Thursday, February 22, 2024

Feb 21st Recorded Program by DAVE SCHMIDT

Iraq's Bold Move: New Oil and Gas Bids Signal Economic Revival, 23 FEB

Iraq's Bold Move: New Oil and Gas Bids Signal Economic Revival

As the first rays of dawn touch the ancient lands of Mesopotamia, a new chapter is unfolding in Iraq's storied history. This time, it's not about conflict or conquest but about harnessing the wealth beneath its sands and soil. In a strategic push to revive its economy and rebuild from decades of turmoil, Iraq is set to open bids for new oil and gas concession areas in April. This initiative, part of the country's broader ambitions to develop its hydrocarbon resources, signals a hopeful horizon for a nation eager to reclaim its position on the global stage.

A New Era of Hydrocarbon Development

Under the guidance of the Oil Ministry, Iraq is embarking on what is known as the 6th licensing round, complemented by the remaining opportunities from the 5th round announced earlier in 2023. Mohammed Al-Saadi, the assistant director of the Licensing Section, shared that heavyweight contenders like Shell and Italy's ENI have already stepped into the ring, purchasing documents that detail the concession opportunities. With 8 exploratory and 8 producing wells in the 5th round, and an additional 11 oil and 3 gas wells in the 6th, Iraq is laying the groundwork for a significant expansion of its oil and gas production capabilities.

Global Giants and Local Growth

The allure of Iraq's hydrocarbon potential has not only drawn in major global firms but also promises to catalyze local economic development. The engagements with international giants such as Lukoil, as discussed by the Iraqi Prime Minister with a Russian delegation, underscore the global interest in Iraq's energy sector. Furthermore, the transition of the West Qurna 1 oilfield's operations from ExxonMobil to PetroChina, aiming to boost production significantly by the end of 2024, illustrates the dynamic shifts occurring within Iraq's oil landscape.

Yet, the narrative extends beyond oil and gas. Companies like Crescent Petroleum have embarked on ambitious projects to meet Iraq's soaring energy needs, addressing both oil and gas development and the critical electricity deficit. With plans to inject substantial investment into the early phases of new fields in Diyala and Basra, the initiative demonstrates a comprehensive approach to Iraq's energy challenges, leveraging the second highest proven oil reserves in the region for sustainable economic growth.

Charting a Course for Recovery

As Iraq positions itself at the crossroads of recovery and development, the unfolding story of its hydrocarbon sector is more than an economic venture; it's a beacon of hope for a nation striving to turn the page on years of conflict. The upcoming bidding rounds represent not just an opportunity for global energy firms but a pivotal moment for Iraq to harness its natural wealth for the prosperity of its people. With a careful balance of international collaboration and domestic advancement, Iraq is steering towards a future where its natural resources are the bedrock of its revival.

At the heart of this endeavor is a commitment to not only boost production but to ensure that the benefits of such development are felt across Iraqi society. In a landscape marked by historical upheavals, the quest for energy independence and economic stability is a testament to Iraq's resilience and determination to forge a path of sustainable growth. As the country embarks on this ambitious journey, the global community watches, hopeful for a future where Iraq can fully realize its potential, both below ground and above.

https://bnnbreaking.com/finance-nav/iraqs-bold-move-new-oil-and-gas-bids-signal-economic-revival

"QFS CONVERSATIONS" BY GOLDILOCKS, 22 FEB

GOLDILOCKS

The latest FOMC meeting notes recently told us that quantitative tightening or the holding on to higher interest rates for longer will be used until the midpoint of the year.

It is one of the ways the Fed lowers their balance sheet and creates liquidity for the markets. So far, we are being told that their intentions to begin the process of lowering interest rates will begin sometime in May or June.

June is the most likely scenario as MICA stablecoin and crypto regulations in Europe will be completed by that time. The lowering of interest rates will create a bull market, and the markets are expected to do very well with this pivot.

It will give more purchasing power to the dollar, more purchasing power to our tokenized assets, and more purchasing power to Gold. We will be inside a new digital economy by that point. Many of the global assets will be digitized by that time and expected to be at 90% by the end of the year. The growth of the new economy is expected to commence the second half of this year allowing our money across the world to begin noticing more liquidity inside the Forex markets.

https://www.investopedia.com/next-fed-meeting-7551561#:~:text=Key%20Takeaways,prior%20September%20and%20November%20meetings.

https://wolfstreet.com/2024/02/22/the-fed-wants-to-drive-qt-as-far-as-possible-without-blowing-stuff-up-and-its-working-on-a-plan-fomc-minutes/

Quand Me rock Is One, the importantin Iraq BY NADER FROM MID EAST

Iraq's Leap into Digital Transformation: A Collaboration with Visa Paves the Way, 22 FEB

Iraq's Leap into Digital Transformation: A Collaboration with Visa Paves the Way

In a bold stride toward modernization, Iraq's Prime Minister, Mohammed Shia Al-Sudani, has pledged to prioritize economic and banking reforms, spotlighting a recent collaboration with Visa that aims to revolutionize the nation's payment landscape. Amidst a backdrop of ongoing economic challenges, this partnership could herald a new era of prosperity and financial inclusion for the Iraqi people.

Seizing the Digital Future

During a notable meeting with Visa's regional president for the CEMEA region, Andrew Torre, Al-Sudani expressed his government's dedication to enhancing electronic payment technology and digital transformation within Iraq. The Prime Minister took pride in the government's recent nod to the electronic payment system, a move that is set to redefine the Iraqi economy. Visa's role in this transformation has been pivotal, not just in expanding electronic payment technology but also in empowering Iraqi workers through comprehensive training in the electronic payment ecosystem.

Visa's Commitment to Iraq's Economic Reform

On his part, Torre conveyed Visa's enthusiasm for bolstering Iraq's economic reform efforts. Visa's commitment to introducing advanced payment solutions and technologies, sharing expertise, and generating employment opportunities for Iraqis is unwavering. One of the most ambitious goals is the establishment of 500,000 acceptance points for electronic payments across the country, a leap that could significantly enhance the ease of doing business and consumer convenience in Iraq. The collaboration with the Central Bank of Iraq and the broader banking sector is seen as a cornerstone of this initiative.

Challenges and Opportunities Ahead

Despite the clear benefits of moving towards a digital economy, the transition poses challenges, especially for a segment of the Iraqi workforce. The phasing out of cash transactions threatens the livelihood of workers like Ali, who relies on tips for a significant portion of his income. Experts, however, argue that the benefits of electronic payments, including reduced corruption and enhanced efficiency, far outweigh these concerns. The shift to electronic payments is not just about convenience but also about creating a more transparent and accountable financial system in Iraq.

The collaboration between Iraq and Visa marks a significant milestone in the country's journey towards economic modernization and digital inclusion. While challenges remain, the potential for positive change is immense, promising a future where financial empowerment and innovation pave the way for prosperity.

"ANALYSIS OF IRAQ NEWS: Iraqi Government and Visa forge alliance for digital payment advancements" BY FREEDOM FIGHTER, 22 FEB

FREEDOM FIGHTER

VISA has been in Iraq for a while but now they are connected to the Central Bank of Iraq and the entire Iraqi banking system

🟢Also they are training staff and citizens on electronic banking

🔰This is a part of Iraqs economic reforms

https://shafaq.com/en/Economy/Iraqi-Government-and-Visa-forge-alliance-for-digital-payment-advancements

Iraqi Government and Visa forge alliance for digital payment advancements

Shafaq News/ On Thursday, Iraqi Prime Minister Mohammed Shia Al-Sudani expressed the government's commitment to economic and banking reform as a top priority.

Al-Sudani's media office said that the prime minister received Andrew Torre, Visa's regional president for the CEMEA region when he commended the collaboration with Visa in advancing electronic payment technology and digital transformation.

Al-Sudani emphasized the government's dedication to economic and banking reform, noting the recent approval of the electronic payment system by the Council of Ministers.

Furthermore, he praised the company's role in expanding electronic payment technology and contributing to the education of Iraqi workers involved in the electronic payment process.

On behalf of Visa, Torre expressed the company's eagerness to continue collaborating with the Central Bank of Iraq and all entities within the Iraqi banking sector, highlighting Visa's commitment to supporting Iraq's government plans for electronic payment and economic reform.

In addition, Visa's regional president pledged to introduce advanced solutions and technologies to the market, offering expertise and increasing employment opportunities for Iraqis at Visa's Baghdad office to establish 500,000 acceptance points for electronic payment across Iraq.

DINAR REVALUATION

Pages