Iraqi News Highlights Saturday Evening 7-8-23
Iraqi News Highlights Saturday Evening 7-8-23
Tlm724 Administrator Bondlady’s Corner
The Presidency Of The House Of Representatives Announces The Start Of The Second Legislative Term Tomorrow, Sunday
political | 01:02 - 08/07/2023 Baghdad - Mawazine News announced the Presidency of the House of Representatives, on Saturday, the start of the second legislative term of Parliament, tomorrow, Sunday.
The Media Department of the House of Representatives stated in a statement, which Mawazine News received a copy of, that "the Presidency of the House of Representatives announces the start of the second legislative term, the second legislative year, on Sunday 7/9/2023."
The statement added, "Parliamentary committees will begin their legislative and oversight work as of the above date," pointing out that "the first session of the second legislative term will be held on Saturday, corresponding to 7/15/2023." https://www.mawazin.net/Details.aspx?jimare=230892
Oil Rose 3%, At Its Highest Level In 9 Weeks
Economy | 07/08/2023 BAGHDAD - Mawazine News Oil prices rose about 3%, hitting their highest levels in 9 weeks, in Friday's session, as concerns about supply shortages and buying demand for technical reasons outweighed concern that raising interest rates would slow economic growth and decline demand for oil.
Brent crude futures rose $1.95, or 2.6%, to settle at $78.47 a barrel. US West Texas Intermediate crude increased by $2.06, or 2.9%, to $73.86 a barrel.
This is the highest closing level for Brent crude since May 1 and the highest for WTI since May 24. Both benchmarks gained about 5% for the week.
"The rally over the past week or so ... has been very strong and supported by momentum, along with the new cuts announced by Saudi Arabia and Russia," said Craig Erlam, senior market analyst at OANDA.
The production of the “OPEC +” alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, is about 5 million barrels per day, which is equivalent to 5% of global demand for crude. OPEC + production cuts will lead to a scarcity in the market, which will lead to a shortage of supplies in the second half of 2023 and boost oil prices.”
Sources close to “OPEC” said that the organization will likely maintain its optimistic forecast of oil demand growth next year.
A government source told Reuters that Russia's latest pledge to cut oil exports would not require a similar cut in production.
Prices also drew support from the decline in the dollar index to its lowest level in two weeks, after data showed less-than-expected job growth in the United States, but it is strong enough to push the Federal Reserve (the US central bank) to resume raising interest rates later this month, as previously indicated.
The dollar's decline makes crude oil less expensive for holders of other currencies, which could boost demand for oil.
According to CME Group's Videowatch service, the probability that the US central bank will raise interest rates by 25 basis points at its July 25-26 meetings is now around 95%, up from 92% just before the jobs data was released. Higher borrowing costs would slow economic growth and reduce demand for oil.
The Stability Of The Dollar Exchange Rate In The Local Markets
Saturday 08, July 2023 Economical Number of readings: 383 Baghdad / NINA / - The exchange rate of the dollar against the dinar witnessed stability in the local markets and money exchanges today, Saturday.
The selling price of the dollar reached 148,500 dinars per hundred dollars, and the purchase price was 146,500 dinars per 100 dollars./ End 9 https://ninanews.com/Website/News/Details?key=1063712
After The Marshes Dried Up.. Zainab Al-Moussawi Calls For Fighting The Riparian Countries With "Economic Weapons"
Saturday 08, July 2023 13:35 | Economical Number of readings: 315 Baghdad / NINA / - The representative of the Al-Sadiqun Bloc, Zainab Jumaa Al-Mousawi, confirmed today, Saturday, that "the complete drought of the Hawizeh Marsh in Maysan Governorate, and the almost complete drought of the Chabayish Marsh in Dhi Qar Governorate, is a serious warning of the water situation in the country, specifically the cities of southern Iraq."
Al-Moussawi said in a statement, "The policies of the riparian countries are the main reason for the drying up of the Iraqi marshes, the death of tons of fish, and the random migration of residents towards the cities, the latest of which is the drying of the Hawizeh Marsh in Maysan Governorate and the Chabayish Marsh in Dhi Qar Governorate."
And MP Al-Moussawi called on the Iraqi government to use the economic paper against the riparian countries in order to recover Iraq's water rights.
And she stressed: "The success of the Iraqi economic weapon will be effective if the government takes serious steps that will achieve the goals envisaged for its use, and make it clear to the riparian countries that cutting off water from Iraq will affect their economic interests inside Iraq, as it will reflect on the relationship with them."/ To https://ninanews.com/Website/News/Details?key=1063755
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