Saudi Arabia and Russia agree to reduce 5 million barrels per day, while the other OPEC countries 5 million barrels


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 Arab and international

The Economy News – Baghdad:

Saudi Arabia and Russia agreed in principle on Thursday to agree to implement the largest organized oil production cuts in decades, after a month-long dispute and falling demand due to the Corona virus crisis that destroyed oil prices .

Prices rose before the announcement, before suddenly losing momentum and giving up most of its gains on a day of volatile trading. US crude rose 3.4% to $ 25.95 a barrel, and Brent crude rose 3.2% to $ 33.91 a barrel, having previously risen by 10% .

Two of the largest oil producers in the world joined a coalition of other countries by phone conference, in an effort to solve the global crude glut. The meeting includes representatives from 13 countries of the Organization of Petroleum Exporting Countries (OPEC), 10 countries led by Russia, and a handful of other oil producing countries .

For Saudi Arabia, production restrictions will include reducing its current production level of 12 million barrels by 3.3 million barrels per day, while Russia has agreed to reduce two million barrels per day from its current production of 10.4 million barrels per day .

Delegates agreed to cut production by 10 million barrels per day in May and June, according to OPEC officials. Officials said they would then continue to restrict 6 million barrels per day until April 2022. These people said late in the meeting, a participant, Mexico, raised a last-minute protest, and threatened to cancel the deal before finally softening .

With coronavirus outbreaks moving around the world leading to travel restrictions and suspension of work, oil consumption is expected to decrease by up to 30 million barrels per day this month .

“The fundamentals of supply and demand are terrifying,” said OPEC Secretary-General Mohamed Barkindo. He said the drop in the second quarter alone “is close to 12 million [bpd] and will widen”, which is “unprecedented in the modern era .”

During the video call, Russian Energy Minister Alexander Novak said that only concerted actions by OPEC, Russia and other countries will achieve results, as demand for oil and storage around the world fell .

The silent market reaction came in this context .

“Perhaps the market is betting on a slightly larger volume than what was announced,” said Björnar Tungengen, head of oil markets at consulting firm Restad Energy. “It also lacks details when it comes to the baseline level and whether the deal depends on cooperation from other countries outside OPEC +.”

Bob McNally, a former White House adviser, said the Saudi restrictions would be the largest ever on a monthly basis. It will be the largest in an extended period since the 1980s, when European and American competitors flooded the market and produced 6.5 million barrels per day .

Russia and Saudi Arabia hope that the United States will join production restrictions. But their current plan expects up to 4 million bpd of cuts coming from outside their alliance. But the Trump administration has so far refused to formally participate in any cuts. President Trump said the cuts would happen because of coronary virus erosion of oil demand .

“I think the cuts are automatic, if you believe in the markets, ” Trump said at a White House news conference on Monday .

Thursday’s deal in principle effectively ends the bruising oil price war between Saudi Arabia and Russia that saw oil prices drop 55% in March .

And early last month, Saudi Arabia cut crude oil prices and said it would raise production to record levels after talks with Russia failed to respond to a coronary virus outbreak. The effort was an attempt to capture market share from Russia. But the ensuing oil defeat, which sent prices to unprecedented levels in 17 years, hindered many US shale producers .

Saudi Arabia and Russia are also awaiting positive signals from a virtual conference of the Group of Twenty nations due to be held on Friday. Major oil producers such as the United States, Canada and Brazil will attend. Organizers in Texas – the largest oil producer in the United States – are due to discuss on April 14th whether to force companies to cut production .

Instead of the usually crowded room at OPEC headquarters in Vienna, the rally was ostensibly to respect social space reserves that became the norm .

In Vienna, Mr. Barkindo watched Russian Energy Minister Alexander Novak speaking on a flat-screen TV. In Tehran, Iranian Oil Minister Bijan Zangana from his office joined a team of masked officials .


Iraq maintains its global ranking in terms of gold reserves


Economy News _ Baghdad

The World Gold Council confirmed, on Thursday, that five Arab countries, including Iraq, maintained their global ranking in terms of having the largest gold reserves.
The council said in a statistic published on its website during the month of April and viewed by “Al-Iqtisad News”, that “Saudi Arabia, Lebanon, Algeria, Libya and Iraq maintained their global ranking with the world’s largest gold reserves and reserves of 996.4 tons.”

The council added, “Iraq still maintains its fifth Arab position, after which it came after Saudi Arabia, Lebanon, Algeria and Libya, as well as maintained 38th place globally out of 100 countries included in the international financial statistics for global gold reserves,” noting that “Iraq reserves It amounted to 96.3 tons of gold. “

The Council pointed out that “the United States of America is still in the first place with the largest reserves of gold in the world, as these reserves amounted to 8.133.5 tons, followed by Germany with 3.366 tons, while Haiti topped the ranking table with only 1.8 tons.”

The Sadrist movement: Al-Kazemi will not form a poor government .. He knows the corrupt well and has many files on them

09/20/2020 22:24

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Section: Iraq

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Baghdad / Obelisk: The leader of the Sadrist movement, the governor of Zamili, said on Thursday, April 9, 2020, that the Prime Minister-designate Mustafa al-Kazimi, has a great knowledge of the intelligence side and possesses a lot of corrupt files, while he said that Al-Kazemi will not form a poor government.

Hakim Al-Zamili said that the Prime Minister-designate Mustafa Al-Kazemi will form a professional government that is free from any suspicions of corruption, and that it will be a government capable of managing the next stage.

Al-Zamili added that Al-Kazemi has a great knowledge, especially in the intelligence and security aspect. He is a senior government employee and he was leading a sensitive apparatus.

The leader of the Sadrist movement continued, that Al-Kazemi is able to fight corruption, especially since he has many information and files on the corrupt entities and personalities, and this ability will be a major and important factor in achieving the aspirations of the Iraqi people.

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Source: Al-Kazemi’s ministerial line-up is ready and will be submitted to Parliament soon

Political | 07:31 – 09/04/2020

Baghdad – Mawazine News

, a political source close to Prime Minister-designate Mustafa Al-Kazimi said today, Thursday, that the government line-up of the taxpayer is ready and will be presented to Parliament soon.

The channel quoted “Russia Today”, the source as saying, “Al-Kazemi worked days ago to prepare his government formation that will be presented to the House of Representatives next week or after it,” noting that “Al-Kazemi will conduct quick consultations with the political blocs before going to parliament.”

President Barham Salih, head of the National Intelligence Service, Mustafa al-Kazimi, was charged with forming the transitional government after the apology of the commissioner, Adnan al-Zarfi.

Mustafa Al-Kazemi had assumed the position of the head of the Iraqi National Intelligence Service in June 2016, after he gained a prominent position as an experienced political mediator between the various Iraqi parties amid successive crises. End / 29 BC

Al-Kazemi announces the outlines of his cabinet and pledges firmly to “inventory the arms”

Time: 4/20/2020 22:46:

{Baghdad: Al Furat News} The Prime Minister-designate, Mustafa Al-Kazemi, announced the general lines of his cabinet, “firmly committed to confining arms to the state.”

He said in a speech this evening:

assigned a national test of Asir and the success of holding fair elections to

hold important free elections rests with everyone

I will give ministerial cabin as soon as possible and will be the maid of the government of the people the

government will be the first defense line for the people against Corona

sovereignty is a red line does not compromise the dignity of Iraq and its people ‘s

sovereignty Iraq will not be argumentative and the decision of his sons , however ,

we will bear arms firm measures

our economy wearied and we will work on a variety of resources , the

success of external relations based on the principle of national sovereignty first

would not allow insulting any Iraqis accused by extension outside the

fight against corruption a national task and will not give up sector The birth of the displaced people

is the only country that defends the country’s sovereignty.

Ammar Al-Masoudi is over

Al-Rafidian directs some departments to activate the Master Card

Rafidain Master Card. “Internet”


The Economy News – Baghdad

On Thursday, Rafidain Bank directed some of the state departments whose salaries were localized with the bank and received the MasterCard cards to activate it and receive the monthly salary on it.

The media office of the bank said in a statement received by “Al-Iqtisad News”, that “some of the state departments received the MasterCard cards from the bank and they did not activate them and they still receive their monthly salaries manually.”

He added, “Some circles must accelerate to address the general management of the bank with the necessity of completing the activation of cards so that the monthly salaries are disbursed electronically to them, like their peers from other departments, especially in light of the conditions the country is currently experiencing as a result of the Corona virus and the need to leave manual dealing and move towards electronic cash.”

The new mandate … a test of the ability of political forces to overcome differences and move to the reform square

09/20/2020 22:20

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Section: Iraq

Baghdad / Obelisk: The assignment of the head of the Intelligence Agency, Mustafa Al-Kazemi, to the position of Prime Minister, Thursday, April 9, 2020, presents a serious challenge to the political class, in particular, after the failure of previous costs, and it is a new test of the ability of the major political forces to agree. At a time when citizens are demanding decisiveness, to move to a new stage of reform and pave the way for early elections.

The political forces lost a long time and great effort to form a government, to escalate criticism of the dominant forces.

Shi’ite, Sunni and Kurdish forces were unanimous in choosing Al-Kazemi to resolve the disputes over the mandate of the head of the parliamentary victory bloc, Adnan al-Zarfi, who was rejected by most political blocs.

And the Alliance of Sunni Forces issued a statement on the commissioning of support for Al-Kazemi, considering that it is acceptable and the consensus of all the blocs.

Attending Al-Kazemi, the Speaker of Parliament, Mohamed Al-Halbousi was present.

And the President of the Kurdistan Region, Nechirvan Barzani, issued a statement expressing his welcome to the national efforts that seek political and security stability in Iraq and work hard for Iraq, calling on everyone to support Al-Kazemi to complete the assignment tasks.

The head of the Al-Fateh Alliance, Hadi Al-Amiri, expressed support for Al-Kazemi, after the constitutional contexts returned to normal and the largest bloc obtained their entitlement.

Activists in Al-Haboubi Square in Nasiriyah demanded that Al-Kazimi not accept the conditions of the political blocs because he would have the support of the people, while adopting the demands of the people and taking into account the investigation of the killing of the demonstrators, the justice of the families of the martyrs, and the holding of early elections.

The Allied Coalition also expressed support conditional on Al-Kazemi’s pledges to form a government that puts the aspirations and demands of Iraqis at the top of its priorities.

The Al-Nasr coalition expressed its hope for the new taxpayer Mustafa Al-Kazemi to succeed and move forward in completing his government curriculum and ministerial formation to vote on it in the Iraqi parliament.


The Central Bank announces the continuation of its activities and banks according to the exception issued by the competent authorities

Editing Date: 9/4/2020 21:37 • 13 times read


The Central Bank of Iraq confirmed, on Thursday, the continuation of its business and banks according to the exception issued by the competent authorities, pointing to the resumption of meeting foreign transfer requests.

The Central Bank media stated in a statement, “The Central Bank decided at the meeting of the Board of Directors to continue the work of the Central Bank and banks according to the exception issued by the competent authorities, in addition to resuming the fulfillment of external transfer requests through the window to meet the requests that citizens and the government routinely need during the period of imposing the ban”.

He added, “The bank decided to postpone the implementation of the penalties and fines incurred by the banks, for a period of three months, starting from 1/4 to 6/30/2020, and it was decided to support the banks’ liquidity by reducing the legal reserve ratio to them by 13% and for a period of six months for the purpose of supporting The process of postponing the payment of the installments of all citizens’ loans [for a period of three months] ”.

He explained that “banks, in the event of a curfew, continue to re-practice their activities in full, taking into account reducing the number of employees working in them and adopting health safety measures in order to ensure the implementation and fulfillment of the necessary actions for citizens and state institutions, and decided to continue to operate all activities of the payment system on a daily basis.”

And he explained that “the commission incurred by merchants, when using electronic payment tools, was postponed for a period of six months, in addition to resuming the investment window for the open banks in the central bank.”

Masoud Barzani announces his support for Al-Kazemi

04/20/2020 07:07:44

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Shafaq News / The Kurdish national leader, President of the Kurdistan Democratic Party, Masoud Barzani, on Thursday held a phone call with Prime Minister-designate Mustafa al-Katzami.

A statement issued by Barzani’s office stated that the latter expressed during the phone call his support for Al-Kazemi in assuming the post of the Iraqi government and wished him success in his mission.

The statement added that Barzani expressed his hope that Al-Kazimi’s assignment would be a reason for the rapprochement between the components in Iraq and a portal to solve the problems and crises in the country.

Saleh: Al-Kazemi has the approval of all the major political forces in Iraq

Barham Salih


mandated Al-Kazemi

the Iraqi government

09/20/2020 06:40:11

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Shafaq News / President of the Republic Barham Ahmed Saleh confirmed on Thursday that the Prime Minister-designate Mustafa Al-Kazemi has the support of the main political forces in the country.

Saleh said in a televised speech today, “The past period was a difficult period in the history of Iraq, we lived, coexisted, and dealt with. We faced the mass popular protests that were calling for reforms and correcting the path in our country, and many and many political matters took place in this country and in the heart of the Middle East there was a transfer of power and resignation The government of Adel Abdul-Mahdi and other people were assigned dear brothers within known constitutional contexts and the parties, regardless of the debates and discussions, committed to these procedures.

And he added, “This is an important achievement and an important appreciation. I am not justifying that we have wasted a long time, and the Iraqi people are waiting for us many and many. I apologize for assigning him to form the government and send us an official message in this regard, and today I want to thank Brother Al-Zarfi for his commitment and appreciation for the national interest and his courageous stances in these circumstances.

Saleh added that “today we are in the process of assigning Mustafa Al-Kazemi to form the new government in Iraq, and Al-Kazemi is a militant, educated figure who is known for his integrity and known for moderation and known for his concern for the general rights of Iraqis.”

He added, “This is a great responsibility that will be assigned to Al-Kazemi. We wish him all the best in this endeavor, but I also want to stand on an important fact. The last period was accompanied by controversies and sharp differences between us and the political parties.”

Saleh continued, “Today, with the efforts of the sincere, the main political forces agreed, and national and social forces agreed to choose Brother Mustafa Al-Kazemi for this position. The fact that it is a witnessed day that we have passed a stage that was difficult for all of us and the political system was subject to constant skepticism and questioning. I do not want to go into details, but the lesson is in what Event”.

And the President of the Republic concluded his speech by saying, “God was in the help of Brother Mustafa Al-Kazemi, a difficult task. Everyone here will no doubt be helping you and you will be a help to this country. It is also working to remedy the consequences of this serious health crisis that afflicts our country, as well as the financial and economic repercussions of this situation.