Iraq Affirms Support for OPEC+ Agreement, Aims to Stabilize Global Oil Market, 8 DEC

 Iraq Affirms Support for OPEC+ Agreement, Aims to Stabilize Global Oil Market

Renewing its commitment to the OPEC+ agreement, Iraq continues to support the collective strategy of regulating oil output to maintain balance and stability in the global oil market. The commitment comes as a voluntary contribution to managing the supply and demand dynamics of the oil market, control the fluctuation of global oil prices, and ensure the benefit of both producers and consumers internationally.

Iraq’s Continued Support for the OPEC+ Agreement

Iraq’s Oil Minister, Hayan Abdel-Ghani, affirmed the country’s dedication to the OPEC+ agreement and its commitment to voluntary oil production cuts. This declaration, as reported by the Iraqi state news agency (INA), is part of Iraq’s concerted efforts to achieve oil market balance and stability. The OPEC+ agreement, an alliance of oil-producing nations, aims to regulate oil output to manage market dynamics and influence global oil prices.

The Impact on Global Oil Market

As oil prices regained some ground after a six-month low, concerns remain about sluggish demand and economic slowdowns in the US and China. By renewing its commitment to the OPEC+ agreement, Iraq demonstrates its dedication to cooperative strategies designed to maintain market equilibrium and prevent excessive volatility. This initiative is a testament to Iraq’s role as a responsible member of the global energy community, willing to adjust its oil production in line with agreed-upon international strategies for the broader economic environment’s benefit.

Looking Forward

With this renewed commitment, Iraq continues to fortify its position in the global oil market. It underpins the importance of cooperative strategies and collective efforts to mitigate the impacts of economic slowdowns and maintain stability in the oil market. As the world navigates economic uncertainties, Iraq’s support for the OPEC+ agreement is a beacon of dedication to the broader economic environment and the global energy community.

https://bnn.network/world/iraq/iraq-affirms-support-for-opec-agreement-aims-to-stabilize-global-oil-market/

Russia and Vietnam Quadruple Trade Settlements in National Currencies, 7 DEC

Russia and Vietnam Quadruple Trade Settlements in National Currencies

Trade settlements between Russia and Vietnam, conducted in their respective national currencies, the ruble and the dong, have seen an unprecedented increase in 2023, quadrupling in volume. This significant leap was revealed by Olga Basha, the head of international settlements at VTB bank, who shared this information ahead of the Russia Calling 2023 investment forum.

Rise of National Currencies in Trade Settlements

The shift towards national currencies for cross-border trade, moving away from the dominant US dollar, commenced in 2022. This global trend intensified particularly after sanctions related to the conflict in Ukraine led to Russia being disconnected from Western financial systems and the freezing of its foreign reserves.

VTB Bank: Facilitating Ruble-Dong Transactions

VTB, Russia’s second-largest bank, plays a pivotal role in these burgeoning trade settlements, acting as a market maker in Vietnam. Payments for the ruble-dong currency pair are being processed through a joint bank, indicating a shift towards greater financial independence and interdependence between the two countries.

From China to India: A Global Trend

This trend is not confined to Russia and Vietnam. VTB Bank has also noted an increase in the use of national currencies for transactions across its international subsidiaries and branches. Operations in India and China, as well as throughout the Commonwealth of Independent States, are increasingly turning to national currencies, reinforcing this shift away from the US dollar in cross-border trade.

https://bnn.network/world/vietnam/russia-and-vietnam-quadruple-trade-settlements-in-national-currencies/

Iraqi Dinar🔥Iraq Ready To Takeoff With Huge Announcement Of Al Sudani To...

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

  Frank26  

 [Iraq boots-on-the-ground report]  

 FIREFLY:  TV is showing the IMF and the World Bank talking about Iraq and then the IMF kind of started talking bad about us...Iraq.  Criticizing.  Out of no where the World Bank stands up and says, 'Get off their backs.  There is a plan in place and expect imports to bust wide open because soon as the dinar revalues...'  'YES the World Bank said this.  The World Bank is saying the dinar revaluation will cause us to buy more imports because we have more purchasing power.  They're telling us this! 

 FRANK:  It's no longer a secret...My goodness...this is straight from the horses mouth...This is basically an announcement...evidence.  He said it.

FIREFLY: TV says we are moving towards monetary sovereignty.

FRANK: The reason they tell you this is because it’s moving towards a monetary sovereign national currency that will replace the 3-zero notes that are worthless and also replace the American dollar…They’re not hiding anything.  It’s not a secret.   Everything is out in the open…

You are now standing on the grounds of the RD and you’re soon to walk into the float.  These are the steps.  This is the journey you’ve taken whether your recognize it and understand it or not.  The monetary reform is moving forward beautifully.

Article:
“The President of the Republic: There is no dollar crisis in Iraq”

OF COURSE NOT… THERE’S A NEW NATIONAL CURRENCY & A NEW EXCHANGE RATE COMING… AND EVERYONE KNOWS IT.

https://dinarevaluation.blogspot.com/2023/12/iraq-boots-on-ground-report-by-firefly_01779442540.html

Iraq committed to voluntary reduction in oil production, Minister says, 7 DEC

 Iraq committed to voluntary reduction in oil production, Minister says, 7 DEC

Shafaq News / Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, announced on Thursday Iraq's complete endorsement of the OPEC+ group's agreement and decisions made last month regarding production cuts.

Abdul Ghani, presiding over a meeting at the Iraqi Oil Marketing Company (SOMO), stated according to a statement that Iraq is committed to a voluntary additional reduction in oil production of up to 220,000 barrels per day, effective from the 1st of January 2024 until the 31st of March 2024.

He affirmed, "Iraq's decision aligns with joint efforts to achieve equilibrium and stability in the oil markets. According to the reduction program, Iraq will decrease its production to four million barrels per day during the specified period."

He also expressed appreciation for the precautionary measures taken by the OPEC+ group to preserve the balance and stability of the oil market.

On his part, the Director General of SOMO, Ammar al-Ankabi, confirmed, "Iraq, being the second-largest crude oil producer in the OPEC organization, will remain supportive of the organization and its allies, in line with the declared cooperation with OPEC+, in accordance with developments in the oil market."

"The OPEC+ agreement and the voluntary reduction decisions by producing countries within OPEC and outside it aim to address challenges and changes in the oil market, minimizing their impact on its stability", he added.

https://shafaq.com/en/Economy/Iraq-committed-to-voluntary-reduction-in-oil-production-Minister-says

FRANK26…..IQD UPDATE….12-7-23……THE END

The date of “cancellation of cash” and the reality of the additional fees.. New details about electronic payment at gas stations, 7 DEC

 The date of “cancellation of cash” and the reality of the additional fees.. New details about electronic payment at gas stations

Baghdad today - Baghdad
 
Today, Sunday (December 3, 2023), the Petroleum Products Distribution Company affiliated with the Ministry of Oil revealed new details regarding stopping cash payment at gas stations at the beginning of the new year.
 
The company's general manager, Hussein Talib, told "Baghdad Today", 
 
"Closing cash transactions at gas stations completely will not happen at the beginning of next year, but rather in the first quarter of 2024, and 


the process will also take place gradually at the stations, one after the other.". Talib stated,
 
 “There are kiosks that will be opened in most gas stations in order to issue an electronic payment card, in order to facilitate this matter for many citizens, and 


payment via the card will not deduct any additional amount other than the amount that appears on the payment screen, without any Other wages.
 
The Director General of the Petroleum Products Distribution Company added, 
 
“Payment devices will be available at every pump so that there will be no delay in the issue of paying wages, and 


the process will be easy and fast and will not cause any rush. 
 
On the contrary, it will speed up the payment process, but rather cash payment, which takes time to complete.” Count the money.” 
 
https://baghdadtoday.news/236932-موعد-الغاء-النقد-وحقيقة-الرسوم-الاضافية.-تفاصيل-جديدة-عن-الدفع-الالكتروني-بمحطات-الوقود.html