Author: Steven Sahiounie

Criticism has arisen over a 25-year agreement recently unveiled by the Congolese government, which grants exclusive rights to a little-known UAE company for the export of artisanal gold at preferential rates. The deal, signed in late 2022 and made public on Monday, was allegedly intended to address issues in the Democratic Republic of Congo’s informal mining sector, where smuggling has resulted in the loss of huge sums of tax revenue and contributes to the funding of militant groups in the mineral-rich eastern provinces of the country. Under the contract, Primera Group, an Abu Dhabi-based conglomerate, receives a majority share in…

The national Security Council says it is focused on countering attempts to spark an economic crisis in Russia Russia’s Security Council stated on Saturday it views strengthening economic sovereignty as a top priority, and is seeking to offset Western attempts to trigger a financial crisis in the country. The Council is currently working on “improving the quality of life of Russians, ensuring macroeconomic stability and the balanced territorial development of the country.” “Developing measures aimed at blocking Western attempts to stage-manage an economic crisis in Russia, which carries the threat of social instability in the country, also acts as a…

Saudi Energy Minister Prince Abdulaziz bin Salman met in Vienna with his counterparts from the UAE, Kuwait and Iraq, ahead of the meeting of the Organization of Petroleum Exporting Countries (OPEC). And the “Tass” correspondent stated that the Saudi minister is staying at the Park Hyatt Hotel in the Austrian capital. UAE Energy Minister Suhail Al Mazrouei, Iraqi Oil Minister Hayan Abdul Ghani, Kuwaiti Oil Minister Badr Al Mulla and Algerian Energy Minister Mohamed Arkab arrived there this morning, ahead of the OPEC meeting scheduled for 13:00 Moscow time. The OPEC meeting that takes place every six months has not…

Iranian Deputy Oil Minister, Amir Hossein Zamannia, said that OPEC countries did not discuss at today’s meeting in Vienna the possibility of reducing oil production by “OPEC +” members. He stated that this issue is on the agenda of the organization’s general meeting tomorrow. He added, “We did not discuss this issue. This issue is on the agenda for tomorrow.” Earlier, Angolan Minister of Oil, Gas and Mineral Resources Diamontino Azevedo told reporters that OPEC countries discussed administrative issues at the meeting. It is noteworthy that the meeting of oil ministers in the member states of OPEC, was held today…

The kingdom’s foreign minister has called for further cooperation with the economic bloc The total value of bilateral trade between Saudi Arabia and BRICS member states topped $160 billion in 2022, making the kingdom the largest Middle Eastern trade partner of the bloc, Foreign Minister Prince Faisal bin Farhan bin Abdullah said on Friday. Speaking at a ministerial meeting of Friends of BRICS in the South African city of Cape Town, Prince Faisal also said the kingdom was planning to develop further cooperation with the BRICS group to achieve collective prosperity. “The kingdom remains the BRICS group’s largest commercial partner…

Oil prices continued to rise in trading today, Friday, and this came after US data showed a sudden increase in crude oil inventories. By 09:12 Moscow time, US West Texas Intermediate crude futures rose 0.96% to $70.77 a barrel. While Brent crude futures rose 1.01% to $75.03 a barrel, according to Bloomberg agency data. Yesterday, oil prices closed significantly higher, as Brent contracts rose by 2.3%, while US crude contracts rose by about 3%. Yesterday, Thursday, the US Energy Information Administration said that crude oil inventories rose unexpectedly last week, as distillate stocks increased, while gasoline stocks fell. Prices also…

Dmitry Shatunov, head of the Foreign Economic Cooperation Committee at the Moscow Chamber of Commerce and Industry, revealed talks with Algeria to develop a money transfer mechanism between the two countries and link it to the Bank of Russia system. “There is a search for directions. Everything started from scratch. The matter is being worked on by us and by them. At the moment, Algeria is very interested in cooperation and very ready for negotiation,” Shatunov said, noting that “tangible results will not appear for a year.” The Russian official pointed out that the main material for Russian exports to…

Russian Deputy Prime Minister Victoria Abramchenko stated that Russia increased its agricultural exports in 2022 by 12% compared to 2021. According to the official, these exports increased to $41.5 billion, including supplies to friendly countries amounting to $34 billion, or 82% of total exports. She pointed out that Russian exporters redirected supplies of agricultural products from unfriendly countries to friendly countries, and the official said: “As a result, the volume of agricultural products exported to friendly countries amounted to 82% of the total volume and exceeded $34 billion, which is more than a quarter from a year ago.” the previous”.…

Kremlin spokesman Dmitry Peskov said that Russia continues its contacts with members of “OPEC +”, but it does not reveal its expectations for the results of the meeting. This came, according to a statement made by Peskov to reporters today, Friday, and he said: “No one has ever announced this, and we will not announce either. I can only say that Russia continues contacts with the relevant participants in this process, and this work will continue.” The markets are awaiting the “OPEC +” meeting, to be held on the fourth of June 2023, to decide on the production policy of…

The Arab Monetary Fund expected that the growth rate of Arab economies in 2023 would be about 3.4 percent, and the expected economic growth rate for Arab countries in 2024 would improve to 4 percent. According to a report published on the Arab Monetary Fund’s website, under the title: “Prospects of the Arab Economy”, which includes expectations of the economic performance of the Arab countries during the years 2023 and 2024, it is expected that the growth rate of the Arab economies in 2023 will reach about 3.4 percent. He also expected an improvement in the pace of expected economic…