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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    International oil prices are rising... 6 factors diagnose the cause, and this is its impact on Iraq

    Rocky
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    International oil prices are rising... 6 factors diagnose the cause, and this is its impact on Iraq Empty International oil prices are rising... 6 factors diagnose the cause, and this is its impact on Iraq

    Post by Rocky Sat 08 Jul 2023, 3:57 am

    [size=35][size=35]International oil prices are rising... 6 factors diagnose the cause, and this is its impact on Iraq[/size]
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    Economy

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    07-08-2023 | 04:19
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    Alsumaria News - Economics

    Oil prices in global markets, and their fluctuations between high and low, continue to raise controversy in the economic corridors, especially the recent rise in oil, yesterday, Friday.


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    An expert in the economic field, [url=https://www.alsumaria.tv/Entity/449536321/%D9%86%D8%A8%D9%8A%D9%84 %D8%A7%D9%84%D9%85%D8%B1%D8%B3%D9%88%D9%85%D9%8A/ar/]Nabil Al-Marsoumi[/url], explained the reasons for the rise in oil prices, and its reaching above $78 per barrel. Al-

    Marsoumi says, in a post on Facebook, followed by [url=https://www.alsumaria.tv/Entity/133473/%D8%A7%D9%84%D8%B3%D9%88%D9%85%D8%B1%D9%8A%D8%A9 %D9%86%D9%8A%D9%88%D8%B2/ar/]Alsumaria News[/url], that “Brent crude oil futures contracts closed yesterday, with trading higher than 78 dollars per barrel, and the significant rise in oil prices is linked to a number of factors, the most important of which are:



    First: Extending the additional cut in oil production by one million barrels per day, for another month, during next August, with the possibility of extending it, then followed by the decision of Russia and Algeria to voluntarily reduce oil exports and production by 500,000 and 20,000 barrels per day, respectively, during the same month, to support market stability. This raises the total reductions of [You must be registered and logged in to see this link.] and its allies to about five million barrels per day since the beginning of this year, which is equivalent to 5% of the global demand for oil.

    Second:     the decline in US oil inventories, and gasoline stocks are tight enough to stimulate price increases in the event of interruption of refinery activity, as happens during the hurricane season; Lower inventories and higher refining operations suggest a strong peak-demand season performance in the world's largest consumer.

    Third:    Crude demand forecasts are starting to improve with the advent of the summer travel peak, amid the summer driving season that is boosting oil demand in the [url=https://www.alsumaria.tv/Entity/45068/%D8%A7%D9%84%D9%88%D9%84%D8%A7%D9%8A%D8%A7%D8%AA %D8%A7%D9%84%D9%85%D8%AA%D8%AD%D8%AF%D8%A9 %D8%A7%D9%84%D8%A3%D9%85%D8%B1%D9%8A%D9%83%D9%8A%D8%A9/ar/]United States[/url].

    Fourth:     The unemployment rate declined, as the US economy added 200,000 jobs, in addition to the rise in the level of wages in the [url=https://www.alsumaria.tv/Entity/45068/%D8%A7%D9%84%D9%88%D9%84%D8%A7%D9%8A%D8%A7%D8%AA %D8%A7%D9%84%D9%85%D8%AA%D8%AD%D8%AF%D8%A9 %D8%A7%D9%84%D8%A3%D9%85%D8%B1%D9%8A%D9%83%D9%8A%D8%A9/ar/]United States[/url].

    Fifth: Oil prices were boosted this week by hopes for demand growth from [You must be registered and logged in to see this link.], and oil refinery production in [You must be registered and logged in to see this link.] rose in May to its second-highest total level ever. It is expected that the Chinese demand for oil will continue to rise during the second half of the year.

    Sixth : The decline in the exchange rate of the dollar against a basket of foreign currencies.

    The economist pointed out, "Some analysts expect that crude oil prices will likely continue the upward march, as the prospects for demand for crude oil are promising and may lead to a continuation of the pace of gains during the current week and the following weeks, but oil prices broke the $80 barrier for Brent crude and its stability." For a long time, it may seem unlikely, because the biggest influencer in global oil prices, which is [You must be registered and logged in to see this link.], will then use its huge oil reserves, which amount to one billion barrels, to curb oil prices and return them to the seventies, which apparently serves the interest of producers and consumers together.

    Al-Marsoumi added, "In all cases, high oil prices above $75 will reflect positively on the Iraqi economy, because it will maximize its oil revenues and enable it to overcome the negative financial impact resulting from the suspension of exports from the Kurdistan and [You must be registered and logged in to see this link.] fields, which amount to 470,000 barrels per day."
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