Saturday, December 2, 2023
Iraq to cut oil production by 223,000 bpd in March, 3 DEC
Iraq to cut oil production by 223,000 bpd in March
ERBIL (Kurdistan 24) – The Organization of Petroleum Exporting Countries (OPEC) has officially confirmed that the total voluntary cut in crude oil production by the end of March 2024 will be 2.2 million barrels per day.
Saudi Arabia's one million barrels per day (bdp) and Russia's 500,000 bpd represent most of the reductions. Iraq will reduce production by 223,000 barrels per day, followed by the UAE with 163,000 bpd, Kuwait with 135,000 bpd, with Kazakhstan, Algeria, and Oman cutting the remainder.
In addition to the previously announced cuts in April 2023, the voluntary reductions are based on 2024 production needs, with the ultimate goal being an increase in oil prices.
The agreement was reached after the group had to postpone its meeting for four days due to disagreements over each member's portion of the agreement. The unwillingness of African nations to lower their oil production was a barrier to the agreement.
Saudi Arabia announced in June that it would cut oil production by one million barrels per day to prop up prices, despite fears of a recession.
Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, at the time told reporters the cuts would last until July, but "can be extended."
Founded in 1960 in Baghdad, it was only until the Arab-Israeli wars of the early 1970s that OPEC earned its notoriety in the West, as its member states were successful in gouging the price of the non-renewable resource. With a price of nearly $2 bpd (not adjusted for inflation) of the carbon matter in Apr. 1972, it soared to $35 just eight years later in 1980, accounting for an approximate 1,750% increase.
https://www.kurdistan24.net/en/story/33316-Iraq-to-cut-oil-production-by-223,000-bpd-in-March
Iraqi PM holds crucial discussions with US Secretary of State, 3 DEC
Iraqi PM holds crucial discussions with US Secretary of State
Baghdad (IraqiNews.com) – Iraqi Prime Minister Mohammed Al-Sudani recently conducted an important phone chat with US Secretary of State Antony J. Blinken in a significant diplomatic interaction. The conversations focused on important concerns impacting the region, with Blinken asking the Iraqi government to follow through on its pledges to protect locations housing US personnel in the nation.
During the call, Secretary Blinken underscored the necessity of Iraq’s commitment to defending every single facility that house US personnel, emphasizing the need of the Iraqi government vigorously pursuing those guilty for assaults on American soldiers within its boundaries.
Additionally, Al-Sudani emphasized that the US bombardment incident in Jurf al-Nasr was a breach of Iraqi sovereignty and restated Iraq’s unwavering rejection of any aggression on its land.
In addition to security issues, Prime Minister Al-Sudani and Secretary Blinken discussed the Israel-Hamas conflict. Both leaders emphasized the significance of regional stability in preventing the crisis from extending further.
https://www.iraqinews.com/iraq/iraqi-pm-holds-crucial-discussions-with-us-secretary-of-state/
U.S. Secretary of State Blinken Reaffirms Commitment to Iraq in Diplomatic Conversation, 2 DEC
U.S. Secretary of State Blinken Reaffirms Commitment to Iraq in Diplomatic Conversation
In the midst of ongoing international challenges, U.S. Secretary of State Antony Blinken engaged in a diplomatic discussion with Iraqi Prime Minister Mohammed Shia’ al-Sudani on Friday, according to an official State Department statement. The call was a testament to the United States’ commitment to strengthening diplomatic ties and ensuring the stability and prosperity of the Middle East region.
Reinforcing Bilateral Relations
The conversation, marking a significant episode in international diplomacy, centered on fortifying the bilateral relationship between the United States and Iraq. Both leaders underscored their dedication to Iraq’s sovereignty, security, and prosperity, recognizing the necessity of a strong partnership in facing shared challenges.
Regional Stability and the Fight Against ISIS
During the conversation, Blinken and Al-Sudani also touched upon the pivotal aspects of regional stability and the ongoing fight against ISIS. Recognizing the gravity of the situation, Blinken emphasized the importance of continued cooperation under the U.S.-Iraq Strategic Framework Agreement. The agreement, a crucial facet of their partnership, aims to bolster their collective response against the extremist threat.
Continued Commitment and Shared Interests
The diplomatic dialogue was not limited to current challenges. Both leaders expressed their intent to further enhance the partnership between their countries and to work together on shared interests. Their conversation was an embodiment of ongoing diplomatic efforts to maintain a strong alliance in the Middle East. The leaders’ mutual commitment to forge ahead with shared objectives further underscores the importance of their alliance.
The call between Blinken and Al-Sudani symbolizes the United States’ unwavering commitment to Iraq’s sovereignty and a testament to the importance of ongoing diplomatic efforts to ensure stability in the Middle East.
"RV UPDATE" BY KAPERONI, 2 DEC
Kaperoni
Floating a national currency is intended ...to determine its price in a free market according to the forces of supply and demand. That is what we are looking for...
There is no overnight RV and The main reason why that could never happen is because the money supply in Iraq is too significant. There's close to 90 trillion dinar in circulation which makes it impossible for there to be such an event
A significant increase in the value of the dinar at or equal to its face value with 90 trillion dinar in circulation would, in essence, be six times the value of the entire countries wealth..
.This is why I have stated numerous times that if and when the dinar ever was to go up in value, it would have to go up gradually over time so that the dinar money supply could be reduced. But that only could occur if Iraq's economy began to significantly prosper.
https://dinarevaluation.blogspot.com/2023/11/rv-update-by-kaperoni-29-nov.html
Necessitating Protection of Americans in Iraq: A Geopolitical Narrative, 2 DEC
Necessitating Protection of Americans in Iraq: A Geopolitical Narrative
US Secretary of State, Antony Blinken, has urged the Prime Minister of Iraq to ensure the protection of American citizens residing in Iraq. This plea underscores the ongoing apprehensions for the safety of US nationals amidst the intricate geopolitical scenario in the region.
Unraveling the Geopolitical Tapestry
The cease-fire between Israel and Hamas has crumbled, given the adversaries’ inability to find a mutual platform for further prisoner exchanges. The situation has escalated with Hamas proposing deals for the liberation of more Palestinians from Israeli detention in exchange for hostages, including Israeli soldiers, held in Gaza.
Mr. Blinken’s return to the Middle East this week was marked by an emphasis on agreements to extend the Gaza cease-fire, expedite the release of hostages held by Hamas, and reduce Palestinian civilian casualties in case of resumed conflicts with Israel. His objectives, however, remain largely unmet with the cease-fire collapsing.
(Read Also: Israel Proposes Buffer Zone in Gaza Amid Ongoing Conflict )
The Power of Images
The narrative also delves into the profound impact of images on human consciousness and thought. Images are portrayed as mirrors that echo human emotions and concerns, serving as a reservoir for communal memory.
(Read Also: Iran Slams U.S. Terrorism Report: A Chapter in Ongoing Geopolitical Tensions)
Al-Ayyam Publishing Foundation: A Media Milestone
Separately, the establishment of the Al-Ayyam Publishing Foundation is highlighted. Launched in 1989 by a group of young Bahraini media professionals, it was a landmark initiative in the Arab world with a vision of being owned and managed by its employees.
The narrative culminates in shedding light on the essence of the original content that encompasses diplomatic engagement for citizen protection, the psychological sway of imagery, and a cursory history of a prominent media establishment in the Arab region.
https://bnn.network/world/us/necessitating-protection-of-americans-in-iraq-a-geopolitical-narrative/
Iraq Reveals 90 Industrial Partnership Opportunities: A Step Towards Economic Diversification, 2 DEC
Iraq Reveals 90 Industrial Partnership Opportunities: A Step Towards Economic Diversification
In a significant move to bolster the Iraqi industrial sector, Khaled Battal, the Iraqi Minister of Industry and Minerals, has announced 90 opportunities for collaboration between Ministry companies and the private sector. The announcement was made during the first-ever Industrial Partnerships Forum held in Basra.
Strengthening Public-Private Partnerships
The Minister emphasized the government’s unwavering support for these partnerships. He highlighted the protection and assistance accorded to these collaborations, underlining the government’s commitment to fostering private-public relationships. This initiative forms a part of the broader efforts to strengthen and diversify the Iraqi industrial sector.
Industrial Growth and Economic Development
The announcement underscores the commitment to engage more deeply with the private sector to drive industrial growth and economic development in Iraq. These collaborative opportunities present a significant step towards achieving this goal.
Joining EBRD and Master Meter Partnership
In a parallel move, Iraq has become a shareholder of the European Bank for Reconstruction and Development (EBRD). This membership underscores a wider focus on sustainable finance and economic transformation. Additionally, Master Meter has partnered with Correct Equipment for distribution in the Pacific Northwest. This partnership aims to offer a complete line of water meters and AMR/AMI products, enhancing the availability of water measurement solutions in the region.
These developments send a clear message about Iraq’s intent to diversify its economy away from fossil fuels and towards a more sustainable future. The government’s commitment to fostering partnerships and collaborations is a promising sign for the future of Iraq’s industrial and economic growth.
"RV UPDATE" BY MARKZ, 2 DEC
MarkZ
[via PDK] The group chatter has been amazing as they are waiting for release of funds… sitting at the edge of their seats. Redemption contacts who are “on call” have not been called in…yet. But we are stinking, painfully close…
Yes it's Dec 1st …and yes we were hoping we would have gone by now...but the Redemption center folks will be on call this weekend. They are very hopeful for the next few days... We can feel this is so close which makes it much tougher to wait.
Very little out of Iraq overnight. But everything coming out of Iraq this week has been overwhelmingly positive.
I know this is tough…I know we have been sitting at the edge of our seats for entirely too long…But, it’s hard to nail down a world-wide historic, once in a millennium event…But we know its coming.
Al-Sudani From Basra: The Government Has Placed Reform Of The Economy Among Its Five Priorities, 2 DEC
Al-Sudani From Basra: The Government Has Placed Reform Of The Economy Among Its Five Priorities
Politics |Baghdad today – Basra Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Saturday (December 2, 2023), that the government has placed among its five priorities reforming the country’s economy.
Al-Sudani said in his speech during the Industrial Partnerships Forum in Basra Governorate, followed by “Baghdad Today”: “We welcome investment companies to the Industrial Partnerships Forum,” indicating that “the government has placed among its five priorities reforming the economy.”
He added, "The economy cannot be reformed except by supporting industry, agriculture, tourism, and trade," pointing out that "the natural resources we have enable us to establish an advanced Iraqi industry that meets our local needs and from which we can export."
Al-Sudani pointed out that "we cannot remain spectators while Iraq remains a consumer market."
In a separate matter, the Prime Minister explained that “the state cannot employ all the huge numbers of graduates,” stressing that “it is time for the Iraqi economy to be linked to the global economic cycle.”
Earlier today, Prime Minister Muhammad Shiaa Al-Sudani arrived in Basra Governorate. LINK
The Central Bank Delivers A Devastating Blow To “Sailors”, 2 DEC
The Central Bank Delivers A Devastating Blow To “Sailors”
ATM Drains The Central Bank of Iraq decided to deal a severe blow to people who use bank cards outside Iraq, in order to smuggle dollars.
The Iraqis called “sailors” to these people who reside in Dubai and use ATMs and points of sale.
An informed source told Al-Iqtisad News that the Central Bank obligated electronic payment companies to set the limits on cards for withdrawal and purchase outside Iraq, in order to limit people’s use of bank cards to smuggle dollars outside official controls.
The source, who preferred to remain anonymous, confirmed that these people were smuggling hundreds of bank cards from Iraq towards Dubai, and a group of people called “sailors” used them to withdraw from ATMs, in addition to agreements with shop owners to withdraw from POS machines under the pretext of purchasing goods in the country. Dubai.
The source indicated that this measure will lead to a rise in the exchange rate of the dollar in the parallel market, and the features of this rise will appear during the next two days, adding that the measure will contribute to forcing all people to deal with banks and make financial transfers at an exchange rate of 1,320 dinars.
The Central Bank set the ceiling as follows:
1. Ceilings for cards in US dollars outside Iraq
- Monthly limit: $3780
Its equivalent in Iraqi dinars is 5,000,000 dinars
2. Daily cash withdrawal limits from automated teller machines (ATM) outside Iraq
- Daily limit: 110 US dollars, or the equivalent of 150,000 Iraqi dinars
3. Monthly cash withdrawal limits from automated teller machines (ATM) outside Iraq
- Monthly limit: 1,130 US dollars, or the equivalent of 1,500,000 Iraqi dinars.
4. Limits on the daily use of cards in electronic stores, online shopping, POS, and electronic payment outside Iraq
- Daily limit: 370 US dollars, or the equivalent of 500,000 Iraqi dinars
5. Limits on the monthly use of cards in electronic stores and online shopping (POS and electronic payment) outside Iraq
- Monthly limit: 3780 US dollars or the equivalent of 5,000,000 Iraqi dinars - https://economy-news.net/content.php?id=38040
"RV UPDATE" BY FRANK26, 2 DEC
Frank26
Question: Article VIII, WTO do these matter?
Yes without a doubt. WTO you notice they have not been ascended into it. Doesn't matter. Whenever they do it they'll do it but what's really important is in order to join the WTO you have to be Article VIII...All they have to do is raise the value of their currency, that's it.
Question: 'Do you think the rate might come out more than 1 to 1 or higher?'
It is possible they might be looking at $1.18...1 to 1 is a good start no doubt but it's been 20 years and I think $1.18 is fair enough to start the float at against the dollar. The goal is to go past the dollar.
Why are all these countries, why are all these companies saying such great and wonderful things about Iraq and Sudani when they never did before?
Why is it that parliament is saying beautiful things about reforms and the success of it that Sudani has had? There is a change in your [Iraqi citizens] monetary policy. Your monetary sovereignty is coming to you before '24.
Al-Sudani: We have natural resources that enable us to export products outside Iraq, 2 DEC
Al-Sudani: We have natural resources that enable us to export products outside Iraq
On Saturday, Prime Minister Muhammad Shiaa Al-Sudani stated that Iraq’s natural resources qualify it to meet local product demands and export surplus goods.
During the launch of the Industrial Partnerships Forum in Basra, Al-Sudani delivered a speech emphasizing that the current government has made economic reform one of its top five priorities. He acknowledged that in Iraq, where the economy solely relied on oil, it is vital to diversify by investing in the industrial sectors, agriculture, tourism, and trade. This approach will help transform the mono-economic state’s philosophy and bring much-needed economic reform.
He said, “Iraq has the natural resources to establish a sustainable advanced industry that meets local needs and exports outside the country.”
Al-Sudani emphasized the need to diversify the economy, support existing industries, and invest in available resources. He also noted that Iraq cannot continue to be solely a consumer market for imported goods, and practical and procedural developments must be made in light of this goal and priority.
During a recent statement, he emphasized that the state cannot fulfill the job demands of graduates and job seekers, as it is not feasible for the state to employ such a large number of people. This is particularly true given the fact that we are discussing human capital in this country, with the majority being young people.
The Prime Minister emphasized that one job opportunity in the industrial sector leads to the creation of 4-6 indirect job opportunities in other sectors. He stressed that the government’s top priority is to invest in human capital and equip it with the necessary skills, training, and capabilities.
It is time for our economy to be linked to the global economic cycle and establish a strong industrial base that supports stability, said the speaker.
Industrial entrepreneurship should be supported to meet local needs while also integrating with regional and international industries.
Al-Sudani noted that the private sector currently owns 81% of the total number of existing industrial units, as per the 2020 estimates. In contrast, government companies account for 11%, while mixed companies only make up 1%. Although the government general industrial companies still lead the contribution to total industrial production, this data highlights the significant role played by the private sector in the industrial sector.
He stated that the private sector should contribute to industrial production in the food, pharmaceutical, construction, and mining industries.
Our government companies were greatly affected by harmful commercial partnerships.
In his statement, Al-Sudani discussed successful partnerships that have helped to increase production lines and train workers. He emphasized the importance of empowering the private industrial sector by promoting ownership of industrial units and supporting production.
The National Payments Council reviews countries’ experiences in electronic payment systems, 2 DIC
The National Payments Council reviews countries’ experiences in electronic payment systems
On Saturday, Ali Mohsen Al-Alaq, the Governor of the Central Bank, chaired the inaugural meeting of the Iraqi National Payments Council. The Council reviewed the experiences of other countries in this field.
A statement from the Central Bank revealed that Ali Mohsen Al-Alaq, the Governor of the Central Bank of Iraq, chaired the first meeting of the Iraqi National Payments Council. The meeting was attended by officials from the Central Bank, representatives of relevant ministries, government and private banking sectors, and payment service providers. During the meeting, the objectives of the Council and its main tasks were discussed, which include implementing national strategies to develop the infrastructure of the financial and banking sector, advancing the components of the electronic payment environment, and strengthening the pillars of financial inclusion in Iraq.
During the council meeting, it was discussed how other countries have implemented payment systems and the necessary mechanisms to implement the Iraqi Council of Ministers’ decisions No. 23044 and 23620 for the year 2023. Proposals were also made to expand the scope of Iraqi electronic payment systems and connect them with various ministries and agencies, with the aim of encouraging the public to use them and benefit from the advantages they provide.
Weekend Coffee with MarkZ. 12/02/2023
Iraqi PM asserts sovereignty and security commitments in call with U.S. Secretary of State, 2 DEC
Iraqi PM asserts sovereignty and security commitments in call with U.S. Secretary of State
Shafaq News/ Iraqi Prime Minister Muhammad Shia al-Sudani conveyed Iraq's staunch rejection of any attacks on its territory.
In a phone call on Saturday with the U.S. Secretary of State Anthony Blinken, Al-Sudani emphasized that the recent attack on the "Jurf al-Nasr area" constituted a "violation of Iraqi sovereignty." Concurrently, the Prime Minister reiterated Iraq's unwavering commitment to protecting international coalition advisors currently stationed in the country.
On November 22, American drones launched strikes targeting the headquarters of the Popular Mobilization Forces, specifically the Hezbollah Brigades, situated in the Al-Saeedat area within Jurf Al-Sakhar, resulting in casualties,
A statement by Al-Sudani's media office detailed the key points discussed during the call. Prime Minister al-Sudani emphasized Iraq's commitment to safeguarding its borders and sovereignty against aggression.
Moreover, the leaders discussed the developments unfolding in the occupied Palestinian territories. Prime Minister al-Sudani outlined Iraq's proactive efforts to mitigate the repercussions of repeated attacks on the Gaza Strip. The focus was on stabilizing the truce, ceasing aggression, and ensuring that the conflict did not escalate to pose a tangible threat to regional security and stability.
"IRAQ UPDATE" BY ARIEL BRAVO, (ENGLISH & SPANISH), 2 DEC
By Hernán Robert Hbravo
Thursday November 30, 2023
Ariel: Dice
Iraq Update:
Iraq officially announced that it will end the dollar crisis before the end of 2023. What does this mean?
1. Increase the official exchange rate of the dinar against the US dollar to reduce pressure on foreign exchange reserves?
2. Policy changes to encourage the use of the dinar instead of the dollar in domestic trade and transactions to alleviate pressure on dollar demand?
3. Removal of shifting restrictions and caps that have created imbalances and a black market?
4. Reopen currency auctions that provide access to dollar reserves to stabilize exchange rates?
5. New measures to control inflation and monetary speculation amid economic uncertainty?
6. Efforts to back more domestic bank balances and liabilities with reserves as collateral? It could be all of the above. Because? Because they also announced that they will resolve the HCL next week. Which implies that they have a new exchange rate ready for international markets. Can we see a refund before JANUARY 1, 2024.
Of course, since the implementation of the LHC requires them to disburse equitable payments between the regions and they must know what is the new value stipulated by constitutional law for citizens in general. Which is also part of the agreement between the United States and Iraq according to which the United States must withdraw all its troops earlier.
That's probably why Iraq announced the closure of American embassies. We are on the brink of a once-in-a-lifetime opportunity that will never happen again. So if you have IQD, consider yourself lucky.
Ariel
TRANSLATION IN SPANISH:
De Hernán Robert Hbravo
PM Al-Sudani: Iraq explores economic partnerships and industrial zones with neighboring countries, 2 DEC
PM Al-Sudani: Iraq explores economic partnerships and industrial zones with neighboring countries
Shafaq News/ Iraqi Prime Minister Muhammad Shiaa Al-Sudani announced on Saturday that the government is actively considering establishing economic projects, industrial cities, and free zones through partnerships with neighboring countries.
Al-Sudani highlighted ongoing studies for collaborative initiatives with Iran, Saudi Arabia, Jordan, and Kuwait in his address at the Industrial Partnerships Forum in Basra.
Describing the Development Road Project as groundbreaking, Al-Sudani emphasized that it marks Iraq's first venture into settling industrial cities, commencing from Al-Faw port and extending to the connection point with Turkey.
Addressing the need for economic reform, Prime Minister Al-Sudani stated that "Iraq possesses natural resources capable of meeting local market demands and exporting surplus products." Emphasizing the shift from a mono-economic reliance on oil, he outlined the government's commitment to diversifying the economy by supporting industry, agriculture, tourism, and trade.
Al-Sudani underscored the importance of practical developments, asserting that "Iraq must transform from a consumer market for imports to a self-sustaining, advanced industrial economy." He emphasized the role of industrial sectors in generating job opportunities for the country's youth, acknowledging the challenges posed by unemployment.
For its part, the Iraqi Minister of Industry and Minerals, Khaled Battal Al-Najm, unveiled 90 participation opportunities between government companies and the private sector, totaling approximately $10 million in investment value. These opportunities span diverse sectors, offering a range of possibilities for interested companies.
CBI sells +$275 million in forex on Wednesday, 9 MAY
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