عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Exports Development Authority Organizes Commercial Mission to Iraq

Saudi Exports Development Authority Organizes Commercial Mission to Iraq
TT
TT

Saudi Exports Development Authority Organizes Commercial Mission to Iraq

Saudi Exports Development Authority Organizes Commercial Mission to Iraq

The Saudi Exports Development Authority has organized a commercial mission under the identity "Made in Saudi" to Iraq, which held a meeting in Basra on Thursday.
The commercial mission to Basra involved over 28 Saudi companies and 130 Iraqi companies from various sectors, mainly construction materials, chemicals and polymers, energy, and packaging.
Talks went over new prospects for cooperation with the Iraqi side to support the access of national products to the promising Iraqi markets and achieve the wise leadership's aspirations to diversify sources of national income and promote Saudi non-oil exports.
The mission included a number of meetings, agreements and memorandums of understanding between the Saudi and Iraqi sides.
According to SPA, Saudi Arabia's non-oil exports to Iraq over the past five years (2018-2022) have reached SAR14.8 billion, where the building materials sector topped the list of exporting sectors during the period with a value of SAR4.42 billion, followed by the food product sector with SAR4.04 billion.

Most Viewed

 
 
Business

Oil Trades in Tight Range Ahead of US Election

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
TT
TT

Oil Trades in Tight Range Ahead of US Election

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo

Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close US presidential election, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December.
Brent crude futures ticked down 3 cents, or 0.04%, to $75.05 a barrel by 0600 GMT, while US West Texas Intermediate crude was at $71.43 a barrel, down 4 cents, or 0.06%.
"We are now in the calm before the storm," IG market analyst Tony Sycamore said.
Oil prices were supported by Sunday's announcement from the Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, to push back a production hike by a month from December as weak demand and rising non-OPEC supply depress markets, Reuters said.
Still, risk-taking remains limited with a busy week - including the US election, the Federal Reserve's policy meeting, and China's National People's Congress (NPC) meeting - keeping many traders on the sidelines, said Yeap Jun Rong, market strategist at IG.
For now, polls suggest the US presidential race will be closely contested, and any delay in election results or even disputes could pose near-term risks for broader markets or drag on them for longer, added Yeap.
"Eyes are also on China's NPC meeting for any clarity on fiscal stimulus to uplift the country's demand outlook, but we are unlikely to see any strong commitment before the US presidential results, and that will continue to keep oil prices in a near-term waiting game," Yeap said.
Meanwhile, OPEC oil output rebounded in October as Libya resumed output, a Reuters survey found, although a further Iraqi effort to meet its cuts pledged to the wider OPEC+ alliance limited the gain.
More oil could come from OPEC producer Iran as Tehran has approved a plan to increase output by 250,000 barrels per day, the oil ministry's news website Shana reported on Monday.
In the US, a late season tropical storm predicted to intensify into a category 2 hurricane in the Gulf of Mexico this week could reduce oil production by about 4 million barrels, researchers said.
"Technically, crude oil needs to rebound above resistance at $71.50/72.50 to negate the downside risks," IG's Sycamore said, referring to WTI prices.
"All of which suggests there won't be a scramble to chase it higher in the short term."
Ahead of US weekly oil data on Wednesday, a preliminary Reuters poll showed on Monday that US crude stockpiles likely rose last week, while distillate and gasoline inventories fell.