The Minister of Oil announces an increase in oil revenues in support of the financial budget , 7 NOV

  The Minister of Oil announces an increase in oil revenues in support of the financial budget

11/7/2023

Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayyan Abdul-Ghani, affirmed the keenness of the government and the ministry to advance the oil industry, work to increase oil and gas production, and the financial revenues achieved by supporting oil and gas field development projects and increasing export capacities.

Abdel Ghani said during his hosting of the Seventh Ambassadors Conference that: “The government program emphasized the importance of investing in associated and free gas to enhance national production to support the energy sector,” indicating “support for oil and gas field development projects through the announcement of the fifth (supplement) and sixth licensing round.”

He added, "The set of contracts for the Integrated South Project with Total Energy Company is an important addition to the oil and gas industry, infrastructure and renewable energy, and to support projects to increase export capacities from the South outlet."

Abdul Ghani continued, "An increase in the rate of oil exports from the southern fields was achieved by adding an amount of 350 thousand barrels per day, and the rehabilitation of the Al-Amaya port in the south to add an amount of 500 thousand barrels as export capacity."

He pointed out, "Activating the contract for the project to add a new single buoy with the aim of adding 900,000 barrels of new export capacity from the southern port. An increase in oil revenues was also achieved in support of the financial budget, and we also achieved an increase in increasing refining capacities."

Abdel Fanni stated, "Activating Iraq's role in OPEC Plus, working with producing countries to stabilize global markets, and working to enhance and increase the horizons of cooperation with neighboring countries, the region, and the world."   LINK

Iraqi dinar faces volatility: expert predicts stabilization amidst political tensions, 7 NOV

 Iraqi dinar faces volatility: expert predicts stabilization amidst political tensions

Iraq's currency market has been witnessing fluctuations recently, with the US dollar's exchange rate against the Iraqi dinar showing unpredictability. Amidst this backdrop, academic and economic expert Khaled Haider shared insights with Shafaq News Agency, shedding light on the factors contributing to the dollar's fluctuation and his expectations for future stability.

The global political landscape has a direct impact on the financial and economic stability of regions, and recent events, including the crisis in Gaza and accusations against Iran of supporting the Hamas movement, have added complexities to Iraq's economic scenario. Haider pointed out that these events, particularly concerns about Tehran's influence in Iraq, are key reasons behind the expectations of a dollar price rise. As a significant economic hub for its neighbor in the Eastern Province, Iraq has become a focal point in these financial developments.

Administrative and financial corruption within Iraq's system has exacerbated the exchange rate disparity. Haider highlighted how corruption has led to individuals benefiting from these differences, prompting the Central Bank of Iraq to inject substantial dollars into the currency auction. Despite the daily need for currency ranging from $190 to $200 million, the bank has been pumping more significant amounts to manage the exchange rate to reach $250 million daily.

Haider stated, "Near-term expectations may be inaccurate, but it is expected that the price of the dollar in the markets will approach the government pricing at the beginning of next year after the implementation of the Central Bank of Iraq's decision to ban financial transactions in anything other than the Iraqi dinar, and this will make the Iraqi dinar more powerful in local markets."

Regarding the impact of the fluctuating dollar exchange rate on citizens, Haider emphasized the negative consequences, especially in a country like Iraq, which is heavily reliant on imports. The widening gap between the official exchange rate and the black market rate, where the dollar reached above 160,000 dinars against 100 dollars, directly affects the prices of consumer goods, worsening the financial strain on Iraqi households.

Earlier reports from Shafaq News Agency revealed a slight decline in dollar prices, with rates dropping to 165,250 dinars against 100 dollars after the closure of Baghdad's central Al-Kifah and Al-Harithiya stock exchanges. The morning prices had stood at 166,000 dinars against 100 dollars.

https://shafaq.com/en/Economy/Iraqi-dinar-faces-volatility-expert-predicts-stabilization-amidst-political-tensions

Finally Sight Iraqi Dinar's Rise on the Black Market A Financial Game Ch...

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 7 NOV

 Frank26 

  [Iraq boots-on-the-ground report]  

 FIREFLY:   The black market dollar rate is at 1680 now continuing to rise... 

FRANK:  Of course the black market rate is continuing to rise because it's constantly being suffocated by Sudani and Alaq with the monetary reform process. 

Question:  "Do you think Iraq will eclipse the UAE? "  Yeah I do.  I think they'll eclipse all middle eastern currencies because all Middle Eastern currencies will be inside of Iraq.  It's the only country that can say that.

Remember, Sudani told the citizens in a week I will announce and introduce a new banking service that will decline the USD.  That equals to an increase in the Iraqi
dinar.  He said it.

Rising Dollar Rates in Baghdad and Erbil: Economic Implications and Potential Solutions, 7 NOV

Rising Dollar Rates in Baghdad and Erbil: Economic Implications and Potential Solutions

Shafaq News/ Iraq's Minister of Electricity, Ziyad Ali Fadel, along with a delegation of energy officials, held talks with senior Turkmen officials on the final arrangements of an anticipated gas deal during a visit to Aahgabat earlier today, Tuesday.

The Iraqi delegation, led by Minister Fadel met with Turkmenistan's energy officials, led by the State Minister for Gas Affairs, Maksat Babayev. The visit was a first by an Iraqi government official to Turkmenistan.

The meeting, according to an official statement by the Iraqi ministry of electricity, was scheduled to finalize the agreement for the supply of Turkmen gas to Iraq.

Minister Fadel reiterated the Iraqi government's commitment to enhancing economic cooperation with Turkmenistan across various sectors, expressing optimism about signing the gas supply agreement in the near future.

Fadel emphasized the importance of the agreement in securing essential and diversified fuel sources while ensuring the sustainability of electricity current in Iraq.

According to the statement, as per the draft agreement between the two nations, Turkmen gas will be supplied to Iraq through the Iranian pipeline network, which is interconnected with Iraq's pipeline infrastructure. This gas will be directed to power stations located in central and southern Iraq, bolstering the country's energy sector.

https://bnn.network/finance-nav/rising-dollar-rates-in-baghdad-and-erbil-economic-implications-and-potential-solutions/

Iraq, Turkmenistan hold talks to finalize major gas deal, 7 NOV

 Iraq, Turkmenistan hold talks to finalize major gas deal

Shafaq News/ Iraq's Minister of Electricity, Ziyad Ali Fadel, along with a delegation of energy officials, held talks with senior Turkmen officials on the final arrangements of an anticipated gas deal during a visit to Aahgabat earlier today, Tuesday.

The Iraqi delegation, led by Minister Fadel met with Turkmenistan's energy officials, led by the State Minister for Gas Affairs, Maksat Babayev. The visit was a first by an Iraqi government official to Turkmenistan.

The meeting, according to an official statement by the Iraqi ministry of electricity, was scheduled to finalize the agreement for the supply of Turkmen gas to Iraq.

Minister Fadel reiterated the Iraqi government's commitment to enhancing economic cooperation with Turkmenistan across various sectors, expressing optimism about signing the gas supply agreement in the near future.

Fadel emphasized the importance of the agreement in securing essential and diversified fuel sources while ensuring the sustainability of electricity current in Iraq.

According to the statement, as per the draft agreement between the two nations, Turkmen gas will be supplied to Iraq through the Iranian pipeline network, which is interconnected with Iraq's pipeline infrastructure. This gas will be directed to power stations located in central and southern Iraq, bolstering the country's energy sector.

https://shafaq.com/en/Economy/Iraq-Turkmenistan-hold-talks-to-finalize-major-gas-deal

"IRAQ NEWS ANALYSIS" BY MNT GOAT, 7 NOV

 AN INTERNATIONAL APPROACH TO SUPPORT THE DEVELOPMENT FUND IN IRAQ

 “The Investment Committee met today with the Prime Minister’s Advisor for Investment Affairs, who is the CEO of the Fund.” Al-Bazuni explained, “We have found serious steps in this aspect and an internal system for investments has been established. These will be environmental steps by having a correct investment environment that mimics countries investing in neighboring countries that have investment funds.”

He added, “We have begun the first step by establishing and financing the fund, and it will see the light soon, and there is an international trend towards this matter.”  

Please see full article in the articles section.  

(This article is all about what to do with surplus oil revenues. It sounds to me they don’t want to just pile the money as cash in US banks any longer. This is how they have a 113 billion plus in NYC banks. So diversifying the money in sovereign funds could fund many of their projects instead of creating a deficit in the budgets. VERY, VERY SMART! 😊)

https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/