Starting next Wednesday: Turkey prepares to receive KRI's oil once again, 6 OCT

 Starting next Wednesday: Turkey prepares to receive KRI's oil once again, 6 OCT

Shafaq News / Turkish Energy Minister Alparslan Bayraktar declared on Thursday that the crude oil pipelines from the Kurdistan Region to Turkish ports are ready to operate starting from next Wednesday. He confirmed that Turkey is gearing up to commence oil shipments.

Turkey had halted the flow of oil from the region following a ruling by the International Chamber of Commerce, which compelled Ankara to pay compensations to Baghdad for unauthorized exports between 2014 and 2018. Kurdistan Region used to export nearly 450,000 barrels of crude oil daily before the pipeline shutdown. Ankara subsequently initiated maintenance work on the pipeline, responsible for about 0.5% of the world's oil supplies.

In an interview with Turkish channel "NTV," Bayraktar stated, "There are no longer any obstacles hindering the flow of Iraqi oil to the global markets." He had earlier announced on the sidelines of the "ADIPEC 2023" conference in Abu Dhabi that Turkey would start operating the Iraqi-Turkish oil pipeline this week, capable of transporting approximately half a million barrels to international markets.

He continued, emphasizing that his country constitutes a reliable transit route for oil and gas transportation.

In a related context, an Iraqi oil official, quoted by Reuters two days ago, stated that discussions aimed at resuming Iraqi oil exports through a pipeline passing through Turkey are still ongoing.

https://shafaq.com/en/Economy/Starting-next-Wednesday-Turkey-prepares-to-receive-KRI-s-oil-once-again

"RV UPDATE" BY BRUCE, 6 OCT

 Bruce 

  [via WiserNow]  They are trading the rates up. Iraq did what they needed to do. They're all good to go. 

They've already been sending out hydrocarbon law funds on the on the profit sharing, if you will of the oil and gas in Iraq...maybe we get notified Saturday, maybe it's Monday afternoon, but either way we go we're definitely moving forward this final result for us...

  [via WiserNow]  I don't really talk specifically on rates...But...we've got very strong rates on dinar and Dong well into double digits.

...they paid contractors...and they're also paying on the HCL Law...The oil and gas law...they've paid people that we know have already received it...So Iraq is rolling...they're doing everything that they said that they were going to do and bringing it out including their budget and all of that good stuff..

.I'm looking forward to everything transpiring. This is an incredible time for us.  Everything is ready to go...getting ready to get notified that appointments can start exchanges... hopefully as early as tomorrow [Wednesday] afternoon/evening.

Iraqi Dinar Breaking News: Iraq's Financial Revolution - Goodbye to Dollar

Citizens gather in Erbil amid soaring US Dollar exchange rate, 6 OCT

 Citizens gather in Erbil amid soaring US Dollar exchange rate, 6 OCT

Shafaq News / Residents of Erbil congregated outside banking establishments moments ago, stirred into action by a sharp surge in the exchange rate of the US dollar.

Shafaq News Agency's correspondent reported that the exchange rate surged to 158,750 dinars for 100 dollars in the selling market, while the buying rate remained stable at 156,000 dinars.

Our correspondent, delving into the matter, posed inquiries to several currency exchange proprietors regarding the cause behind this abrupt escalation. In response, they voiced apprehensions about the Central Bank's potential reduction in the cash sale of the dollar through currency auctions in Baghdad.

https://shafaq.com/en/Economy/Citizens-gather-in-Erbil-amid-soaring-US-Dollar-exchange-rate

CBI confirms regular dollar shipments from US Federal Bank, 6 oct

 CBI confirms regular dollar shipments from US Federal Bank, 6 OCT

Shafaq News/ The Central Bank of Iraq assured on Friday that the scheduled dollar shipments from the US Federal Bank are proceeding as planned, following a specific timetable agreed upon by both financial institutions. 

In a statement, the Central Bank said that the shipment scheduled for Thursday was received on time. The bank vehemently denied reports circulating in the media claiming any halt or reduction in the shipments destined for the bank.

CBI urged media outlets to obtain information from approved sources, namely the official website and verified social media accounts, to maintain the integrity of financial news disseminated to the public.

This confirmation comes amid recent information the Wall Street Journal revealed that Washington rejected Iraq's request for a billion-dollar cash withdrawal from the Federal Reserve Bank. The rejection was based on concerns that such funds could contribute to unauthorized cash flows to Iran and potentially end up in the hands of militias and corrupt politicians.

https://shafaq.com/en/Iraq-News/CBI-confirms-regular-dollar-shipments-from-US-Federal-Bank

IRAQI NEWS BREAKING NEWS CBI ANNOUNCEMENT by SANDY INGRAM

"RV UPDATE" BY MILITIAMAN, 6 OCT

 Militia Man 

  The parallel market is a black market.  It's illegal.  They're not supposed to be doing it. 

 They're only supposed to be doing trade in dinar...At some point in time, whether it be today, tomorrow, the next day or out to the end of the year, they're going to de-dollarize the country...

There's illicit trade going on and there's fraud/money laundering and the ultimate goal is to get rid of it...If you're going to de-dollarize the country you're going to need to bring it [dinar] some value because a dollar is worth a lot more than a dinar at the moment...

 Iraq went to the U.N. and told everybody they were a free sovereign state.   That goes along with having a sovereign currency...and then to be able to go into the international financial system. ..

All of that is on the table...I don't think there is anything stopping them.    I don't know if this is going to happen in the next 24-48 hours or if it's going to still be a significant amount of time.  Bottom line is we can see them moving forward ...I'm elated and I think it's going to be a good week. 

 Where are they going to get all the money to do all this road construction?  Where are you going to get all the money for the water, sewer and all of those things?  Where is that money going to come from when you have an exchange rate at 1310?   Everybody should be pretty happy to see Iraq is getting ready to be underway...