North Oil Company revives an oil well at Batma field in Nineveh
Shafaq News/ On Monday, a source at the North Oil Company revealed that technical and engineering teams have successfully revived an oil well in the "Batma" oil field in Nineveh governorate, northern Iraq.
The well had previously ceased production due to pump failure, resulting in a halt in operations. Before the failure, the well had yielded approximately one thousand barrels per day.
The teams are now focused on increasing the field's production to reach 10,000 barrels per day.
The source told Shafaq News Agency that "Nineveh Oil Fields Administration and Materials Authority, following the guidance of North Oil Company's General Manager, Barkan Hassan Abdullah, started rehabilitating the Batma Well No. 3 by extracting 107 pieces of production tubing and the Electric Submersible Pump (ESP) from the well. Additionally, the electrical cable for the pump was retrieved."
Furthermore, the source pointed out that an engineering and technical team has commenced the development of a comprehensive plan that aims to enhance the capabilities of oil fields across Nineveh Governorate, ultimately leading to increased production.
[via PDK] Comment: This week sure feels promising to me. MarkZ: I agree – it does feel promising. I am expecting a lot of key information to come out this week.
In Iraq “Iraq’s Federal Board of Supreme Audit exposes US $600 million corruption scandal involving “ghost travelers” Iraq allowed people to get US cash when they said they were going to travel abroad. People were getting cash and were not traveling at all…and the money went to the parallel markets…. The US claims this is “corruption” This is more proof positive they need to change that dinar rate as soon as possible.
There is some anticipation from one of my redemption center contacts who is expecting to work this weekend…. I take that as positive...
...a little more news out of Vietnam...they continue to crackdown on corruption: “Vietnam jails soft drink tycoon for eight years in $40M fraud case” ...I am leaning toward they are cleaning the system to change the value of the VND.
Expert attributes drop of USD exchange rate to improved economy
Shafaq New/ The Iraqi dinar has gained ground against the U.S. dollar in recent days, with exchange rates falling to 1400 dinars per dollar, Jabbar Koran, the official spokesperson for the Sulaimaniyah currency market, said.
Koran attributed the dinar's strength to a combination of factors, including the positive impact of Iraqi Prime Minister Mohammed Shia al-Sudani's recent visit to Washington, the increased use of smart cards for dollar withdrawals, and the growing trade between Iraq and Turkiye, which is now conducted in both Iraqi dinars and Turkish liras.
"Al-Sudani's visit to Washington has led to increased U.S. support for the Iraqi economy and optimism among American parties regarding Iraq's infrastructure and banking reforms," Koran told Shafaq News Agency. "This has boosted confidence in the Iraqi economy and reduced demand for dollars."
Koran also highlighted the growing use of smart cards, which allow account holders to withdraw dollars from abroad. This, he explained, has reduced the need for individuals to purchase dollars locally, further contributing to the dinar's appreciation.
The recent agreement between Iraq and Turkiye to conduct bilateral trade in their respective currencies has also played a role in strengthening the dinar. "With an annual trade volume between the two countries ranging from 20 to 24 billion dollars, this shift away from dollar-denominated transactions has decreased the demand for U.S. currency in Iraq."
"The Iraqi central bank has been encouraging the use of alternative currencies in international transactions," he said. "A recent agreement with Saudi Arabia, for instance, allows for future trade to be settled in the respective national currencies of both countries."
"In the past, citizens would convert a portion of their salaries into dollars to cover housing loans, car payments, or other outstanding obligations," Koran explained. "However, with the increasing availability of alternative payment methods and the promotion of the dinar, people are no longer as reliant on the dollar."
While Koran expects the dollar to stabilize around 1400 dinars in the near term, he acknowledged the possibility of further appreciation, potentially reaching 1420 dinars per dollar. The central bank, he noted, has achieved its target for the exchange rate, but market dynamics could lead to further gains for the dinar.
Article: "We will see the dollar decline in the black market soon...the central bank's credit rating [from the World Bank] is an A++ and exceeded the United Arab Emirates..." That's the prime minister's advisor talking...That's phenomenal. It's big. It says a lot. It says they have trust. It says Iraq has the ability to pay back their bills.
Article quote: "...anticipating the impact of the central bank agreement with the US Treasury on exchange rates...it is hoped the Central Bank of Iraq will announce the measures that were agreed upon in Washington which could have positive impact on the exchange rate..."
The key focus is they're talking about the exchange rate, positive impacts, the US Treasury on exchange rates. That is fascinating.
There's clear signals the dinar and dollar relationship are going to be different in the future.They state specifically the dinar will be better. It's going to be stronger than the dollar, al-Sudani said it.It's going to be better because of what? Because of all these actions they're talking about now...It's huge.
Bin Salman, al-Sudani discuss Gaza, bilateral ties in Riyadh meeting
Shafaq News/ Iraq's Prime Minister Mohammed Shia have met with Saudi Crown Prince Mohammed bin Salman on Sunday in Riyadh for talks on bilateral ties and cooperation prospects between their respective countries, a press release by the former's media office said on Sunday.
The press release said the two leaders "pledged to strengthen ties between the two countries and reviewed the progress made in cooperation through the Iraq-Saudi Coordination Council."
Al-Sudani expressed Iraq's desire for broader economic cooperation with Saudi Arabia, which "would contribute to economic growth and create new opportunities in various sectors, benefiting both countries and their people."
Crown Prince Mohammed bin Salman welcomed the Iraqi Prime Minister and thanked him for attending the World Economic Forum, reiterating Saudi Arabia's commitment to fostering the "best possible relations" with Iraq and enhancing cooperation between the two neighboring countries.
"The meeting also addressed the situation in Gaza and the suffering of the Palestinian people at the hands of the Israeli occupation forces," the readout said. "The two leaders stressed the need for urgent efforts to end the conflict and its negative repercussions on regional and international stability."
