Political Tensions Increase Oil Prices World Wide

Political Tensions Increase Oil Prices World Wide

Oil has started to play its frightening game in the international economics. The increasing prices of oil have started to threaten many economies by waves of economic recession, as prices of crude oil continued their rise at future dealings amid fears of the shortage of supplies during winter, and the increasing demands as well as the political tensions in the Middle East. Fears are coming mainly from the tensions between Turkey and the Kurds at the North of Iraq, fearing that this tension will cause delay in providing oil supplies.
These fears caused prices of the American light oil to rise reaching $88 per barrel, and prices of Brent Mix have exceeded $84 per barrel for the first time hitting a record of $84.26. The increase of oil prices coincided with the increase of gold prices reaching their highest levels ever since 38 years.
OPEC said that it expected demands on oil to rise this winter, adding that properly the US, which is the biggest oil consumer in the world, will avoid a sharp economic recession. The report comes at a time the investors’ worry about the condition of the American economy is disappearing despite the big price of oil prices lately.

Russia Asserts the Completion of Building Boshar Energy Station in Iran

The Russian President Vladimir Putin said in an interview with Iranian mass media that Russia will complete building Bushehr Energy station in Iran, according to Novosti news agency which quoted him also as saying: "Russia has announced since the beginning that does not only intend to sign the agreement, but also it will implement it, adding that Russia will not give up its commitments".

The UNDP Launches 17 Projects for Combating Poverty in Morocco

Al Maghrib al Arabi news agency said that the UNDP and the Italian embassy in Morocco will work together on launching 17 projects for human development with a total cost of $2.8 m on the 17th of October, the anniversary of the international day for combating poverty.

Libya and Italy Sign an Agreement in Oil and Gas Sectors with a Total Value of $800 m

The Libyan Oil Company and the Italian "Eni" oil company have signed an agreement of $28 m for producing and exploring oil and gas in Libya. The agreement includes providing Italy with energy supplies and developing some of the richest areas in Libya with oil on the long term by the Italian company.

Increasing Percentage of Producing Olive in Palestine by 25%

A scientific study showed that the annual average of producing olive in Palestine during the last seven years has increased by 25% compared to the 80s and 90s of the 20th century. It is worth mentioning that the percentage of the annual production of olive oil has reached about 20.000 tons, whereas the percentage of producing oil in the 90s has reached 14.50 tons and 16.000 tons in the 80s.

Mitsubishi Holds a Joint Project with the Jordanian Fertilizers Company in Jordan

The Jordanian Phosphate Company and the Japanese Mitsubishi Establishment have signed an agreement in Tokyo yesterday for building fertilizers complex with investments estimated at $300 m, according to well inform sources at the Jordanian Ministry of Industry. The total production capacity of the complex will reach 10.000 tons daily of the phosphoric acid, and 3000 tons of neoteric acid from the mine which has a reserve estimated at about 1.3 billion tons of phosphate rocks.

The Establishment of "Syria’s Buildings" Company

A joint-stock corporation by the name "Syria’s Buildings" company has been granted a license for holding trade, service, and tourist projects as well as investing and developing them. The capital of the company is ten million Syrian pounds distributed among 20.000 shares. The establishment of the company comes within the framework of the expansion of al Mashreq Investment Fund.

Kuwait National Guard Gains Profits of $790 m

Kuwait National Bank has gained net profits estimated at $790 m during the first 9 months of 2007 in compared to $681 m gained at the same period of 2006, with an increase of 16%.

Small Indexes

– The indicator of al Emirat Financial Market has risen by 1.81% closing at 4978.23 points. About 1.70 billion shares with a total value of 5.60 billion dirhams through 27804 deals have been dealt with.
– The campaign of "Made In Syria" for supporting the Syrian Industry and products will start tomorrow in all the Syrian governorates. The campaign is organized and financed by Damascus Chamber of Industry and its countryside.
– The number of the working banks in Russia has decreased in September 2007 by 4, and by 39 banks since the beginning of the year. The total number of these banks has reached in the first of October 1104 banks.
– The average of the annual inflation in the Egyptian cities have risen by 9.3% last September following the increase of consumers prices by 2% during the month compared to the previous one.

Companies’ Indexes

– The Saudi Aramco Company will close "Rabigh Oil Refinery" which a total production capacity of 40.000 barrels daily for at least one month with the aim of making maintenance starting from next week.
– Kuwait Oil Company concluded yesterday a contract of 87.3 million dinars with the Australian "WorleyParsons" for providing consultation services in the field of the management of projects.

Exhibitions & Conferences

– The activities of the exhibition of special trade marks "BLMA-Dubai 2007" will be held at the International Dubai Trade Center between 23-25 of October with the participation of exhibitors from 20 countries.
– Christie’s House is preparing to hold an auction for modern and contemporary artistic works at Joumaria Hotel in Dubai on the 31 of this month. The auction, the third of its kind to be held in Dubai, comprises many Arab and Iranian artistic works bought from American and European figures.