The Warmth of Oil Market Declines

The Warmth of Oil Markets has started to decline gradually as a result of the sharp increase it witnessed during the last two weeks because of the speculations between the investors on oil prices, and following the statements made by OPEC which promised to increase oil production during the coming months, and especially after the statements made by the Saudi and Kuwaiti ministers of oil that the organization was considering the possibility of increasing the production if it was necessary to stop the surge of prices, taking into consideration that many observers did not render the increase of oil prices to a shortage of oil produced by the producing countries, rather to other international economic changes , but the non-intervention of OPEC during the crisis, even on the mass media level, made it subject to criticism by the international observers like the criticism made by Victor Shum, the analyst in the Group of “Purvin & Gertz” in Singapore when he said that “OPEC was completely silent during the crisis of the surge of prices, taking into consideration that any statement made by it would ease the markets”. One of the first results of reasoning these markets would be the decline of oil prices in the E-exchanges in Asia this week , as they began to decline in the rest of world’s markets too, taking into consideration that everybody are waiting for the results of OPEC’ meeting which will be held in the few coming days.

Syria and Iraq Negotiate Closing the File of Debts Between Them

The Syrian Parliament has ratified the draft law which includes ratifying the contract concluded between the Syrian government and the Canadian Loan Energy Ink Company as a contractor with the Syrian Oil Company with the aim of exploring and producing oil in bloc No. 9.

The Palestinian Government Seeks to Decrease the Deficit in the Budget by 10% Annually

The Palestinian Minister of Planning Dr. Samir Abdullah said that providing the required support for implementing the plan of reform and development for the coming three years represents a challenge specially amid a deficit in the Palestinian Authority’s budget that reaches $1.4 bn.
He further expressed his hope that the government will be able to decrease the deficit by 10% annually.

The Beginning of Building Three Industrial Zones in the West Bank before the End of This Year

The Palestinian Minister of National Economy Kamal Hasouna said that the government has been granted lately the approval of more than one donor body for financing three industrial zones on the borderlines and inside the Gaza Strip, pointing out that the German government will finance the total costs of the infrastructure of these zone by 10 million Euros.

$70 million, The Total Profits of the Holding Egyptian-Kuwaiti Company

The Holding Egyptian-Kuwaiti Company said that it achieved net profits estimated at $70.19 m during the first nine months of 207 with an increase of 92% compared to the same period of last year.

The Conclusion of the Fourth International Exhibition for Energy in the Iranian Island of Keish

The Fourth International Exhibition for Energy is due to conclude its activities today at the permanent residents of the international exhibitions in the Iranian Keish Island. The exhibition was opened last Tuesday with the participation of 250 Iranian companies and other 53 from different countries.

Small Indexes

- The Syrian Minister of Oil said that Syria has doubled the prices of Phosphate as a result of the increase of Phosphate prices world-wide. He expected to export 700.000 tons of phosphate during the remaining period of this year.
- Minister of Tourism of Sri Lanka called on Tuesday for establishing Iranian tourist offices in his country and make direct flights between the two countries.
- Newly issued statistics by the Italian National Statistics Institute showed that the GDP has increased during the third quarter of 2007 by a net growth rate estimated at 0.4% compared to the second quarter of the year which recorded a small growth rate estimated at 0.1%.

Companies’ Indexes

- The international financial consultations company Eva announced that it achieved profits in the period which ended on 30-9-2007 estimated at 65.4 million Kuwaiti dinars with a profitability of 118 fils per share.
- The Russian Gas Prom Company which dominates the market of exporting the Russian Gas said that its revenues have increased by 4% during the third quarter of this year due to the increase of gas prices locally.
- The net profits of the Japanese Holding Company “Inbex” have reached during the first half of this year 81 billion and 45 million Yen with an increase of 25.3% compared top the same period of last year.

Bids & Contracts

- The Italian and Algerian governments have signed an agreement for laying an oil pipeline with 900 km long to transform the Algerian natural gas to Italy as of 2012.
- The total value of deals and intentions statements of contracts for buying planes at Dubai International Aviation Exhibition have reached $85 bn, whereas the total value of the contracts in 2005 reached $21 bn.

Exhibitions & Conferences

- Under the Patronage of Sheikha Fatima Bin Mubarak al Nahayan, the Supreme Chairman of the Establishment of Family Development and the Honorary Chairman of the Council of Businesswomen in Abu Dhabi the 15th session of Abu Dhabi International Exhibition for Jewelries and Watches (Adejex) will be held in the capital Abu Dhabi between 21-25 of this month.

Indicators is a daily economic watch newsletter about the Near East, issued by New Orient News agency in Beirut, Lebanon. It is available on Voltairenet.org in Arabic and English. Also worth a read is Tendencies, the daily Near East political watch newsletter, available in Arabic, English and French languages.