The Ministry of Commerce, Sunday, participated for the first time since 2004 in the WTO Ministerial Conference to be held in the capital Abu Dhabi.
Minister Atheer Al-Ghurairi said in a speech during his participation in the preparatory meeting of Arab trade and economy ministers within the Arab Group for the 13th WTO Ministerial Conference followed by “Economy News”, that “Iraq participates for the first time since 2004 in the WTO Ministerial Conference held in the capital Abu Dhabi,” pointing to “the completion of the requirements of Iraq’s accession to the organization represented in the completion of the two files of trade in goods and trade in services within the timing schedule for accession to the global multilateral trade system.”
The minister pointed out that “the desire and seriousness of the Government of Iraq to establish balanced economic relations with all countries of the world and at various levels and fields by improving the business and investment environment and making real reforms in laws and legislation.”
He thanked “the Kingdom of Saudi Arabia to support the process of Iraq’s accession to the international organization through the visit of its permanent ambassador to the organization, Saqr, next, and his chairmanship of the working team on the accession of Iraq.”
On intra-trade and increasing trade exchange between Arab countries, Minister Al-Ghurairi noted “Iraq’s keenness on the importance of the presence of Arab countries in Iraq to restore its active role in economic organizations.”
The minister extended congratulations to the “Comoros and East Timor on their WTO membership.”
There's no doubt this [Development Road Project] is going to turn Iraq into a transit center. There's going to be a lot of traffic going through there. [But] Article quote: "Iraq has postponed the launch of its $7 billion development road project to early 2025..." Hello, remember, don't count your chickens before they hatch. We are talking about Iraq. This happens quite often.
Community Comment: "Thanks for the let down once more that Iraq will never RV." I never said it would never RV. Never. In fact I'm the one that said it's going to go up in increments.
Question: "There have been some references...regarding some Iraqi banks in the US, have you heard about any of thee banks on US soil?" Here you go: You have the Iraq National Bankthat's in New York.Rasheed Bankthat's in New York. North Bankthat's Dearborn Michigan,The Bank of Baghdad is in New York City,TBI Bankwhich is in Washington DC. These are the Iraqi banks that are currently in the US...
Community Comment: "IMO I think a $1.28 would be a sweet spot for the RV and then go up from there." $1.28 would be pretty nice if we can get it but IMO if they want to make sure not to really crash their economy they're going to have to go up in smaller increments...I know you guys don't like to hear that and it makes me the bad guy. You might see it go somewhere from...1310 for every dollar...to around 1,100 dinars for every dollar or maybe even 1,000 dinars for every dollar, then from there down to like 700s...small increments.
Community Comment: "Once the 3 zeros are deleted, establishing IQD's REER, then the rate will go up in increments." That's not what you want. You do not want them to delete the zeros before the rate goes up. If they delete the three zeros off your currency then your 25,000 dinar becomes a 25 dinar and then they raise the rate? That's not going to help you. We'll see what happens.
If you're going to exchange your Iraqi dinar, let's just say for the sake of this particular example...3 to 1, congratulations you now got millions of dollars. So you go and you swap your currency and they're saying, 'Hey, you got $3 million in your account.' Yah! You can't say to them I want $3 million dollars because the bank doesn't carry money like that no more. They might say...we are going to allow you to carry out $5,000 for today cash but we're going to have to set an appointment with you to come pick up the rest of the cash...If they have to order currency for you, they're going to charge you a fee because they have to pay a fee...
Faction leaders set a "deadline" for Americans: either withdraw or resume fighting
Today, Sunday (February 25, 2024), a number of leaders of armed factions in Iraq set a deadline for the United States to withdraw its forces from Iraq completely, while choosing between withdrawing or resuming attacks against US forces.
The US National Radio Network (NPR) quoted statements from the leaders translated by "Baghdad Today", where the spokesman for the Sayyid al-Shuhada Brigades, Kazem al-Fartousi, said that "the factions willresume attacks against US forces again if they do not withdraw by thenext US elections in November next year."
Unlike the battles fought by Iraq against Iran and Kuwait, which were imposed on it by Saddam Hussein's regime, this battle against US forces was chosen by the Iraqi people, not only to remove the forces' occupation, but also in support of the brothers in occupied Palestine," al-Fartousi said.
In turn, Kataib Hezbollah spokesman Mohammed Mohi, according to the network, said that "the US administration will pay a heavy price for the assassinations carried out against leaders in the Popular Mobilization Forces during the past month, most notably Baqir al-Saadi," stressing that "Kataib Hezbollah will confront the US forces and expel them not only from Iraq but from the entire region."
The network indicated that "the assassination of Baqir al-Saadi and the air strikes carried out by US forces last month against targets inside Iraq prompted the continuous efforts to remove US forces to escalate," wondering about "the reasons that call for the administration of US President Joe Biden to keep US forces in Iraq despite the lack of need."
The network pointed out in its report and interviews with faction leaders, that "Iraq has witnessed great security stability during the past period, the presence of US forces has become directly threatened by the tension between the factions and those forces," calling for "reconsidering their presence during the coming period to preserve the security gains achieved inside Iraq."
Article: "Trade: Forming a committee to price foodstuffs, limit their rise, and exploit crises"
THIS IS WHAT WE TOLD YOU TO LOOK FOR NEXT...Alaq has formed with his cabinet a committee in order to do the repricing because it will be required with a new exchange rate. What is the conclusion of all this? I'm excited. I told you, you should be too.
Question: "Is it good to hold some of our currency and hope the exchange rate will increase years from now?"
That's your decision. I can't answer that for you. But it's a logical thing if it's in the float. Let's say you got 2 million, exchange 1 million and check out the float. Maybe you can get it for 2 to 1, 3 to 1, 4 to 1. Yeah, that's proper stewardship. But based on the amount of time they give you is how you determine whether you hold them or fold them.
Question: "I appreciate you saying Chase and JP Morgan but is there a problem with Bank of America or Merrill Lynch?" Who said there was?
You want to go to BOA and see if they can hook you up with Merrill Lynch? Go for it...I told you there would be many banks. If you don't like this one go to another bank. There will be many places you can go and exchange to.
Amidst the sprawling landscapes and ancient cities, Iraq finds itself at a crossroads, economically speaking. The Iraqi Ministry of Finance recently disclosed figures that paint a vivid picture of a nation still heavily shackled to its vast oil reserves. Over the last 12 months, the federal budget's coffers swelled to over 135 trillion dinars, of which a staggering 93% was sourced from oil revenues. This slight dip from the previous year's 96% might seem promising at first glance, but it underscores a deeper, more persistent reliance on crude oil, aligning with Iraq's commitment to OPEC's production cuts aimed at stabilizing global oil prices.
The Crux of the Matter: Oil's Overbearing Influence
Despite the global push towards renewable energy and economic diversification, Iraq's economy remains steadfast in its dependence on oil. This reliance is not without its risks, as fluctuations in global oil prices can drastically affect the nation's budget and, by extension, its ability to fund public services and development projects. Economic experts and high-ranking officials, including the Iraqi President and the Prime Minister's Adviser on Energy Affairs, have voiced their concerns, emphasizing the urgent need for Iraq to diversify its economy. Their statements, echoed at conferences and symposiums, highlight the vulnerability of Iraq's economy to external shocks and the critical importance of finding sustainable income sources beyond oil.
A Glimmer of Hope: Efforts Towards Economic Diversification
Despite the challenges, Iraq is not standing still. The country is making concerted efforts to pivot away from its oil-dependent economy. The approval of a record-breaking budget, totaling 198.9 trillion Iraqi dinars for the years 2023 to 2025, is a testament to Iraq's commitment to sustainable growth and improved living standards. This budget, as reported by The Frontier Post, earmarks substantial funds for critical infrastructure projects, public sector expansion, and job creation. Moreover, Iraq's anti-corruption measures, aimed at enhancing transparency and accountability, seek to attract foreign investments. Initiatives like the Development Road project are designed to reduce reliance on oil revenue, enhance global trade connectivity, and diversify the economy through international partnerships. These steps, while in their infancy, signal Iraq's dedication to a more stable and diversified economic future.
The Road Ahead: Challenges and Opportunities
While the path to economic diversification is fraught with challenges, the potential rewards are significant. Diversifying income sources can provide Iraq with a more stable economic foundation, less susceptible to the whims of the global oil market. Moreover, it can spur job creation in new sectors, reduce poverty, and improve the overall quality of life for its citizens. However, the transition requires strategic planning, substantial investment, and, most importantly, time. The international community's role in supporting Iraq through this transition cannot be overstated, offering expertise, investment, and market access to help steer Iraq towards a more prosperous and sustainable future.
The journey of economic diversification is a marathon, not a sprint. As Iraq takes its first steps towards reducing its reliance on oil, the road ahead is long and uncertain. But with strategic vision, international support, and a commitment to sustainable development, Iraq can transform its economy, ensuring a brighter future for its people.
Article quote: "...the prime minister's...advisors do not have any information regarding the amount of the read and expected deficit in the 2024 budget. This mater is completely closed until the moment exclusively with the Ministry of Finance."
Parts of the government do not know yet what is coming.
Why?
Because they don't have a need to know...
Article quote: "...no one know what they include... numbers and details. "
No one knows until the last moment.
Why?
Because they need to keep it tight to the chest.
Iraq's natural resources to stimulate growth is off the charts. They're right there underneath just a few countries... United States, Saudi Arabia...When it comes to valuation they're going to have to value the currency at some point in time to a Real Effective Exchange Rate (REER)...
Iraqi PM: Iraq adopts balanced approach, steers clear of alliances and axes
Shafaq News/ On Sunday, Iraqi Prime Minister Mohammed Shia Al-Sudani affirmed that Iraq follows a "balanced approach and avoids alliances and axes" in its foreign relations.
Speaking during a symposium held by the Baghdad Institute for Dialogue, under the slogan (Regional Communication... The Centrality of Iraq), Al-Sudani said that the government has set a primary goal of "building trust with the Iraqi street, which is the criterion for determining priorities in work."
On the security file, the Prime Minister affirmed that "ISIS today represents a defeated organization, as recent operations by our armed forces have proven its inability to even exist in remote areas. The achievement of stability and the development of our forces' capabilities bolster the conviction in the possibility of ending the presence of the Global Coalition and moving towards bilateral relations."
Notably, Iraq declared victory over ISIS in 2017. Still the Global Coalition forces led by the United States are in Iraq at the request of the Iraqi government only for training and advisory issues.
But, after the last US attacks on the Popular Mobilization Forces, killing members of Harakat Al-Nujabaa and others, Iraqi officials stressed the necessity to end this presence under the Iraqi Parliament non-binding resolution submitted in January 2020.
Regarding Iraq's foreign relations, Al-Sudani clarified that Iraq adopts a" balanced approach, steering clear of alliances and axes, and is open to advanced ties with everyone." He highlighted Iraq's "ability to communicate with others and its distinguished relations with the United States and Iran."
Notably, Iraq relies on Iran in many economic fields, including Power supply, and on the US in providing oil revenues; therefore, the country is trying to be a bridge to enhance the relations for its own benefit.
During the Symposium, Al-Sudani reiterated Baghdad's rejection of being used as a "battleground for others' conflicts," emphasizing the importance of intertwining regional interests and shifting focus from politics to economy.
Concerning the economic progress in the country, Al-Sudani stated that "major strategic projects, such as the Development Road project, will attract partnership and economic integration, enhancing Iraq's idea of proposing an economic bloc, as previously suggested at the Arab Summit to fuel development and reinforce integration among Arab countries."
The Development Road Project is a $17 billion infrastructure initiative in Iraq. Its core objective is to establish a seamless motorway and rail network connecting the southern port city of Basra to the Turkish border. This ambitious project will also integrate with existing road and rail networks, ultimately establishing a crucial link between Asia and Europe.
One of my three redemption center contacts have not been called into work…but they said there is always a possibility. They are being told to prepare for a possibly very busy week this week. They have warned them of that 2 or 3 times in the past…but they did give them a heads up that there is a potential of this week for them to be working some major overtime. The banks are stuck in the position of having to be prepared to go at any moment for when that trigger is pulled. So they are prepared for a potentially very busy work week.
Plenty of RV rumors running around today about Reno and Europe that we could get an announcement today. But, I think it could be a bit premature...But there are a ton of bankers and group leaders that swear I will be proven wrong and they will get notices today. ..
.I can tell you the chatter is off the hook...We have certainly heard this before but have never been in this same spot where this many things are completed… which does make hearing this something we need to pay attention too. Just stay grounded and calm today as we wait to find out.
The Iraqi Foreign Ministry revealed the date of closing the work of the United Nations investigation team to promote accountability for crimes committed by ISIS (UNITAD) in Iraq.
A statement from the Foreign Office said a copy of it that “the temporary Chargé d’affaires of the Permanent Representative of the Republic of Iraq to the United Nations in New York, Abbas Kazem Obaid, met with Miguel de Serpa Soares, United Nations Under-Secretary-General for Legal Affairs, and during the meeting, Iraq’s relations with the United Nations and its organs and programs, the legal mechanisms followed up in the United Nations, the contents of international resolutions, aspects of their implementation and follow-up.” The statement added, “The arrangements related to the {UNITAD} working team and the mechanism for implementing Security Council resolution No. 2679 of 2023 and meeting the requirements of Iraq regarding the implementation of the team’s mandate, including the making arrangements for the completion of the stages and procedures of liquidation and closure of the team’s work in September of this year 2024,” the statement added.
[via WiserNow] This is a non taxable event. These exchanges that we're doing...they're not taxable to you...It was designed to be tax free. [Dinar Guru Note: Some gurus feel the dinar is non-taxable, others feel capital gains and still other feel it will be taxed as ordinary income. The only opinion that matters in the end is the IRS's. At the appropriate time consult your tax advisors to determine the correct tax for your unique circumstances.]
Prime minister of Iraq met with our President Trump for a couple of hours in an undisclosed location on Sunday afternoon and they were discussing the fact when Prime Minister, Sudani of Iraq was going to fly back to Iraq that afternoon...he was going to announce to the entire country of Iraq they were indeed a sovereign nation and had a sovereign currency - once that occurred...we would have simultaneous announcement here...
not quite sure who was going make it but was to be made to banks and to our redemption centers, and other institutions - with other officials dealing with currency exchanges... once those announcements were made, we felt like we were good to go and get ready to get started...
...we haven't started yet. But we know that we've checked with certain banks...like Chase and Wells have the dinar, for example is one of our currencies on the front screens of the banks and ...they're rising in value.
But there the last time we checked, the bank screens rates were flashing - ...when it's flashing on and off...it means that it's not quite ready...to be exchanged...So we're waiting according to the latest information that we have from redemption centers and banks, that they're waiting for the green light to come in the form of an email from Wells Fargo, corporate New York...When that email comes in to the redemption centers, they will know that it's time to go it's time to start...we're close.
Mawazine News – Baghdad The Iraqi government submitted a request to host the Arab Summit for 2025, being the fourth summit to be hosted by Baghdad after 1979, 1990, and 2012.
“The isolation suffered by Iraq during the previous regime, and the war on terrorism, did not provide the opportunity to rehabilitate the basic infrastructure of the state, allowing the hosting of important and large regional and global events,” said the government spokesman on behalf of Al-Awadi. The academic and political researcher Abdul Azizi Al-Issawi, in an interview with Al-Sabah, said that “internal and external messages may be sent by the Arab summit if they are held in Baghdad.”
Al-Issawi said: “Hosting the Arab summit in Baghdad will have the effect of sending more than one message, including a foreign one that Iraq is no longer affected by regional events, but has begun since 2020 to play an influential and mediator role and receives Arab leaders and others,” adding that “Iraq wants to convey a message that what happened from a transition in diplomacy is an approach that will continue with breaking the isolation of previous years.” He added that “increasing the diplomatic influence of any country will increase its economic, sports, social and other activities.”
Al-Issawi continued that “the Arab summit is the most important summit to be hosted by Iraq, and in 2012 the previous Baghdad summit was held in critical security conditions,” noting that “Iraq has achieved successes and political stability that will enable it to invest it externally.”
Al-Issawi touched on the internal factor by saying: “The government wants to convince citizens that it is not only service, and that its role is not local,” noting that “the Arab summit will give Iraq a greater role in conjunction with the decline of the role of regional and Arab countries that were preoccupied with an internal and external conflict, and Iraq today is better than yesterday’s Iraq, after it put regional and Arab countries in an embarrassment imposed by the war in Gaza.”
Meanwhile, the political adviser to Prime Minister Fadi Al-Shammari said in a statement followed by Mawazine News that “the request to host the next Arab summit reflects Iraq’s desire to contribute effectively to Arab affairs and enhance its role in promoting cooperation and achieving development.” Al-Shammari stated that “what has achieved the security stability witnessed by Iraq is a key factor to attract international and regional summits.”
While the academic and researcher in political affairs, Haidar Ali, saw that “Iraqi diplomacy establishes a new stage, which is to change the Iraqi political discourse, send messages of reassurance to the Arab environment, and disclose a real Iraqi desire to link to interests and obtain a measure of empowerment in performance.” Ali stressed “the role of productive diplomacy, one of whose outputs is the strength of the pillars of the foreign policy of the state, after which it is effective tools,” pointing out that “Baghdad’s hosting of the Arab summit is one of the data on the success of the Iraqi diplomatic track and an addition that can be a quality that can be calculated for the strategy of Iraqi diplomacy that depends on continuity and the ability to choose between alternatives.”
He continued that “the summit in Baghdad may be their input added to the elements of Iraq’s strength and effectiveness in its Arab regional environment. It has several indicators, perhaps the most prominent of which is the reflection of the Arab consensus in the summit and its centered in Baghdad on the Arab decision,” and pointed out that “Iraq’s principled positions on the Palestinian issue, and Iraq’s ability to play the role of pivotal mediation between the actors in the region, in addition to the moral side of the summit and its convening, as it indicates Iraq’s position within its Arab vital field.”
Ali warned that “the most important among that is the acceptance of the other, that is, the extent to which the Arab incubator accepts Iraq’s return to its status and natural weight, even if it is relative,” and stressed that “all these data, including the summit in Baghdad, will be linked to a group of determinants, the most important of which is Iraq’s possession of the independence of its political decision, the ability to manufacture its regionally linked security and foreign policy strategies based on neutrality and a move away from the axes.”
How I Understand the GCR Redemptions TIER Structure and Purpose
On February 23, 2024 By Awake-In-3D
Over the past 14 years, my explorations across the Global Currency Reset (GCR) landscape has been both enlightening and complex.
Through countless hours of research, discussions, and personal reflection, I’ve come to grasp my best understanding of the GCR’s exchange redemption process and its tier structure.
It’s a system that, at its core, is designed to facilitate a monumental shift in global finance, leveraging repressed currencies and historical assets for the betterment of humanity.
Here’s how I’ve come to understand this intricate process and the roles of those involved.
Hopefully it makes sense, perhaps it doesn’t. I will leave that up for you to decide.
Once Upon a Time
It all began with a fascination for the storied wealth of dynastic Elders and Royals, whose centuries-old accumulation of gold seemed like the stuff of legends.
Yet, as I researched deeper, I discovered that these tales were not only plausibly true but were the foundation for a plan to reset the soon-to-collapse global financial system.
This plan, aimed at transitioning from a fiat-based to a gold-backed monetary system, relies on a specifically structured tier system for its execution.
Tiers have often been discussed in GCR Land over the years, yet the relatively simple explanations of what the tiers are left me with more questions than answers.
Tier 1: The Bedrock of the GCR
At the foundation of the tier structure are the Elders and Royals—collectively the custodians of the off-ledger gold that underpins the entire GCR.
Their role extends beyond mere guardians of wealth; they are the visionaries who have pledged their centuries-old treasures to underwrite a new era of global finance.
This tier, in essence, sets the stage for the entire redemption process, providing the collateral necessary to secure the future currency system.
Tier 2: The Engine of Value
The second tier is composed of the global private trading platforms, engineered by the Royals and Elders to operationalize the vision of the GCR.
These trading platforms act as the conduits through which the gold collateral transforms into actionable financial instruments.
Tier 2 is also where sovereign nations hold a role as investors within the platforms to determine the value of their native currencies against the gold collateral (pool of stored value).
This also sets the intrinsic purchasing power of a nation’s currency relative to their GDP.
This is where the complexities of exchange and redemption rates are navigated (a unit of a nation’s currency vs. a Tier 1 unit of gold value), and the value of historical assets is realized within the new financial system.
Tier 3: The Intermediaries
Brokers, dealers, and private investment groups make up the third tier, serving as the vital link between the foundational assets and the individuals ready to participate in the GCR.
Their role in aggregating and pooling assets, and their acumen in navigating multiple financial landscapes, ensure that the assets reach the trading platforms efficiently.
Tier 3 is where the logistics of exchanges and redemptions take shape, bridging the old with the new.
Tier 4: The Beneficiaries and Participants
At the heart of the tier structure are the individuals and groups who possess the repressed currencies and historical bonds.
Their role transcends mere participation; they are the vanguard of the GCR, ready to leverage their holdings for the reset and revaluation – from fiat currency to a monetary unit of stored value.
Tier 4 embodies the spirit of the GCR—ordinary people standing at the threshold of extraordinary financial change.
They are the beneficiaries of the redemption process, poised to contribute to humanitarian and economic development projects with their newfound wealth.
Final Thoughts
Understanding the GCR’s tier structure has been a journey of connecting historical dots to present realities and future possibilities.
Each tier represents a distinct set of roles and responsibilities, yet they are all interconnected within the structure of the GCR.
From the guardians of ancient wealth to the architects of financial platforms, the intermediaries who facilitate asset pooling, and the individuals poised to realize the benefits, the tier system is a testament to the complexity and ambition of the GCR.
It’s a process that spans centuries, cultures, and economies, converging in a modern initiative that promises a more equitable and sustainable future.
By striving to better understand the tier structure, the GCR falls into place, not just as a financial reset, but as a global blueprint for rediscovering the value of humanity’s oldest treasures for the common good.
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The head of the Kurdistan Regional Government, Masroor Barzani, arrived in Washington, D.C., at the official invitation, and during his visit, he is scheduled to hold a series of meetings with senior US officials at the White House, the State Department, and Congress.
A statement to the Kurdistan Regional Government followed by Network 964:
On Saturday evening, February 24, 2024, the head of the Kurdistan Regional Government, Masrour Barzani, arrived in Washington, D.C., at the invitation of an official invitation.
The prime minister is accompanied by a government delegation and during his visit is scheduled to hold a series of meetings with senior U.S. officials at the White House, State Department, and Congress.
The meetings will focus on ways to strengthen relations between the Kurdistan Region and the United States, in addition to discussing the latest developments and developments in Iraq and the region.
The delegation accompanying the head of government consists of the Minister of the Peshmerga, the official of the Department of Foreign Relations, and a number of officials.
Ready for Fiat System Collapse: Dutch Central Bank Admits Gold-Backed Currency Plan
On February 24, 2024 By Awake-In-3D
Germany, France and Italy also prepared for new gold-backed currencies.
In a recent interview with Aerdt Houben, Director of Financial Markets for the Dutch Central Bank (DNB), enlightening details were shared about the Netherlands’ readiness to introduce a new gold-backed currency if the current fiat financial system were to collapse.
The DNB currently holds a substantial amount of gold, totaling 612 tonnes valued at around €35 billion, securely stored in four locations worldwide.
In times of extreme financial instability, the value of gold reserves would rise significantly relative to fiat currencies, providing a robust safety net for the country’s financial system.
This gold reserve plays a crucial role in ensuring the stability and confidence of the nation’s currency. Historically, the Netherlands had its currency backed by gold, allowing people to exchange banknotes for physical gold, a practice that provided a solid foundation for financial security.
Under previous monetary systems, such as the Bretton Woods agreement, the Dutch guilder’s value was tied to gold through the US dollar, contributing to the accumulation of surplus gold reserves.
Gold is considered a stable and valuable asset compared to traditional paper money, making it the appropriate choice for central banks as a safeguard against financial crises.
The DNB regularly evaluates and adjusts its gold reserves to align with global trends, striking a balance between protecting against systemic fiat system risks and maintaining an appropriate level of reserves.
Despite reducing its gold stocks in the past to match levels of other European countries, the Netherlands’ gold holdings remain at about 4% of its GDP, similar to countries like France, Germany, and Italy.
In times of extreme financial instability, the value of gold reserves would rise significantly relative to fiat currencies, providing a robust safety net for the country’s financial system without requiring full coverage.
The decision-making process regarding gold reserves is a collaborative effort between the DNB and the Ministry of Finance, ensuring a coordinated approach to managing risks and maintaining financial stability.
By carefully managing its gold reserves and learning from global experiences, the Netherlands is well-prepared to face a fiat financial system collapse with confidence.
When the need arises, the country is equipped with a solid foundation of gold reserves to support the issuance of a new gold-backed currency, ensuring financial stability and security in a fiat currency collapse.
Visit the GCR Real-Time News website and search 100’s of articles here: Ai3D.blog Join my Telegram Channel to comment and ask questions here: GCR_RealTimeNews Follow me on Twitter: @Real_AwakeIn3D
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Minister Of Oil: Economic Motives Are Behind The Withdrawal Of Some Companies, And We Will Stop Importing Gasoline This Year
Economy Baghdad – IA Today, Saturday, Oil Minister Hayan Abdul Ghani revealed a plan to increase oil production in the southern fields, while stressing that the withdrawal of some investment companies has economic motives.
Abdul-Ghani said in his speech during the (Sixth Baghdad Dialogue Conference / Regional Communication), which was attended by the Iraqi News Agency (INA):
“The Ministry of Oil has developed an ambitious plan to increase production, but Iraq is a major part of OPEC, and is committed to the organization’s production ceilings, and
Iraq’s share reached Four million and (600,000) barrels per day, and there was a reduction two years ago and production became four million and (400,000) barrels per day.
There are two voluntary reductions, and Iraq implemented them, and production reached (4) million barrels per day,” pointing out that “the goal of that is to maintain stability.” Prices and achieving a balance between supply and demand.
"Most oil fields are managed by international companies, and there are ambitious plans to increase production in the Rumaila field in Basra Governorate, which is the largest field, where production currently reaches one million and 300 thousand barrels per day, and production will reach one million and 800 thousand barrels, in addition to developing the Zubair and Western fields."
Qurna and West Qurna 2,” noting that “development plans and increased production will be consistent with global requirements for crude oil and without flooding the market with surplus oil.”
The Minister of Oil continued, "OPEC has a plan to increase crude oil production to 16 percent in the coming years," explaining that "the organization's production currently amounts to about 100 million barrels, and production will reach 116 million barrels per day, according to the market's need."
He stressed that "Iraq has made plans to use clean energy, especially in the field of gas, and plans have been drawn up to invest in gas, and contracts have been signed in this regard and to stop burning gas," noting that "Iraq has launched two licensing rounds in the field of gas, targeting more than 33 fields in order to increase gas and transform Iraq."
From an importing country to a producing country, Iraq is likely to be a gas exporter.” He stated that "gas investment will be in exploratory patches in Nineveh, Anbar, Diwaniyah and Muthanna because they contain large quantities of gas."
Regarding oil refineries, the Minister of Oil indicated that “the oil products produced by the Karbala refinery are all environmentally friendly,” noting that “the ministry opened a refining unit in the Basra refineries, as well as the opening of the Baiji refinery,” stressing that “the ministry proposed investment refineries in many From the governorates, there are companies that have expressed a desire to invest in these refineries, and the offers will be discussed by the ministry.”
He stressed that "the Ministry of Oil is keen to transform Iraq from an importer to an exporter in the field of petroleum products, especially gas oil and kerosene.
The Ministry was able to stop many petroleum products, and the import of gasoline was reduced from 16 thousand cubic meters per day to 6 or 7 thousand cubic meters and within In the coming months, these quantities will be reduced and imports will be stopped in the second half of this year.”
Abdul-Ghani explained, “Foreign companies are still operating freely in Iraq and are expanding and growing, whether in oil or gas investment.
As for the companies that withdrew, they withdrew of their own volition and for purely economic motives, especially ExxonMobil.
This company was informed not to agree to the withdrawal, but it insisted.” To withdraw due to the creation of investment opportunities in Africa.” He continued,
"These companies aim to achieve profits and are looking for profitable opportunities wherever they are.
As for foreign companies, especially European ones, they have a desire to invest in gas fields in Iraq."