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First Iraqi Bank Branch Opens in Saudi Arabia

via AAAWSAT AR.
via AAAWSAT AR.
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First Iraqi Bank Branch Opens in Saudi Arabia

via AAAWSAT AR.
via AAAWSAT AR.

Riyadh witnessed on Thursday the opening of "The Trade Bank of Iraq" (TBI), which was launched on the sidelines of the visit of Iraqi Prime Minister Adel Abdul Mahdi who was accompanied by a large delegation to Saudi Arabia.

Dr. Fuad Mohammed Hussein, Deputy Prime Minister and Minister of Finance opened the branch which is the first in the Kingdom. It will begin operating officially in mid-May.

The Deputy Prime Minister was joined by Ahmed Al Khulaifi, governor of SAMA.

For his part, Hussein said: “This is a hugely significant day for the financial sector of Iraq and the country as a whole.

“This is an important step towards reinforcing our relationship with the Saudi government and we look forward to advance bilateral ties between Iraq and Saudi Arabia.”

The Saudi Ministry of Foreign Affairs also issued a press statement following the meeting between King Salman and Mahdi highlighting the strong historical ties between the two sisterly countries and stressing the importance of investing the great potentialities and opportunities to enhance the existing cooperation.

Mahdi also met with Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Deputy Prime Minister and Minister of Defense.

They discussed ways to enhance bilateral relations and the latest developments at regional and international arenas.

The two sides also agreed to continue consultation and coordination to enhance the unity of Arab ranks and the joint Arab action.

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Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT
TT

Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices stabilized on Monday after losses last week as lower-than-expected US inflation data offset investors' concerns about a supply surplus next year.

Brent crude futures were down by 38 cents, or 0.52%, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49%, to $69.12 per barrel.

Oil prices rose in early trading after data on Friday that showed cooling US inflation helped alleviate investors' concerns after the Federal Reserve interest rate cut last week, IG markets analyst Tony Sycamore said, Reuters reported.

"I think the US Senate passing legislation to end the brief shutdown over the weekend has helped," he added.

But gains were reversed by a stronger US dollar, UBS analyst Giovanni Staunovo told Reuters.

"With the US dollar changing from weaker to stronger, oil prices have given up earlier gains," he said.

The dollar was hovering around two-year highs on Monday morning, after hitting that milestone on Friday.

Brent futures fell by around 2.1% last week, while WTI futures lost 2.6%, on concerns about global economic growth and oil demand after the US central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, they said in a December report.

Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

US President-elect Donald Trump on Friday urged the European Union to increase US oil and gas imports or face tariffs on the bloc's exports.

Trump also threatened to reassert US control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.