Oil prices rose at settlement, yesterday evening, Friday, amid the ongoing tensions in the Middle East, but the rise in the dollar and inflation data issued in the United States limited the gains.

Brent crude futures rose 49 cents, 0.55 percent, at settlement to $89.50 per barrel, and US West Texas Intermediate crude futures rose 28 cents, 0.34 percent, to $83.85 per barrel.

Concerns about supplies contributed to supporting prices amid continuing tensions in the Middle East.

Inflation in the United States rose 2.7 percent on an annual basis until March, after rising 2.5 percent until February.

The increase last month was broadly in line with economists’ expectations.

The Federal Reserve (the US central bank) aims to reduce inflation to two percent, and the Council is expected to keep interest rates unchanged at the monetary policy meeting, scheduled to be held next week.

Source: National Iraqi News Agency

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Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, confirmed: ‘The end of oil does not loom on the horizon, because the pace of growth in energy demand means that alternatives cannot replace it at the required rate, and that the focus must be on reducing emissions, not oil consumption.

In an article published by the Middle East Economic Survey (MES) website, Al-Ghais said: ‘There is a worrying trend of using terms such as the end of oil, which would promote policies that fuel chaos in the energy sector.’

He added, wondering: ‘What if investments in supplies decrease as a result, and the demand for oil continues to increase, as we are witnessing today,’ stressing: ‘The truth is that the end of oil does not loom on the horizon.’

OPEC believes that oil use will continue to rise in the coming decades, unlike bodies such as the International Energy Agency, which expects it to peak by 2030.

Al-Ghais said: ‘The oil sector is investing in technologies such as carb
on extraction, use and storage, clean hydrogen and others, which demonstrates the possibility of reducing emissions while producing the oil that the world needs.’

He explained: ‘The world has invested more than 9.5 trillion dollars in energy conversion over the past two decades, yet wind and solar energy still provide only a little less than 4% of global energy, and the total percentage of electric cars spreading globally ranged between 2% to 3%.

He concluded by saying: ‘The many alternatives cannot replace oil at the necessary level, or their cost is unsustainable in many areas.’

Source: National Iraqi News Agency

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In a statement, Bahrain’s Foreign Ministry affirmed the Kingdom’s unwavering solidarity with Iraq in its war against terror, and its backing to all measures taken by Iraq to maintain its security, stability and territorial integrity.

The ministry expressed its heartfelt condolences to Yemen’s government and people as well as the families of the victims, wishing a rapid recovery to those wounded, it said.

Source: Kuwait News Agency

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National News Agency correspondent reported that enemy artillery shelling has been targeting the outskirts of the towns of Yarin, al-Jebain, and al-Dhaira for some time this afternoon.

Source: National News Agency – Lebanon

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In a speech at the 50th Arab Labor Conference, held in Iraq on Saturday, the League’s Secretary General Ahmad Abul Gheit said that according to Palestinian Ministry of Labor, over 550,000 jobs were lost in the first five months of the war on Gaza, said Aboul Gheit, noting that the Palestinian economy cannot face such crisis.

The genocide in Gaza did not only kill over 35,000 Palestinians, but also deprived hundreds of thousands of disapled people from having job opportunities, while it will also affect the education of millions of children, he said.

The Israeli occupation have falsely accused some of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) employees of being involved in the October 7 events, and had launched a campaign to limit the agency’s work in Gaza, said Abul Gheit. He called on countries who had stopped funding the agency d
ue to these allegations to reconsider their decision.

The conference is attended by ministers, government officials and members of labor unions from 21 Arab states including Kuwait.

Source: Kuwait News Agency

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In a statement to KUNA on the occasion of His Highness the Amir’s visit to the kingdom due to begin on Sunday, the ambassador affirmed that His Highness the Amir’s participation in the forum would affirm Kuwait’s role and its keenness on supporting all initiatives designed to enhance international cooperation to attain economic prosperity for the whole world.

Sheikh Sabah Nasser affirmed significance of the forum which would draw more than 1,000 participants including heads of state and economic experts from various corners of the world to study challenges facing the global economy and find solutions to the economic issues.

He stressed the necessity of coordinating global efforts to a
ttain economic stability in the Middle East, currently witnessing conflicts.

He lauded the Kingdom’s great role and noticeable efforts for hosting international meetings, along with the approach to attain peace prosperity and security for the region and the world.

Source: Kuwait News Agency

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Kuwait on Saturday won 16 more miscellaneous medals in karate, swimming, table tennis, archery and electronic games in the First Gulf Youth Games, which kicked off in the UAE on April 16.

Kuwait’s national karate team won 10 medals, including three gold, one silver and six bronze, while swimmers obtained three medals; one gold and two bronze.

The country’s table tennis squad clinched one silver medal, and its archery team won one bronze medal. In electronic games, Kuwait secured one bronze medal.

Hosted by the UAE, the first Gulf Youth Games kicked off on 16th April and will conclude on 2nd May 2024, with the participation of 3,500 male and female athletes competing in 24 disciplines, under the theme, “Our Gulf is One… Our youth are promising”.

Source: Kuwait News Agency

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Prime Minister Muhammad Al-Sudani confirmed: ‘The world is witnessing crises that reflect negatively on the Arab and international peoples.’

Al-Sudani said at the Arab Labor Conference: ‘Fifty-nine years ago, Baghdad was a witness and a home for writing the birth certificate of the Arab Labor Organization, and I am pleased to anticipate everyone to extend sincere congratulations to the workers of the world on their glorious holiday, on the first of May, wishing them and their union and labor organizations more success, progress and prosperity.’

He added: ‘From this standpoint, the Arab Labor Conference held in Baghdad bears additional responsibilities other than those that previous conferences were accustomed to discussing and addressing the problems of their traditional labor and production sectors.

Prime Minister Muhammad Al-Sudani expressed his praise for the conference’s action plan, starting with the report of the Director-General of the Organization, which was distinguished by objectivity and accurac
y, stressing the great role played by the Director-General of the Arab Labor Organization, Fayez Al-Mutairi.

The Prime Minister said in a speech at the opening of the Arab Labor Conference: ‘I personally accompanied the activities of the Arab Labor Organization over a period of four continuous years, during which I participated in its conferences and most of its seminars and discussed its affairs in the meetings of the organization’s Board of Directors. My country’s government provided great support for the success of its activities, programs and projects through the Ministry of Labor and social affairs, when I was its Minister.’

The Prime Minister continued: ‘I have derived from my previous experience when I was Minister of the Ministry of Labor and Social Affairs, and my direct supervision of the process of updating the National Employment Policy (2010-2020), the necessity of working to improve the performance of labor market institutions and elements and building a qualitative relationship between educat
ional outcomes and labor market needs, attracting women to work as a productive force that cannot be disrupted, reducing child labor, adopting new production methods, addressing the effects of the work patterns used, and raising the level of workers and institutions in creativity, innovation, and cooperation with modern technology.’

He pointed out: ‘In this regard, the current government has launched many strategies and initiatives that would improve the reality of work and workers, foremost of which is the ‘National Strategy to Reduce and Prevent Inequalities in the World of Work, for the Years (2024-2028).’

Source: National Iraqi News Agency

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National News Agency correspondent reported that enemy warplanes launched two raids targeting the town of Houla this evening.

Source: National News Agency – Lebanon

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Basra crude oil suffered slight losses for the third week in a row, despite global oil prices recording gains of 2%.

Basra Heavy crude closed in its last session yesterday, Friday, at an increase of 68 cents, reaching $86.13, but it recorded weekly losses amounting to 38 cents, equivalent to 0.44%.

While Basra Intermediate crude closed, in its last session, with a decrease of 68 cents, reaching $89.33, thus also recording weekly losses amounting to 44 cents, or the equivalent of 0.49%.

This comes at a time when global oil prices rose at the end of trading yesterday, Friday, to continue reaping gains for the second session in a row, and also achieved weekly gains for the first time in three weeks.

Source: National Iraqi News Agency

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