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Month: November 2019

Russia is looking to Modernize OPEC to Change Oil Production Calculation Method

Russia is looking to Modernize OPEC to Change Oil Production Calculation Method

The Russian OPEC sources have indicated that Russia will call on other oil producers to change Moscow’s production calculation. Point to be noted that most of the major oil-producing countries are expected to meet in Vienna next month. OPEC and other oil-producing countries have been curbing oil production for 3-years to balance the market and boost oil prices. But, Russia measures its output differently. Russia introduces condensate a light and high-quality type of crude oil often extracted during gas production…

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Iraqi Budget 2020 finalized and ready for discussion during Next Week

Iraqi Budget 2020 finalized and ready for discussion during Next Week

The Iraqi government and Kurdistan regional government have reached an agreement. A special delegation is expected to visit Baghdad next week. The delegation will participate in the federal committee to finalize the draft budget law 2020. The Iraqi Finance Minister, Fuad Hussein informed reporters that it would be a part of the talks for the agreement between the Kurdistan regional government and the Iraqi government. Both sides have to do with the region’s share in the draft budget for the…

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Iraqi Educational sector is rapidly growing and strengthening

Iraqi Educational sector is rapidly growing and strengthening

The Iraqi Ministry of Education has taken various steps to affirm the strength of the educational process and to compensate for the school dropout following the current situation in the country. The education ministry issued a statement that the ministry has taken a number of decisions during the meeting with the general directors in the governorates and the meeting of the Opinion Commission. It was decided that entire schools in the country should complete the scheduled school hours, which represent…

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Iraqi Oil Ministry will construct 5 New Refineries in the country

Iraqi Oil Ministry will construct 5 New Refineries in the country

The Iraqi Oil Ministry is working hard on the selection of various international investment companies in order to construct 5 new refineries in the provinces. The ministry stressed that the Iraqi Oil Ministry financed the Karbala refinery. It would save about 9 million liters of gasoline per day in addition to other outgrowths, after its completion. The undersecretary for liquidation affairs of the ministry, Hamed Al-Zobaie issued a press statement that oil ministry has planned to construct 5 new refineries…

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International Energy Agency surprised Oil Producing Countries in the World

International Energy Agency surprised Oil Producing Countries in the World

The IEA (International Energy Agency) issued a report and surprised the world, notably the oil-producing countries. The agency has indicated when the end of oil will start as the main source of fuel and energy in light of the growing use of clean energy. It is noteworthy that oil demand worldwide is expected to slow from 2025 due to fuel efficiency improvement and an increase in the use of electric-powered vehicles. But, the IEA said that it is unlikely to…

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Iraq experienced loss of at least 1.5 Billion U.S dollars due to the Internet Interruption

Iraq experienced loss of at least 1.5 Billion U.S dollars due to the Internet Interruption

A source in the Iraqi Central Bank has indicated the financial loss in the Iraqi electronic and tourism sectors. The financial loss in major sectors exceeded 1.5 billion U.S dollars due to the interruption of the Internet service. The source also informed that the private sector had been hit by the Internet shutdown imposed by the government to handle demonstrations in the country. It was said that Iraqi private banks recorded losses of more than 16 million U.S dollars per…

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Fluctuation in Gold Prices and 20 Billion Iraqi Dinars allocated for Nineveh Province

Fluctuation in Gold Prices and 20 Billion Iraqi Dinars allocated for Nineveh Province

On Wednesday, gold prices rose because investors were tentative in expectation of a trade agreement between China and the United States. The demand for precious metals often considered a safe haven supported by concerns regarding the growth of the global economy. The spot gold increased by 0.1% to 1,485.25 USD per ounce. Gold has shown its major one-day percentage drop on Tuesday, since the end of September at 1.7%. The U.S gold futures increased by 0.2% to 1486.90 USD. It…

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Iraq is offering a significant amount of Land for Agricultural Investment

Iraq is offering a significant amount of Land for Agricultural Investment

The Iraqi Minister of Water Resources Jamal Al-Adli announced the measures of the ministry in cooperation with the Iraqi Ministry of Agriculture. He also indicated the Investment Authority steps of a million acres for investment as a first stage. Al-Adli issued a press conference accompanied by the Minister of Agriculture and Chairman of the Investment Authority. He said that the land offered for investment is distributed between the provinces of Najaf and Al-Muthanna. The Ministry allocated an area of ??700…

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