4 percent to a five-week low on Tuesday along with a drop in Wall Street stocks on worries about a US bond default, weak economic data from China, and expectations the US and Europe will raise interest rates again this week. Brent futures fell $3.16, or 4.0 …

Iranian oil production has surpassed 3 million barrels per day, Iran’s Oil Minister said on Tuesday according to the Oil Ministry’s website SHANA. “Over the last 20 months, Iran’s oil production has reached levels above 3 million barrels per day and natural gas output has reached more than 1 billion …

United States Treasury has warned that the US government will be unlikely to meet payment obligations by early June if the debt ceiling is not raised. The date is earlier than the Treasury estimated in January, indicating that the United States financial situation is more precarious than previously thought. In …

Spanish Prime Minister Pedro Sanchez on Saturday announced the government would invest 1.3 billion euros ($1.43 billion) in vocational training. The measure will be approved at next week’s cabinet meeting and will create 45,000 bilingual vocational training places, 824 new training centers, and more than 1,500 classrooms for applied technology …

The global trend of substituting the US dollar with local currencies in trade transactions is speeding up as more countries are ditching the greenback. on Wednesday, Argentina said it will pay for Chinese imports in yuan instead of dollars to preserve its international reserves. In a meeting in Buenos Aires …

In a recent televised interview, Iraqi Prime Minister Mohammed Shia al-Sudani projected that Iraq will transition from being one of the world’s leading gas-flaring countries to becoming a gas exporter within the next 3-5 years. The Prime Minister’s statement, broadcast by Al-Ula channel and recapitulated by his media office, comes …

Iraq’s parliamentary finance committee, under the chairmanship of Lawmaker Atwan al-Atwani, resumed its sessions on Wednesday to deliberate over the proposed federal budget law for the years 2023-2024-2025. In a statement released earlier today, the committee reiterated its unwavering commitment to holding regular meetings after the completion and presentation of …

he Central Bank of Iraq’s foreign remittances have seen a consecutive increase in its dollar sales for the second day, significantly impacting cash sales, according to Shafaq News agency. CBI sold $187,888,527 during the auction, with most of the sales going towards reinforcing balances abroad in remittances and credits (172,788,527$). …

Janet Yellen warned that a default would result in job losses while driving household payments on higher interest rates. US Treasury Secretary Janet Yellen on Tuesday warned that failure by Congress to raise the government’s debt ceiling – and the resulting default – would trigger an “economic catastrophe” that would …

Oil prices rose on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world’s largest oil importer. Brent crude rose 1.06, or 1.3%, to $82.72 a barrel by 12:17 p.m. EDT (1717 GMT). U.S. West Texas Intermediate crude rose 95 cents, …

Oil fell for a second day as bullish impetus from OPEC+ production cuts faded against a weaker-than-expected demand picture. West Texas Intermediate dropped below $80.50 per barrel after weakening 2 percent on Monday, the biggest daily fall in four weeks. US shale production is seen higher in May, while there …

India and Russia are discussing a free trade agreement, ministers said on Monday, a move that would further deepen bilateral commercial ties that have flourished since war broke out in Ukraine. India’s Foreign Minister Subrahmanyam Jaishankar told an event in New Delhi his government was in “advance agreement” on a …

The UK economy failed to grow in February after being hit by the effects of strikes across the public sector and weakness in industrial output, official figures have revealed. The Office for National Statistics (ONS) said on Thursday that the growth rate unchanged in February, falling below forecast in a …

Pakistan Finance Minister Ishaq Dar on Saturday said he had canceled his trip to Washington for the spring meetings of the International Monetary Fund and World Bank on the orders of the prime minister due to the political situation in the country. However, Dar said he would attend important attend …

Oil prices surged on Monday after Iraq, Saudi Arabia and other OPEC+ producers announced a surprise cut in their output target, a move that rippled through stock markets, though the dollar failed to hold onto its early gains. Brent crude futures looked set for its biggest daily percentage gain in …