Iraq to stick to OPEC's voluntary oil production cuts, 20 MARCH

Iraq to stick to OPEC's voluntary oil production cuts

Shafaq News/ Iraq, OPEC's second-largest producer, will continue to adhere to the voluntary output cuts agreed upon by OPEC+ members, the Ministry of Oil announced, reiterating its commitment to the organization's efforts "to maintain stability and balance in the global oil market."

In a statement, the ministry said that despite reports of increased production from the Kurdistan region of Iraq, "which is not coordinated with the federal government," the country will continue to limit its exports to 3.3 million barrels per day (bpd) for the coming months.

"This is in order to absorb the increase in production that occurred in January and February," it said. "The ministry is coordinating with secondary sources to ensure that this information is reflected in their reports on OPEC+ production levels for the coming period." 

Iraq announced in February that it would assess its production levels and take measures to address any surplus output exceeding its agreed cuts under the OPEC+ agreement.

The OPEC+ voluntary cuts, currently extended until June, are part of a series of measures implemented by the group since late 2022. These measures aim to bolster the market as concerns over weak economic growth are anticipated to constrain oil demand, especially with increased supply from producers outside the OPEC+ alliance.

https://shafaq.com/en/Economy/Iraq-to-stick-to-OPEC-s-voluntary-oil-production-cuts

" RV UPDATE" BY MARKZ, 20 MARCH

 MarkZ   

[via PDK]   I have a number of banking contacts that have launched into overdrive for this week …Lots of people expected announcements overnight last night...the electronic platforms being wildly successful is key to them implementing their change in value. And the Real Effective Exchange Rate (REER) is expected this week according to Iraqi contacts.  Most of my Iraqi contacts expect it by April 1st.  Praying they are right. 

...There is a tremendous amount of chatter from my contacts with expectations for the next day or 2...we will see but I think that may be a little premature...I do feel really good about where we are.

  I think things are in a mad dash to the finish line… We have an impending visit from Sudani here in the Us ...  We have Sudani on Friday mentioning the rate of $1.32…which is very specific... 

Comment:  The $1.32 rate is actually .76 cents US for each dinar….  Al Sudani promised the Iraqi people the dinar would be stronger than the dollar. . 76 cents is NOT stronger.   

MarkZ:  They may be floating the rates of $1.32 and .76 cents to get people ready for a change. I still think it will be more in the $3 or $4 range…but I could be wrong. IMO $1.32 and .76 cents rates would still be fantastic.. 

Pimpy is live 03/19/24

The International Atomic Energy Agency sends an official invitation to Iraq to participate in its next summit, 20 MARCH

The International Atomic Energy Agency sends an official invitation to Iraq to participate in its next summit

Shafaq News/ On Monday, the International Atomic Energy Agency sent an official invitation to Iraqi Prime Minister Muhammad Shia al-Sudani to participate in the nuclear energy summit that will be held in Brussels this month, while confirming that it is awaiting an Iraqi delegation’s visit to its headquarters in the coming weeks to develop a road map to empower the country. From obtaining nuclear technology in peaceful fields.

The Prime Minister’s Media Office stated in a statement received by Shafaq News Agency that Al-Sudani received this morning the Director General of the International Atomic Energy Agency, Rafael Mariano Grossi, and confirmed during the meeting that Iraq was one of the first countries that sought to join the agency, abide by its treaties, and worked to establish nuclear reactors. For peaceful purposes due to his conviction that nuclear energy should be a source of prosperity and not for the development of lethal weapons.

He pointed out that at the end of last year, Iraq submitted to the Agency the requirements for joining the Nuclear Safety Agreement and the Joint Agreement on the Safety of Spent Fuel Management and the Safety of Radioactive Waste Management, and it is looking forward to re-entering the field of peaceful applications of nuclear energy.

Al-Sudani expressed Iraq’s desire to occupy its natural position in the international arena and to engage in peaceful activity in the field of atomic energy. He also looked forward to assisting the Agency in developing programs and projects related to development in the field of nuclear applications for peaceful purposes.

For his part, Grossi extended an invitation to the Sudanese to attend the Nuclear Energy Summit, which will be held in Brussels this March, expressing his appreciation for Iraq’s cooperation with the agency.

He pointed out that Iraq is one of the leading countries working with the agency, and he also declared a commitment to work with Iraq in its peaceful program and projects, which include energy, soil desalination, treatment of diseases, and other peaceful fields.

Grossi expressed his aspiration for the Iraqi delegation to visit the agency’s headquarters in the coming weeks. To work on developing a road map to develop Iraq’s work, build infrastructure, and obtain nuclear technology in peaceful fields.

https://shafaq.com/ar/%D8%B3%DB%8C%D8%A7%D8%B3%D8%A9/%D8%A7%D9%84%D9%88%D9%83%D8%A7%D9%84%D8%A9-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9-%D9%84%D9%84%D8%B7%D8%A7%D9%82%D8%A9-%D8%A7%D9%84%D8%B0%D8%B1%D9%8A%D8%A9-

"RV UPDATE" BY MILITIAMAN, 20 MARCH

  Militia Man

  Al-Sudani...talked about having the dinar be 1.32 dinars to the dollar...turns out to be around $0.76.  That's a big bit of purchasing power for the citizens. 

 Is it what they're going to end up with in the future based off all the natural resources that they...all the non-oil maximized income...tourism, all the extra stuff you never had when Saddam Hussein was in office ?

  Saddam Hussein's $3.22 to 1 dinar was based off about $35 a barrel of oil.  Oil is pushing $85 today...They have surplus money coming from all these different places...

Al-Sudani talked about having $1.00 equaling 1.32 dinars...I believe in my view is when they drop the three zeros from the exchange rate, what you'll have is about .76 USD.  Then they apply the Real Effect Exchange Rate to that.  And that's going to be based off of their assets...

Vietnam Dong 🔥Vietnam Dong something happening big 🔥Vietnam Dong rate up...

Iraq sends technical and military committees to several countries to purchase advanced air defense systems, 19 MARCH

  Iraq sends technical and military committees to several countries to purchase advanced air defense systems

The spokesman for the Commander-in-Chief of the Armed Forces, Major General Yahya Rasoul, announced today, Monday, the sending of technical and military committees to several countries to contract for the purchase of advanced air defense systems.

Major General Rasoul said, according to the official agency, “Iraq has contracted French radars and a batch of them have arrived, and we are proceeding to
complete the radar system in general,” indicating that “there are low-, medium- and high-range radars.”

He added, "The Air Defense Command is capable of radar detection and monitoring the movement of aircraft within Iraqi airspace," noting that "the Military Command, led by the Commander-in-Chief of the Armed Forces, confirms the first priority of the Air Defense Command systems."

He stated that "there are technical and military committees that visited a number of countries and made offers to them, along with reviewing anti-aircraft weapons," pointing out that "when contracting for weapons or advanced systems, this will be announced." link