Tuesday, November 14, 2023
Kurdistan Region President Urges Resumption of Oil Exports Amid Revenue Loss, 14 NOV
Kurdistan Region President Urges Resumption of Oil Exports Amid Revenue Loss
In a significant move toward economic stability, the President of the Kurdistan Region, Nechirvan Barzani, has underscored the urgency to reinstate the region’s oil exports. In a meeting with Iraqi Oil Minister Hayyan Abdul-Ghani, Barzani expressed concerns over the substantial revenue loss that Iraq has borne due to the halt in Kurdish oil exports. Both parties affirmed their commitment to addressing the issues and recommencing the exports, halted since March 23.
A Decision Born Out of Necessity
The export suspension followed a ruling by a Paris-based arbitration court, favoring Baghdad against Ankara. The court held that Turkey had violated a 1973 agreement by permitting Erbil to kick-start independent oil exports back in 2014. The decision, while legally sound, has put a strain on the Region’s economy, leading to calls for a resumption.
The Impact on Global Oil Markets
The discontinuation has not just affected Iraq’s economy but has also sent ripples across global oil markets. The Kurdish region is a significant player in the oil industry, and any disruption to its exports can lead to fluctuations in global oil prices. Hence, the swift resolution of this issue is crucial for stability in international markets.
Stepping Towards Resolution
The talks between Iraq and the Kurdistan Regional Government (KRG) are an encouraging sign, hinting at the possible resumption of oil production from the Kurdish region’s oilfields within three days. Iraqi Oil Minister Hayyan Abdul-Ghani’s statements regarding a potential agreement with the KRG and international oil companies to facilitate the resumption of oil production and exports, further bolstered hopes for a resolution.
"RV UPDATE" BY CLARE & SANDY INGRAM, 14 NOV
Clare
Article: "An Iraqi-American agreement to enhance Iraqi bank balances in dollars, yuan, and Indian rupees" Quote: “In light of the recent meetings of the Central Bank with the American side, the number of banks that can directly strengthen their balance in US dollars has become ten banks, five through Citi Bank, and five other banks other than the first. Through JP Morgan Bank."
Article: "A government source reveals the outcomes of the meeting between the Central Bank and the American side" Quote: "It was agreed to enhance the advance balance of five Iraqi banks in their accounts in dollars with Jordanian banks and transfers via (JP Morgan), noting that the problems related to the rejected transfers were resolved..."
Article: "Intensive Iraqi-American meetings in the Emirates result in important decisions regarding external transfers of the dollar”
Quote: "The official Iraqi News Agency quoted a government source as saying that intensive meetings took place during the past few days in Abu Dhabi between a delegation from the Central Bank of Iraq and the American side responsible for foreign transfer operations to cover imports, indicating that the negotiations culminated in a number of decisions and mechanisms that contribute to facilitating procedures. Regarding external transfers related to imports through the foreign currency sales window."
Sandy IngramIraq Events Stirring Up Global Oil Market: An In-depth Analysis, 14 NOV
Iraq Events Stirring Up Global Oil Market: An In-depth Analysis
In a pulsating sequence of events in Kirkuk, a confrontation with the Counter-Terrorism Service (CTS) resulted in the elimination of three ISIS terrorists. In parallel to the violent encounter, Masoud Barzani, former President of Iraqi Kurdistan, commemorated the 239th anniversary of the establishment of al-Sulaymaniyah.
Water Scarcity and Saudi Loan
In the backdrop of these events, the Governor of Erbil implored Al-Sudani, the Minister of Finance, to greenlight a Saudi loan. This financial aid is seen as a crucial step towards combating the crippling water scarcity problem that has been plaguing the region.
Turkish Airstrikes and PKK
Meanwhile, the geopolitical tension in the region escalated as Turkish airstrikes targeted Kurdistan Workers’ Party (PKK) militants in Sinjar and Amedi, creating a ripple of concern in the international community.
Fluctuating Oil Prices
Amidst the chaos and conflict, the global crude oil market reacted. The prices of both Basra Heavy and intermediate crude oils underwent noticeable shifts. Influenced by the global oil price increase, Basra Heavy crude took a minor hit, dropping by 0.25 dollars to 78.98 dollars. In contrast, Basra intermediate crude saw an increase by 0.25 dollars, settling at 81.73 dollars. This surge in global oil prices is a direct consequence of a report by OPEC, which emphasized strong market fundamentals.
In this report, OPEC pointed fingers at speculators for a recent drop in oil prices, while also projecting a slight increase in the 2023 forecast for global oil demand. Adding another layer to the complex narrative, discussions are underway in Iraq to resume oil flows from an oil pipeline, further intensifying the global oil market dynamics. As a result, robust global growth trends and healthy oil market fundamentals are standing strong against exaggerated negative sentiments. This aligns with the OPEC’s perspective on the global oil market, offering a glimmer of optimism amidst a sea of concern.
https://bnn.network/politics/iraq-events-stirring-up-global-oil-market-an-in-depth-analysis/
"RV UPDATE" BY MARKZ,14 NOV
MarkZ
[via PDK] “Iraq plans “to neglect the US dollar” and parliament proposes to diversify foreign currency baskets” Iraq will hold foreign currencies so they can do business in and around the middle east without the US. This story is bigger than it appears. It is all about de-dollarization. We know Iraq plans to be de-dollarized by January 1st. So for Iraq to be de-dollarized by January 1st…then their oil profits, etc will no longer be going through the US system that it is going through now…AND, they will need a fully functional, international currency. We have a really good indicator of when this rv has to happen by. It makes logical sense for it to be sooner.This article is fantastic.
Question: So, are we making appointments tomorrow? MarkZ: That continues to be a rumor from some banking sources…we shall see…but, they would have to kick it into massive overdrive for that to happen.
I don’t expect us to wait much longer. The chatter is huge… Some still thinks we will start tomorrow to set appointments …we shall see. Nobody knows the exact timing.
In Vietnam: “Lego’s 1Bn factory in southern Vietnam is 26 percent complete” Why is this important? It’s important because international business is looking at Vietnam as secure and stable…. They are employing up to 4 thousand. IMO this is a great one.
“The seventh Ambassadors conference confirms the increase in Iraq’s effectiveness regionally and internationally” Leaders from different regions got together to talk about their progress. This was a especially fruitful conference in Iraq.
Iraq’s PM Calls for One-Month Plan to Revamp Government Banks, 14 NOV
Iraq’s PM Calls for One-Month Plan to Revamp Government Banks
Prime Minister, Mohammed Shia ‘Al-Sudani, has issued a directive to the directors of government banks to present a development plan within one month. This bold move signifies a determined effort to enhance banking operations, including the optimal use of financial, human, and technological resources. It also marks a significant shift from paper-based to electronic work, and from manual to online transactions for all banking activities.
Conception of a Comprehensive Vision
The Prime Minister stressed the need for a comprehensive vision for banks in granting credit facilities and loans as well as developing work mechanisms. This includes the use of control and supervision tools to guarantee efficiency and reduce the potential for loss or fraud. The banking reform the government seeks to achieve is fundamentally reliant on this vision.
Performance-Based Evaluation
Al-Sudani confirmed that the bank directors would be evaluated based on their application of the plan and the level of achievement. This performance-based assessment will ensure that those at the helm of the banking sector are held accountable for its advancement. It is a clear message that results and progress are expected and will be critically reviewed.
International Expertise for Growth
Lastly, the Prime Minister directed the banking administrations to draw upon international expertise by contracting specialized consultants in banking and financial work. This move, which includes the development plan presented by Ernst & Young for the restructuring of Rafidain Bank, indicates a commitment to adopting global best practices and standards in the banking sector in an effort to scale up growth and development.
https://bnn.network/finance-nav/iraqs-pm-calls-for-one-month-plan-to-revamp-government-banks/
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