DINAR REVALUATION

Tuesday, November 14, 2023

The International Energy Agency expects oil demand to rise by about 2.4% in 2024, 14 NOV

The International Energy Agency expects oil demand to rise by about 2.4% in 2024

On Tuesday, the International Energy Agency increased its projection for global oil demand growth for the current and subsequent years despite the expected slowdown in economic growth across most major economies.

The agency’s report raised its expectations for global oil demand growth in 2023 to 2.4 million barrels per day, up from 2.3 million per day.

The agency raised its expectations for global oil demand growth in 2024 to 930,000 barrels per day, up from 880,000 per day.

he Paris-based agency reported that oil demand was supported this year by solid US deliveries and record demand from China in September.

Support for 2024 expectations rose due to lower interest rates and crude prices.

Meanwhile, the agency confirmed that the escalation in Gaza did not have a tangible impact on energy supply flows.

The Organization of the Petroleum Exporting Countries (OPEC) has revised its forecast for global oil demand growth this year to 2.5 million barrels per day, an increase of around 100,000 barrels compared to last month’s estimates. The increase in Chinese demand during the third quarter has contributed to this upward revision.

In its monthly report issued on Monday, the organization maintained its expectations for global oil demand growth in 2024 at 2.2 million barrels per day.

In its October report, OPEC predicted that global oil demand growth would stay steady at 2.4 million barrels per day in 2023, consistent with September’s forecast.

Parliamentary warnings against printing a new monetary mass after the deterioration of the dinar, 14 NOV

Parliamentary warnings against printing a new monetary mass after the deterioration of the dinar, 14 NOV

Independent MP Nazem Al-Shibli cautioned against printing a new currency bloc, warning that the rising dollar harmed poor citizens’ livelihoods and daily needs.

During an interview with [publication name], Al-Shibli expressed concerns about the governor’s inability to manage monetary policy and how such a failure could lead to the devaluation of the Iraqi dinar.

Central Bank Governor Ali Al-Alaq failed to manage the crisis and could not stabilize the Iraqi dinar’s value. Printing a new monetary mass will lead to adverse damage.

He pointed out that the rise of the dollar directly impacted the daily lives and livelihoods of ordinary Iraqis and criticized the Central Bank for failing to address this issue effectively.

Iraq's Prime Minister Makes Historic Announcement Banks Now Able to Exch...

DINAR STORY BY JAMES, 14 NOV

Frank26

[Dinar Story]

JAMES ONE: A gentleman came up, definitely someone that had it all together and in a bit of conversation he told us his job. I don't want to speak of the agency.

FRANK: Let's say this is a banking agency that is one of the top three agencies banks need in order to function.

JAMES ONE: Very good...This man was former special ops, has

retired and is doing a lot of work with a US agency that all banks around the world have to coordinate with. There was some small talk and conversation and then it was what do you know about the Iraqi dinar?

He smiled and he said well I know quite a bit about it...it's no secret in the banking world. The Iraqi dinar is about to reinstate. He gave me the rate. You want me to give the rate?

FRANK: No. JAMES ONE: He said any day has potential but he said definitely before 2024. He said everything is done and there is a date. Now he didn't say what it was but he was very forthcoming.

He said it's no secret. This is about to happen...He was so confident of the rate...I come from a military background too, when someone from the special ops says something you don't question... FRANK: There's no doubting this guy's information...we're presenting it as a rumor but I'm not doubting his rumor.

Iraqi Prime Minister and President discuss national and international developments, 14 nov

Iraqi Prime Minister and President discuss national and international developments

Shafaq News/ On Tuesday, Iraqi Prime Minister Muhammad Shia Al-Sudani met with President Abdul Latif Gamal Rashid to discuss national and international developments.

According to a statement from Al-Sudani's office, both leaders emphasized the significance of holding provincial elections as scheduled and ensuring the conditions for their success.

During the meeting, both sides shared a commitment to support the government in implementing its program to "establish security and stability, deliver services, and advance reforms in the fight against corruption."

The discussion also covered President Rashid's participation in the joint Arab-Islamic summit held in Saudi Arabia in solidarity with Palestine and the outcomes of the meetings with leaders from participating countries.

https://shafaq.com/en/Iraq-News/Iraqi-Prime-Minister-and-President-discuss-national-and-international-developments

Oil Prices Rise Amid Strong Market Fundamentals and Supply Disruption Concerns, 14 nov

Oil Prices Rise Amid Strong Market Fundamentals and Supply Disruption Concerns

The world has witnessed a surge in oil prices in the wake of a report issued by the Organization of Petroleum Exporting Countries (OPEC). The report firmly asserted the robustness of market fundamentals, sparking a rise in the futures contracts for Brent and West Texas Intermediate crude oil. Furthermore, it provoked concerns over potential disruptions in supply due to American pressures on Russian oil exports.

Unwavering Market Fundamentals

According to OPEC, the recent drop in oil prices can be attributed to speculators rather than any inherent weakness in the market. OPEC has emphasized the continued strength of oil market fundamentals, arguing that the market concerns about a potential decline in global demand were overly pessimistic.

OPEC’s Forecast on Global Oil Demand

In its report, OPEC has slightly raised its expectations for global oil demand for 2023 while maintaining a relatively high outlook for 2024. This indicates that OPEC foresees a steady demand for oil in the coming years, suggesting a sustained recovery from the pandemic-induced downturn.

A Potential Setback for the Market

Simultaneously, the report also pointed out that the resumption of talks in Iraq to reactivate an oil pipeline could pose a challenge to the market, potentially leading to increased supply and downward pressure on prices. This highlights the intricate balance that shapes the global oil market and the myriad factors that can influence its dynamics.

https://bnn.network/world/iraq/oil-prices-rise-amid-strong-market-fundamentals-and-supply-disruption-concerns/