Weak Oversight And Smuggling Of Oil From The North.. Did Iraq Violate The OPEC Plus Agreement?, 11 NOV

 Weak Oversight And Smuggling Of Oil From The North.. Did Iraq Violate The OPEC Plus Agreement?

Economy |Baghdad today – Baghdad   Economist Nabil Al-Marsoumi said today, Saturday (November 11, 2023), that Iraq has confirmed its commitment to the “OPEC Plus” agreement and its production quota of 4.220 million barrels of oil per day.

Al-Marsoumi wrote in a blog post on his personal account on the Facebook platform, followed by “Baghdad Today,” that “Iraq’s oil exports, which rose to 3.533 million barrels per day last October, are the highest this year, resulting from a reduction in internal consumption, but a recent survey showed an increase in production.” Iraqi oil is 180,000 barrels per day above the levels specified by OPEC Plus, according to what S&P Global Commodity Institutes reported.

He continued, "Iraq's production rose last October to 4,400 million barrels per day, and this increase is largely related to weak control over oil production in Kurdistan, which consumes part of it internally and smuggles the other part through tanks to Turkey and Iran."

Yesterday, Friday (November 10, 2023), the Iraqi Ministry of Oil said that Iraq is committed to the OPEC+ agreement regarding determining production levels, two weeks before an important meeting of the oil producing group.

Iraqi Oil Minister Hayyan Abdul-Ghani said, according to a ministry statement received by Baghdad Today, that oil exports from the southern fields increased by 350,000 barrels per day, without mentioning a time frame.

The export of about 450,000 barrels per day of oil from northern Iraq has been halted since late March due to a conflict with Turkey.

The ministry's statement indicated that the increase in exports is a "natural matter" and did not affect the total production ceiling agreed upon within the framework of OPEC+.

The statement added, "These increases in export levels sometimes occur due to a decrease in domestic consumption from one quarter to another."

The statement also indicated that the OPEC+ group “will not hesitate to make decisions that ensure stability and balance in global markets.”

The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, is scheduled to hold a meeting in Vienna on November 26 to determine production policy.

Last September, Iraqi Oil Minister Hayan Abdul Ghani said that Iraq's average oil production reached 4.23 million barrels per day, while the average oil export reached 3.35 million barrels per day.

Abdul Ghani confirmed that the government directed to focus oil investments in the western and central regions, while indicating that great strides had been made in enhancing investment areas through licensing rounds. According to press statements by the Minister.  LINK

"RV UPDATE" BY MARKZ, 11 NOV

 MarkZ  

[via PDK]   The earliest we expected things was Friday evening… The most probable time is Saturday. But there is nothing yet.  Iraq is embracing alternative currencies like the Indian Rupee and the Chinese Yuan. Euro ect…Many interesting things happening in Iraq that points to an ”International Currency”.  This means a new rate. 

[via PDK]  Iraq is now selling gold to banks and that is good news…. They are doing everything they need to do and are making solid progress toward this Rv…

but, stay grounded.  We know we are close…we are hopeful…but, manage your expectations...But everything seems to be pointing to an announcement in the next day or so.

  I continue to hear that they are positioned and we should get an announcement over the weekend and exchanges should start on Tuesday…

That is what I am hearing. The chatter is great. But I find it difficult to believe that anyone knows the exact date…for security reasons...  My gut is saying we are close. And Iraq has put themselves in a position that it is time to go.

An Economic Institution Attributes The Problem Of Increasing Demand For The Dollar In Iraq To The Large Consumption Of Imported Goods, 11 NOV

 An Economic Institution Attributes The Problem Of Increasing Demand For The Dollar In Iraq To The Large Consumption Of Imported Goods

FRIDAY, 11-10-2023, KARAR AL-ASSADI   The "Iraq Future" Foundation for Economic Studies and Consultations, today, Friday, attributed the problem of increasing demand for the dollar in the markets to the large consumption of imported goods, as its volume during the current year, which is about to end, reached 55 billion US dollars.

The head of the Foundation, Manar Al-Obaidi, said in a report published today, “The basis of the problem of demand for the dollar is the consumption of imported goods and the rise in their bill annually until our imports for the year 2023 reached as follows: UAE $19 billion, China $13 billion, Turkey $10 billion, Iran $9 billion.” India: $4 billion.

He added, "What we need is a clear strategy that works, firstly, to limit the annual growth of imports, and then work to reduce it by adopting an agricultural, industrial, and extractive policy that reduces our need for raw materials," stressing "the necessity of building a strategy for industrial transformation and supporting manufacturing industries." ".

Al-Obaidi continued to say, "Any other solution will make us always follow a policy of reaction to disasters that occur as a result of the absence of a clear strategy and anticipation of the future."

https://non14.net/public/161747

Parliament Finance Responds To The Central Bank’s Decision To Import Foreign Currency And Plans To Host The Governor, 11 NOV

 Parliament Finance Responds To The Central Bank’s Decision To Import Foreign Currency And Plans To Host The Governor

Politics/Economy |Baghdad today - Baghdad   Today, Saturday (November 11, 2023), the Finance Committee in the House of Representatives commented on the decision of the Central Bank of Iraq to import “foreign currency” from abroad, while indicating that it will work to host Governor Ali Al-Alaq.

Committee member Mustafa Al-Karaawi told “Baghdad Today” that “the committee will work to host the Governor of the Central Bank, Ali Al-Alaq, and the senior staff at the bank, to discuss the decision to import foreign currency from abroad, and to find out the reasons that prompted such a decision to be taken and how it might have an impact.” On the internal Iraqi economic situation.”

He stated, “There is a fear that such decisions will be exploited by some parties and personalities who want to exploit any decision to their advantage, and for this reason we will have a position of following up and monitoring this decision, and we will also have a position in making an appropriate decision after reviewing the full details of this decision within a few days.” "The next one."

The instructions of the Central Bank of Iraq, which it issued on Wednesday (November 8, 2023), regarding allowing banks to import foreign currency from abroad, raised a number of questions and discussions in economic circles about the legality, motives, and goals of this step.

The discussion was topped by some recalling the decision of the State Shura Council in 2011, to infer the lack of legal basis for the decision to import foreign currency, as the State Shura Council issued Resolution 2/2011, in January of the year 2011, based on a request for an opinion that came to the Council by the Office Financial oversight, as the State Shura Council relied on several legal texts, to infer the absence of a legal basis for the Central Bank to grant licenses to import foreign currency from abroad.

On the other hand, researchers in economic affairs have proven the validity of the Central Bank’s instructions, as the Central Bank had previously issued instructions to import foreign currency in July of 2011, and they were published in the Al-Waqe’at newspaper at that time, that is, 6 months after the decision of the State Shura Council, which makes it a document. Legally enforceable.

Observers and specialists raised a number of questions about the Central Bank’s decision, about the reason for opening the door to importing foreign currency, and whether this means or indicates that the Central Bank has begun to find difficulty in obtaining the dollar or sufficient quantities of it from the US Federal Reserve, and therefore the bank The Central Bank has become unable to meet the demand for the dollar because it does not possess it in sufficient quantity.   LINK

Iqd # Iraq BY NADER FROM MID EAST

"RV UPDATE" BY PIMPY, 11 NOV

 Pimpy

  Importing of foreign exchange, that was a huge step for Iraq but don't count chickens before they hatch.  Hopefully they don't do anything to mess it up...  There's somebody in there challenging this...On the face of things with everything that's going on with Iraq...

trying to open up to the international community...trying to bring prosperity to the people...trying to get rid of the United States as a babysitter, them wanting their own sovereignty back, I just don't understand how anybody would ever think about challenging this.

The only people I could think of would be the corrupt people.  As long as there's a black market well then they get to make a lot of money off of it.   IMO it's most likely somebody with the political party, I don't want to name no names, Maliki, but I'm guessing it's got to be somebody from the Coordinating Framework that is opposing this. 

 Because if you do allow them to import foreign exchanges and the currencies are coming into the bank it makes it really hard for there to be a black market especially if the Iraqi dinar starts going up in value...No need to panic...Positive Juju...come on everybody, positive Juju.  Everything is going to go according to plan...  

Former Director of Iraq’s Ministry of Electricity Indicted for Squandering Public Funds, 11 nov

Former Director of Iraq’s Ministry of Electricity Indicted for Squandering Public Funds

Former Director General of the Ministry of Electricity in Iraq is being held accountable for squandering public funds as declared by the Integrity Commission. The details of the case remain undisclosed, marking a significant stride in Iraq’s fight against corruption.

Former Director General Indicted

The Integrity Commission in Iraq, the authority responsible for maintaining transparency and accountability, has brought the former Director General of the Ministry of Electricity to justice for alleged misappropriation of public funds. The accused has not been named, and the specifics of the case are yet to be revealed.

Undisclosed Details

While the commission has been circumspect in providing details about the case, it’s clear that the indictment is a key part of Iraq’s ongoing crackdown on corruption. This case represents a significant step forward in the country’s efforts to hold public officials accountable for their actions, with the Ministry of Electricity being a major focus of anti-corruption efforts.

Corruption in Iraq: An Ongoing Battle

Corruption has long been a significant problem in Iraq, undermining the country’s development and contributing to widespread political and social instability. The indictment of a high-ranking official from the Ministry of Electricity underscores the magnitude of the problem and the government’s commitment to tackling it head-on. As Iraq continues on its path towards reform, the outcome of this case will undoubtedly set a significant precedent for future anti-corruption efforts.

https://bnn.network/breaking-news/crime/former-director-of-iraqs-ministry-of-electricity-indicted-for-squandering-public-funds/