Page 14 - MEOG Week 05 2023

MEOG NEWS IN BRIEF MEOG

managing financial assets and liabilities, while support the sustainable development of the reaction in crude prices. Brent crude futures
continuing its sound approach in managing energy sector at large.” were little changed near $86 a barrel.
working capital and enhancing the liquidity “We are incredibly proud to participate China’s decision to scrap almost three
position to serve the development projects of in this initiative and support nogaholding, a years of stringent Covid-19 lockdowns has
the promising energy sector in the kingdom,” company that plays a vital role in supporting spurred a travel revival in the world’s biggest
stated Al Oqab. Bahrain’s development efforts,” he added. oil importer. Domestic air journeys jumped by
Al Baraka Islamic Bank, through its NBK-Bahrain General Manager Ali Fardan 80 percent as tourists flooded to popular local
unwavering belief in participation, mutual said: “We are delighted and honoured to take destinations. Nonetheless sentiment remains
trust and strong relations with its partners, part in supporting nogaholding’s financial fragile, with key indicators showing a muted
continues its relentless endeavors to provide plans which aim to contribute to the growth economic recovery after the country had to
quality banking products and financing of Bahrain’s energy sector in line with its contend with a resurgence in virus cases.
solutions that positively impact the economic Vision 2030.” OPEC+ is also trying to gauge the impact
performance of its partners, he noted. “NBK Bahrain continues its commitment of sanctions on member-nation Russia.
It also enables them to achieve their towards supporting major and strategic Forecasters expect a plunge in output as
expansion and development ambitions, in projects across the Kingdom of Bahrain and a European Union ban on imports of the
a way that benefits the final outcome on the increasing its footprint in the Corporate country’s crude expands next month to
growth of the national economy and the Banking Sector within Bahrain through the encompass refined fuels. However, oil
development of promising economic sectors, support from NBK Group,” he added. shipments have so far remained surprisingly
he added. ZAWYA resilient.
Khaleeji Commercial Bank CEO Sattam Last week, Equatorial Guinea’s Oil Minister
Sulaiman Algosaibi said the partnership Gabriel Mbaga Obiang Lima, who this year
embodies the role assumed by the banking OIL serves as OPEC’s president, said the group had
sector towards supporting Bahrain’s economy. to “be very careful on any decision.” OPEC
“This agreement will certainly contribute OPEC+ keeps output steady Secretary-General Haitham Al-Ghais said last
to strengthening the financial position of month he remained “cautiously optimistic”
the company and will reflect on efforts amid uncertainty on the global economy as China’s rebound is
exerted to maximise the contribution of one countered by weakening growth elsewhere.
of the Bahraini economy’s most important An OPEC+ committee recommended keeping BLOOMBERG
components: the energy sector, in addition crude production steady, delegates said, as the
to being a clear indication of national oil market awaits clarity on demand in China Iraq’s oil revenues in
banks’ keenness to work in the spirit of and supplies from Russia.
Team Bahrain with the aim to advance the Saudi Arabia and its partners will continue January exceed $7.6bn
Kingdom’s economy by supporting this vital to hold output at levels set late last year, when
sector,” he stated. they announced a hefty cutback of 2 million The Iraqi Ministry of Oil announced on
Algosaibi said since its inception, KHCB barrels a day to balance markets amid a fragile Wednesday that oil export revenues for
has been committed to actively contribute to economy, delegates said, asking not to be January exceeded $7bn, according to the Oil
all national efforts and endeavours aimed at identified because the committee’s talks were Ministry statement cited by the Iraqi news
promoting economic growth and meeting the private. Agency (INA).
aspirations of the kingdom’s wise leadership Oil prices have had a rocky start to 2023, According to initial statistics issued by
to develop various vital sectors by providing with a rally in mid-January fading away by the State Organization for Marketing of Oil
innovative banking solutions complaint with the end of the month. That has prompted (SOMO), the total exports of crude oil during
Sharia principles through the establishment the Organization of Petroleum Exporting January exceeded 101.24 million barrels with
of strategic partnerships with the public and Countries and its allies to remain cautious revenues exceeding $7.6bn, the statement
private sectors”. even as industry voices from Goldman Sachs mentioned.
BisB CEO Yaser Alsharifi said: “As a Group Inc. to Trafigura Group Pte Ltd. predict The statement indicated that the total
leading sharia-compliant financial institution price gains later this year. quantities of crude oil exported during
in the kingdom, we remain firmly committed The status-quo recommendation from January from oilfields in central and southern
to continue to actively contribute to uplifting the OPEC+ Joint Ministerial Monitoring Iraq were more than 98.46 million barrels,
the local economy of Bahrain encouraging Committee at its online session on Wednesday while the quantities exported from oil fields in
an upward trajectory of growth, as well as was widely anticipated and caused little Kirkuk through the port of Ceyhan were more

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