In the article, they want to go and do this monetary sovereignty. What do they have to do?
They have to eliminate the US dollar out of the public. But the dollars they eliminate they want to put into their reserve. So they're not de-dollarizing. They're trying to build up their reserve and at the same time expand the supply times velocity of their currency...
yada
Article: “Baghdad today - Baghdad Today, Friday (December 1, 2023), the National Public Retirement Authority announced the start of disbursing salaries to retirees next Sunday“
Yes, that is this Sunday the 3rd.; The reduction of the oil output by 650,000 barrels means an increase in the price of oil, higher rates in the dinar value will follow.; Lastly, the official change in the auction practice stopping the auctions while the banks are NOW transferring dollars through the designated banks connected with Chase and Citibank started... All clear signs we will see our expected end, now IMO.
Global Oil Market in Flux: OPEC+ Cuts, Geopolitical Tensions, and Economic Uncertainty
One of the most intriguing and consequential economic arenas in the world, the global oil market, is currently grappling with a complex medley of variables. From geopolitical tensions and economic conditions to OPEC+ decisions, the landscape of the oil industry is in a state of flux, leading to an unstable pricing environment.
Uncertain Impact of OPEC+ Production Cuts
A significant determinant of the current oil pricing scenario is the recent OPEC+ decision to implement production cuts to counter falling prices. The agreement, aiming to withdraw about 2.2 million barrels per day from the global circulation in the first quarter of the subsequent year, is a strategic response to the downward pricing trend. However, the market has received this decision with a certain level of skepticism, wary of the voluntary nature of the reductions, compliance concerns, and macroeconomic headwinds. The true effect of these production cuts on oil prices is still under scrutiny, the outcome of which might take weeks or months to manifest .
Geopolitical Tensions and Economic Conditions
Other than the OPEC+ accord, geopolitical tensions, notably the renewed conflict in Gaza, has added to the market’s volatility, risking potential global oil supply disruptions. The imposition of additional sanctions related to the price cap on Russian oil by the United States has further complicated the market dynamics. Economic conditions, such as weak global manufacturing activity and concerns around economic growth, particularly in 2024, have also impacted oil prices. The central banks’ cautious approach, for instance, the Federal Reserve’s careful consideration of interest rate adjustments, mirrors the wider economic environment that’s influencing the oil market.
Oil Trade Dynamics
The dynamics of oil imports by major consumers, such as India, have also contributed significantly to the global oil market landscape. The changing patterns of oil trade with key suppliers like Russia, Iraq, and Saudi Arabia highlight the intricate web of relationships and market forces in action.
Looking ahead, the current landscape of the oil market is riddled with uncertainty, characterized by the interplay of geopolitical tensions, economic conditions, OPEC+ decisions, and global oil trade dynamics. The long-term balance in the oil market may depend on a significant improvement in global economic data in the new year, highlighting the interconnected nature of the oil market with the broader global economy.
The global oil market today is defined by a multitude of factors, leading to pricing instability. The OPEC+ production cuts, geopolitical tensions, economic conditions, and oil trade dynamics have collectively shaped this complex and uncertain environment. As the market continues to assess these developments, the path forward remains full of challenges, emphasizing the importance of a comprehensive understanding of the global oil market’s multifaceted forces.
Iraq’s Integrity Commission Unveils Financial Irregularities in Basra’s Oil Industry
The Integrity Commission of Iraq has carried out five operations to apprehend instances of financial manipulation, wastage of public funds, and irregularities in various oil companies in Basra. The revelation of these discrepancies reflects the ongoing efforts of the Commission to expose and address corruption within the nation’s oil industry.
Discrepancies Unveiled in Basra Investigation
The Basra Investigation Directorate’s team has unearthed an alarming four billion Iraqi dinar manipulation in 20 disbursement documents. These documents, linked to the Iraqi Oil Tankers Company, were supposed to allocate social benefits for public service projects across the province. Instead, they have become the subject of scrutiny for fraudulent activity.
Financial Missteps at the Basra Oil Company
Furthermore, the Basra Oil Company’s Projects Authority has been implicated in financial negligence. The Authority failed to secure due amounts from an Australian company, causing substantial damage to public funds when the company declared bankruptcy. This misstep has raised questions about the Authority’s financial management capabilities.
Compensatory Payment Issues and Residential Unit Distribution
Issues have also arisen regarding compensatory payments for land use in West Qurna 1 oil field, operated by Basra Oil Company. Non-agricultural lands, as well as fictitious lands, were compensated, shedding light on possible foul play. The South Refinery Company has also been implicated in a violation related to the distribution of residential units. Units were awarded to the general manager and other employees without proper entitlement, with the manager housing his son in a unit despite no affiliation with the company.
Contract Irregularities at the General Company for Distribution of Petroleum Products
Finally, at the General Company for the Distribution of Petroleum Products, contract inconsistencies have been identified with a private transport company. Despite government vehicles being available for transport, the company engaged in this year’s transportation of oil products under ‘license rounds’ with a private firm. This irregularity further underscores the extent of the financial irregularities plaguing Iraq’s oil sector.
Welcome, everybody has a big call tonight is Thursday, November 30. And I'm glad everyone is tuned in and still here and listening to the big call tonight. We welcome everybody that's within the sound of my voice. Thank you for tuning in yet again
Let’s do this you guys - let's talk about where we are - at least where we believe we are right now?
I told you guys, I believe it was last Tuesday - two days ago - that we were supposed to according to pretty high up sources. We were supposed to be exchanging Wednesday or Thursday and I had clarifications that we would be exchanging today. Well, guess what, we are not – yet – exchanging
I don't have the toll free number to put out and I should have it - but I think there’s a number of factors and this is one in particular of them I think that's delayed us slightly. Not too much, but so a little bit.
Now, three days ago, Elon Musk put up rockets that contain 59 new satellites - And those satellites have been put into orbit as part of the Starlink satellite system - My understanding is those 59 satellites complete the formation of Starling satellites system. Further to that my understanding was that the day they will be fully synchronized, starting at about noon today. That's typically give our Eastern Time, noon today, and then be fully synchronized and tested and aligned and by around four o'clock this afternoon.
Well, I don't have confirmation that they completed that yet. I hope to have it by the call tonight. I think that they will have had that completed by now because we had another piece of information this afternoon that said this was from PNC Bank that says that this could go -- one time expression is “this could go”
My question is What are you talking about? What could go? Are you talking about notifications? Are you talking about exchanges are you talking about emails to the bondholders? What are you talking about? You say this could go well, this could go any second after 8:30pm Eastern tonight (Thursday)?
Well way past last hour, two hours past that now. So it doesn't mean it was going to happen at 8:31PM. That's not what it meant. It just meant that it looked like everything is now ready where we thought we have this this morning. We thought we'd be notified we were told that we would be notified between nine and noon today. Didn't happen.
But tomorrow is the first we knew and were told later today that exchanges will start on the first of December that Friday. That's tomorrow. Let's see if that happens - to get exchanges to start - and by the way that was any time after 830 to 930 tomorrow morning - if that is to happen in the morning we need to be notified before this so that we can set our appointments.
Could we wake up to emails tomorrow. Yes, I think that ‘s a distinct possibility. Could these be going out overnight? Yes. - Are the emails to the bondholders going out overnight? Yes.
When will they have access to funds, my understanding is they'll have it sometime tomorrow.
Our shot gun start are supposed to be I believe I said 16 hours its really 14 hours apart, possibly that much, that many hours apart from one another grouping bondholders for tier three before tier 4A which is admirals group and 4B, which is Internet Group - That's who we are.
So this thing is closely connected or Sue would say is they are integrated - so the question is when are we in for a start? In the first day of December? Which is Friday – which is tomorrow?
This is what I've been told yes. But in order to get that start, we need our 800 number & notifications by email – Now will we wake up tomorrow when we get into our morning. We get in time to set appointments and start tomorrow. This is our hope. This is our hope.
I don't have quite as much verification or information from other sources that hoped to have by tonight. Tonight was one of those days where a lot of our sources are quiet. We just don't have everything
Lets talk about rates - that we like to talk about for a minute which I don't as you know talk about very much. We had rates on redemption center screens on dinar and Dong that were put out yesterday - definitely that were terrific. Excellent.
So I'm going to save the rates are terrific. Notice I said on redemption center screens not banks important that we use the toll free number which will come out to set your appointment- I don't care if all you have is Dong – or Dinar - or Zim - whatever your Range of currency might be – use the toll free numbers to set your appointments –
Why is that? Bruce why? Because rates at the redemption center will be higher than they are in the banks - Our contacts see rates on the bank screens - They also see rates in the redemption center screens – I can tell you know they are that much higher – as much as 4 times higher on redemption center screens than they are on the bank screens.
Now. Why is that? Because President Trump wants us to use the toll free numbers to use the redemption centers to get the highest rate is a win win win. I've told you guys before it's a win win for us because you guys have more funds as a result of the exchanges and the redemption of Zim – it is a win for the bank because they get a slight percentage that helps them with their liquidity.
And then a win for the staff person that helps you do your exchange – because the staff people, they go through this exchange with us, picks up point .025% of the total exchange. .025 is 25000s of a percent - 25,000 is nothing - Oh yes. Oh, yes it is So it's very important. And this is why it's important that you don't really just go to any XYZ bank.
Only the redemption centers will work better headed up by Wells Fargo in the United States about in the US will redeem your zim at the top rate - Now certain other tier one banks like Santander Bank in Latin America, they're capable of handling zim --- HSBC is capable of doing zim in Canada and other parts of the world. They ‘re kinda the lead banks everywhere but the United States, Wells Fargo was the lead bank - And over sees the redemption centers in United States - HSBC over sees the same thing as the redemption centers in Canada.
Although there are other banks involved at the redemption centers, like Scotiabank that merged with RBC Royal Bank of Canada. Scotia is okay but we still want to call and go to the redemption centers even in Canada let's see how you do in Mexico with that as well.
Your rates are high there, it's definitely going to be the way to go. We'll set an appointment. It's supposed to take no longer than 30 minutes to get a lot of things done.
But they've been Redemption Centers have been bringing new people - getting new equipment - laptops that are new, that are brand new, that aren't seven years old and old software. The Delarue machine that got new Delarue is coming in now there's quite a shift of all that - a USN currency has been moved from certain banks to redemption centers - should have the USN the US enter the United States Redemption Centers - It's been there for two years or more - we should be able to get that when we go in for our exchanges, when we go in - it should be that the rest of the banks also have the USN currency in the banks.
I'm thinking they should have it as of tomorrow – wait and see what that happens - I cannot go into a regular bank right now – I’m not gonna go anywhere except redemption center. So I won't even know that probably.
But Iraq is looking to put their HCL law in the Gazette along with their new international rates.
And since tomorrow is a High Holy Day - I don't know this, but I think they would probably put it in the virtual online version, if you will, the digital Gazette on Friday, and it made me put it in the printed version of the Gazette on Saturday.
Everything really is ready to go. I really do believe that we are ready. The intention is and was for us to start on first of December. Let's see if that holds up. Maybe we will wake up to our emails that are in inbox tomorrow morning.
Check your emails tomorrow morning. See if they're there and proceed accordingly. And that's what I'd say is important for us right now.
So I just want to thank everybody for listening for tuning in tonight for being part of the big call and for staying with us in faith for everything we are looking to manifest - And I'm sure tomorrow hopefully we wake up, essentially, it's Christmas for us. So let's see what happens. I'm not trying to call it, you know, I did everything but call it Tuesday night, but I think that we're very, very close. Okay, everybody have a great night tonight let's pray out the call.
