Author: Steven Sahiounie

Trade in goods other than crude oil between Iran and BRICS nations increased last year, according to the latest data released by the country’s customs service. Tehran’s trade with Brazil, Russia, India, China and South Africa totalled nearly 48 million tons, with a value of more than $38 billion in the fiscal year 2022-2023, which represents a 14% increase in terms of value. The fiscal year in Iran begins on March 21 and ends on March 20 of the following year, coinciding with the Persian calendar year. China remains Iran’s main trade partner among the BRICS nations, with trade reaching…

Ankara will postpone $600 million in energy bills to Moscow until next year under a new deal, sources told the outlet Türkiye has agreed with Russia to delay a $600 million natural gas payment until next year, Reuters reported on Wednesday, citing sources. Last week, Ankara announced an agreement with Russia’s Gazprom on deferring payment for part of the natural gas it imported after a surge in prices last year, but did not specify the amount. Türkiye may defer up to $4 billion in energy payments to Russia until 2024 under the terms of the agreement, sources told Reuters on…

Iranian Minister of Economy Ehsan Khandozi arrived in Riyadh at the head of an economic delegation, in what is the first visit by an Iranian official to Saudi Arabia since the two countries agreed to resume their diplomatic relations. The Iranian government said, in a statement today, Thursday: “Economy Minister Ehsan Khandozi arrives in the Saudi capital, Riyadh, at the head of an economic delegation, where bilateral meetings with Saudi officials and speeches at the Islamic Development Bank meeting will be among the most important goals of this visit.” “This is the first visit of an official from the Islamic…

Today, Thursday, the Central Bank of Syria set the exchange rate of the Syrian pound against the US dollar for remittances and exchange at 7,800 pounds for one dollar. According to the remittance and exchange bulletin issued today by the Central Bank, the exchange rate of the Syrian pound against the euro was set at 8536.62 Syrian pounds for one euro. This bulletin is issued according to the Central Bank for the purpose of cash disbursement and the purchase of commercial foreign transfers and incoming transfers to natural persons, including incoming transfers through global transfer networks. On the 27th of…

Oil prices rose, in trading today, Thursday, despite data showing a decline in crude inventories in the United States. By 09:30 Moscow time, US West Texas Intermediate crude futures rose 0.56% to $72.97 a barrel. While Brent crude futures rose 0.54% to $76.82 a barrel, according to Bloomberg agency data. The US Energy Information Administration data released yesterday, Wednesday, showed a sudden rise in crude oil and gasoline inventories in the United States during the past week. The administration stated that the stock of crude oil decreased during the past week ending on May 5 by 2.951 million barrels, and…

Data from the US Energy Information Administration, released on Wednesday, showed a sudden rise in stocks of crude oil and gasoline in the United States during the past week. The data appeared as oil market participants bet on an increase in consumption before the start of the summer travel season in the United States, whether by road or flight. The administration stated that crude oil inventories declined during the past week ending on May 5 by 2.951 million barrels, after declining in the previous week by 1.280 million barrels, while analysts had expected a decline of 910 thousand barrels. As…

First Assistant Minister of Supply in Egypt, Ibrahim Ashmawi, revealed the details of the government decision to agree to exempt gold imports from abroad from fees and taxes. Ashmawy said, during televised statements on Wednesday evening: The citizen resorts to investing in gold as a value and adornment, adding that 60 tons of gold were stamped last year in the interest of the stamp. He pointed out that there is a great demand for buying bullion and then gold pounds, adding that the rate of increase in the prices of bullion and pounds amounted to 60 to 70% over last…

Saudi Arabia’s ACWA Power and UAE’s Alcazar have held talks to acquire wind power plants in Jabal al-Zeit and Zaafarana, Egypt. The efforts of the two Gulf companies are among 7 local and foreign companies interested in the deal, which also includes the Egyptian “Infinity”, as revealed by two informed persons. This comes less than 48 hours after the Egyptian Council of Ministers announced the formation of a committee to negotiate with investors who expressed interest in the two wind energy projects in Jabal Al-Zeit and Zaafarana. The Zaafarana wind power plant has a capacity of 545 megawatts, and the…

Well-informed sources said that the Egyptian government plans to sell an additional 10% stake in the state-affiliated Telecom Egypt during the current month. Bloomberg quoted the sources as saying that the company will start receiving purchase orders, especially from international investment institutions, during the current week, and the shares will be listed on the Egyptian Stock Exchange. Bloomberg Agency stated that the Egyptian government set a guide price for the offering at the level of 22.25 pounds, with a discount of 3.8% from the last closing of Telecom Egypt’s stock on the stock exchange, which amounted to 23.14 pounds per…

Economist Alexander Nazarov warned of the repercussions of a US default, noting that it would affect the global economy as a whole. The expert cited the words of US President Joe Biden, who indicated that if the United States falters, the entire world will face problems and the US economy will slide into recession. Nazarov commented on this, saying: “It seems that neither side (Democrats and Republicans) will give up, which promises us a hot summer.” He noted that the cost of insuring against default on US government debt exceeded the cost of Greek government debt. And yesterday, US President…