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Tag: Saudi Arabia

OPEC Alliance considering Stronger Cuts in Oil Production

OPEC Alliance considering Stronger Cuts in Oil Production

As the global economy shakes, the OPEC oil alliance is considering stronger cuts to production next year to prevent an expected price slump in the market. Some reports have indicated that authorities from some of the biggest Petro-nations in the world are seeking to cut an extra 400,000 barrels of oil per day from the global market. They are also considering stronger cuts of up to 800,000 barrels. It is noteworthy that the tighter oil production policy already has the…

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Iraqi Crude Oil Production has shown Historical Jump

Iraqi Crude Oil Production has shown Historical Jump

On Tuesday, the Iraqi Oil Minister Thamer Ghadhban announced the country’s approach to historical production in crude oil. He said Iraq is too close to reaching oil production capacity at 5 million barrels/ day. The country is also moving to add 2 million barrels/ day during the next couple of years. Ghadhban added that Iraq is still burning half of the associated gas production. He said the new projects to convert gas to liquid will contribute to resolving the problem….

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A continuous Decline in Oil Prices after an OPEC Agreement

A continuous Decline in Oil Prices after an OPEC Agreement

On Wednesday, the oil price stabilized after a sudden decline in the previous session. It was supported by an extension of the agreement between OPEC and its allies to cut production, in spite of a fear that demand will be dropped due to a global economic slowdown. The oil prices got support from data pointing a bigger than expected downfall in the U.S crude inventories. Brent crude for September delivery increased 12 cents to $62.52/ barrel or 0.2%. The U.S…

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Iraq and Saudi Arabia signed 13 MOUs and Agreements

Iraq and Saudi Arabia signed 13 MOUs and Agreements

The Iraqi Prime Minister Adel Abdul Mahdi and King Salman bin Abdul Aziz arranged a meeting at the Royal Palace in Riyadh. The meeting took place for the Joint High Coordination Committee Agreements and the MOU (memorandums of understanding). Abdul Mahdi said, “Saudi Arabia is a neighbor, a brotherly and developed country, and Iraq’s openness to Saudi Arabia serves the interests of both countries and peoples. Iraq is a country rich in human and natural wealth, but it has been…

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A Branch of Iraqi Commercial Bank approved by Saudi Arabia

A Branch of Iraqi Commercial Bank approved by Saudi Arabia

The Iraq-Saudi relations have shown a new move of financial collaboration after granting the Iraqi Commercial Bank to open a branch in the Saudi Kingdom. A Saudi official informed that Saudi Arabia is empowering the Iraqi financial structure and participating in the stability of prices in the current geopolitical situation. The general secretary of the Committee for Information and Banking Awareness, Talaat Hafez informed press that after Australia, Canada, and Singapore, the issuance of license for Commercial Bank of Iraq…

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Saudi Arabia Signed an MOU to Open Cinema Theaters in the Kingdom

Saudi Arabia Signed an MOU to Open Cinema Theaters in the Kingdom

A non-binding MOU (Memorandum of Understanding) has been signed between the Saudi Public Investment Fund and the AMC Entertainment Holdings (the largest cinema provider and operator in the world). The MOU has signed to discover the distribution and distribution of cinematic content, including investment opportunities and partnership in the Saudi Kingdom. The deal took place just days after the decision of the General Authority for Audiovisual Media regarding the issuance of licenses for those willing in opening cinemas in the…

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Regular Flights from Iraq to Saudi Arabia will Start from 18th October

Regular Flights from Iraq to Saudi Arabia will Start from 18th October

An agreement has been signed between Iraq and Saudi Arabia to start flight operations. The flights will be started from 18th October in the commencement of civil aviation between both countries. The flights operation between Iraq and Saudi Arabia stopped since the attack on Kuwait by the former Iraqi regime of Saddam Hussein in 1990. The Iraqi Transport Ministry issued a statement that the Iraqi Minister of Transport Kazem Al-Hamami met with Saudi Ambassador to Iraq Abdul Aziz Al-Shammari and…

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Iraq has Crossed Saudi Arabia & got First Place among Crude Oil Exporting Countries

Iraq has Crossed Saudi Arabia & got First Place among Crude Oil Exporting Countries

Iraq is getting an advantage over Saudi Arabia and becoming the largest oil exporter in the world. It would build up a race between oil producing countries to maintain market value. A data indicated that Iraq has become the largest crude oil supplier to India in the month of May 2017 and delivered up to one million barrels crude oil per day. Data further indicated that India purchased Iraqi crude oil supplies accounted for 23% in the month of May…

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