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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

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    How will developments in Lebanon affect the Iraqi economy and the oil market?

    Rocky
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    How will developments in Lebanon affect the Iraqi economy and the oil market? Empty How will developments in Lebanon affect the Iraqi economy and the oil market?

    Post by Rocky Sun 29 Sep 2024, 5:13 am

    How will developments in Lebanon affect the Iraqi economy and the oil market?
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    Baghdad Today - Baghdad
    Professor of International Economics, Nawar Al-Saadi, revealed today, Sunday (September 29, 2024), how developments in Lebanon will affect the Iraqi economy and the oil market during the next stage.
    “As for the impact of the recent events in Lebanon on the Iraqi economy and the oil market, we can say that the repercussions will vary based on several factors, the first of which is that the Iraqi economy depends heavily on oil exports, and any major escalation in the region may lead to a rise in oil prices in the short term due to fears of supply disruptions or increased geopolitical risks in the Middle East. This rise may be positive for Iraq in terms of oil revenues, but it may impose new challenges related to revenue management and the stability of financial markets,” Al-Saadi said in an interview with Baghdad Today.
    He pointed out that, "On the other hand, supply chains may be affected if the situation worsens further, especially if shipping lines or air transport in the region are disrupted under these circumstances, and Iraq may face challenges in importing basic materials or equipment necessary for industrial projects, which may put pressure on development plans."
    Al-Saadi added, "Regarding the influence of the Iraqi armed factions, any direct or indirect intervention in the conflict may expose Iraq to American pressure, including imposing restrictions on dealing in dollars. The United States has previously used the dollar ban card to pressure governments, especially those that contribute to regional instability, which may deepen the financial crises in Iraq and increase the cost of foreign trade transactions."
    In conjunction with developments in Lebanon, oil prices recorded weekly losses as investors focused on expectations of increased production from Libya and the OPEC+ alliance. Brent crude recorded weekly losses of 3.3%, while West Texas Intermediate crude recorded weekly losses of 3.9 % .
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