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Egypt, Iraq to Establish Firm to Boost Bilateral Ties in Oil Sector

Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla during his meeting with Iraqi Ambassador to Cairo, Ahmed al-Dulaimi (Asharq Al-Awsat)
Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla during his meeting with Iraqi Ambassador to Cairo, Ahmed al-Dulaimi (Asharq Al-Awsat)
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Egypt, Iraq to Establish Firm to Boost Bilateral Ties in Oil Sector

Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla during his meeting with Iraqi Ambassador to Cairo, Ahmed al-Dulaimi (Asharq Al-Awsat)
Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla during his meeting with Iraqi Ambassador to Cairo, Ahmed al-Dulaimi (Asharq Al-Awsat)

Egypt and Iraq discussed strengthening bilateral relations in the oil and gas sector through operating Egyptian oil companies in Iraq and establishing a join company to implement projects.

Egyptian Minister of Petroleum and Mineral Resources Tarek el-Molla said that the agreement to import 12 million barrels of Iraq’s crude oil is still active, noting that the six-month deal is renewed regularly.

The Egyptian petroleum sector is ready to reinforce the presence of its companies in Iraq in the coming period with various oil, gas, and petrochemical activities, announced Molla during his meeting with the Iraqi Ambassador to Cairo, Ahmed al-Dulaimi.

The Egyptian Ministry of Petroleum and Mineral Resources issued a press release, a copy of which was obtained by Asharq Al-Awsat, noting that Cairo discussed sending Egyptian experts in the field of oil refining to train Iraqi personnel.

The two officials also agreed to train the cadres in this vital industry and meet Iraqi needs.

During the meeting, Molla stressed the importance of permanent coordination and continuous consultations between the oil and gas sectors of both countries to enhance cooperation.

The Iraqi ambassador said his country's government is keen to boost bilateral relations and open new horizons for cooperation backed by the full support of the political leadership in both countries.

He stressed the importance of using distinguished Egyptian expertise, especially in the field of energy, noting that Egypt’s success, distinction, and experience will benefit Iraq at this important stage that is witnessing a shift towards investment, development, and reconstruction.

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Federal Reserve Cuts Key Interest Rate by a Quarter-point

US Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, November 7, 2024. REUTERS/Annabelle Gordon
US Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, November 7, 2024. REUTERS/Annabelle Gordon
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Federal Reserve Cuts Key Interest Rate by a Quarter-point

US Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, November 7, 2024. REUTERS/Annabelle Gordon
US Federal Reserve Chair Jerome Powell attends a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, November 7, 2024. REUTERS/Annabelle Gordon

The Federal Reserve cut its key interest rate Thursday by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump’s presidential election victory this week.
The rate cut follows a larger half-point reduction in September, and it reflects the Fed’s renewed focus on supporting the job market as well as fighting inflation, which now barely exceeds the central bank’s 2% target, The Associated Press reported.
Asked at a news conference how Trump's election might affect the Fed's policymaking, Chair Jerome Powell said that "in the near term, the election will have no effects on our (interest rate) decisions.”
But Trump’s election, beyond its economic consequences, has raised the specter of meddling by the White House in the Fed’s policy decisions. Trump has argued that as president, he should have a voice in the central bank’s interest rate decisions. The Fed has long guarded its role as an independent agency able to make difficult decisions about borrowing rates, free from political interference. Yet in his previous term in the White House, Trump publicly attacked Powell after the Fed raised rates to fight inflation, and he may do so again.
Asked whether he would resign if Trump asked him to, Powell, who will have a year left in his second four-year term as Fed chair when Trump takes office, replied simply, “No.”
And Powell said that in his view, Trump could not fire or demote him: It would “not be permitted under the law,” he said.
Thursday’s Fed rate cut reduced its benchmark rate to about 4.6%, down from a four-decade high of 5.3%. The Fed had kept its rate that high for more than a year to fight the worst inflation streak in four decades. Annual inflation has since fallen from a 9.1% peak in mid-2022 to a 3 1/2-year low of 2.4% in September.
When its latest policy meeting ended Thursday, the Fed issued a statement noting that the "unemployment rate has moved up but remains low,” and while inflation has fallen closer to the 2% target level, it “remains somewhat elevated.”
After their rate cut in September — their first such move in more than four years — the policymakers had projected that they would make further quarter-point cuts in November and December and four more next year. But with the economy now mostly solid and Wall Street anticipating faster growth, larger budget deficits and higher inflation under a Trump presidency, further rate cuts may have become less likely. Rate cuts by the Fed typically lead over time to lower borrowing costs for consumers and businesses.
Powell declined to be pinned down Thursday on whether the Fed would proceed with an additional quarter-point rate cut in December or the four rate cuts its policymakers penciled in for 2025.