Author: Steven Sahiounie

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…

Kristalina Georgieva, Managing Director of the International Monetary Fund, said that over the past five years, the Fund’s experts have lowered their forecasts for the dynamics of GDP for some Central and Eastern European countries. In a speech she intends to read at a conference in Dubrovnik on the economic situation in this region, Georgieva adds: “As for growth, the aforementioned region is facing deep economic difficulties. We compared our current forecasts with those for this region before the outbreak of the epidemic, with the exception of Belarus, Russia and Ukraine. This is what We found it: real GDP is…

Argentina is one step away from joining the New Development Bank (NDB) of the BRICS group of major emerging economies, Telam news agency reported on Thursday, citing the head of the entity Dilma Rousseff. Rousseff, a former president of Brazil, told Argentinian Economy Minister Sergio Massa that the NBD’s board of directors had formally enabled her to vote on Argentina’s entry to the financial organization, the outlet said. “Sergio, I have good news, I found the shortcut. The board of directors has agreed to add Argentina to the bank. It will be announced at the August meeting in South Africa,”…