Pound v US dollar: GBP recovering against USD after interest rate hike hint

Express.co.uk5 hours ago

THE pound against US dollar exhange rate remains a cent and a half below this week's peak at US$1.266 this morning, despite making some sharp gains.

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Iraq’s ambition to boost oil-output capacity to a record 5mn bpd is “not unrealistic” as the country prepares for the end of OPEC-mandated supply limits, according to analysts.

Iraq, which has been rehabilitating its oil industry after years of conflict, has vowed to keep expanding capacity while respecting an Organisation of Petroleum Exporting Countries’ accord that will limit its production until next April.

The country wants to be ready for either the end of that deal, or to press its OPEC partners for some leeway if the group chooses to further prolong output curbs.  OPEC’s second-biggest producer reluctantly agreed in November to participate in production cuts to end a global oil glut, arguing it deserved to be exempt while reviving its economy and battling Islamic State insurgents.

Iraq also hesitated before backing a nine-month extension of the accord finalised on 25 May, and has only made about half its pledged output curbs this year, according to the International Energy Agency.

(Source: GardaWorld)

Maneuvering through narrow streets in the stifling heat, 24 Sarens employees and 5 police officers successfully delivered an oil rig to the North Rumaila Oil Field in southern Iraq. This super-giant oil field is an important resource: it contains an estimated 17 billion barrels of oil, or 12% of the country’s reserves.

Sarens performed the operation on behalf of Rumaila Operating Organization (ROO) and BP Iraq N.V.

The oil rig had a 93t mast measuring 32m x 3.6m x 7m, as well as a 147t bottom structure measuring 22m x 9m x 6m. The following equipment was deployed for its transport and installation:

  • 1 x 250 mobile crane
  • 1 x 120 mobile crane
  • 14 axle line conventional trailer
  • 9 axle line conventional trailer
  • K-25 hydraulic suspended wooden supports
  • Climbing jack system

Oil Rig 2

Transport was smooth and the client was happy with Sarens’ performance, including the use of SPMTs for the operation.

“This is the first rig move in Rumaila Oil Field via SPMT,” says branch manager and technical solutions manager Shwan Askari. “Sarens transported the total substructure about 5 kilometers, saving time and money. The entire operation was carried out safely.”

(Source: Sarens)

Ericsson has been awarded an extension of its Managed Services contract with Zain Iraq until 2021, after successfully providing Managed Services for Networks, IT and value-added services to the operator since 2012.

Under the terms of the new contract, Ericsson strengthens its role as a trusted business partner by supplying a Service Operation Center and Energy Network Operations Center to Zain Iraq.

The expanded scope means the operator will be able to provide a better user experience by managing the quality of service from an end-to-end perspective.

Ali Al Zahid, CEO, Zain Iraq, says:

“Based on our first five years together, we know that Ericsson reflects our own core values in maintaining standards and service delivery. During the next five years, as we continually upgrade and expand our network, we expect even greater success by ensuring that exceptional network and service performance is available for our customers.”

Rafiah Ibrahim, Head of Ericsson Middle East and Africa, says:

“Making these improvements to our existing deal with Zain Iraq will greatly assist the operator to transition from network performance to service performance, and we look forward to facilitating this evolution as a trusted partner and supplier.”

Ericsson’s Managed Services are designed to meet the unique needs of each operator in terms of cost efficiency, service performance and technology evolution, ultimately to improve operators’ abilities to meet consumers’ expectations.

(Source: Ericsson)

Rupee extends fall, opens at 64.53 against US dollar

Economic Times3 hours ago

NEW DELHI: Extending its fall for the third straight session, the rupee opened almost flat with negative bias at 64.53 against dollar on Thursday against the previous close of 64.52 per dollar. Meanwhile, domestic equity markets opened in green …

FxWirePro: Indian rupee strengthens against US dollar, faces strong support at …EconoTimes

Posted in Uncategorized.
Rupee extends fall, opens at 64.53 against US dollar

Economic Times3 hours ago

NEW DELHI: Extending its fall for the third straight session, the rupee opened almost flat with negative bias at 64.53 against dollar on Thursday against the previous close of 64.52 per dollar. Meanwhile, domestic equity markets opened in green …

FxWirePro: Indian rupee strengthens against US dollar, faces strong support at …EconoTimes

Posted in Uncategorized.
US dollar ends higher against rupee

Press Trust of India4 hours ago

Mumbai, Jun 22 (PTI) The US dollar ended higher against the rupee at 64.59/60 per dollar but the pound sterling turned lower at Rs 81.87/89 per pound at the close of the Interbank Foreign Exchange (forex) market here today.

Rupee closes weaker against US dollarLivemint
Rupee gains against US dollar, rises to 64.51Myiris.com