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Oil Minister: We hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels,, 12 MAY

Oil Minister: We hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels

Economy News – Baghdad

Oil Minister Hayan Abdul Ghani on Saturday expressed hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels.

Abdul Ghani said, in his speech during the activities of the launch ceremony of the fifth and sixth supplementary licensing rounds, under the patronage and presence of Prime Minister Mohammed Shia Al-Sudani: “The Ministry is launching today 29 promising projects within the fifth and sixth supplementary licensing rounds, to start a new phase towards the advancement of industry and oil and gas wealth after the experience of five licensing rounds launched in 2008.”

He added that “the Ministry of Oil achieved through licensing rounds the referral of 27 contracts for oil and oil and gas fields to international companies that had a significant impact on production levels and government financial revenues by adding more than 2 million barrels per day of crude oil to national production.”

He pointed out that “the fifth supplementary and sixth rounds of licenses will include 12 governorates that include investment opportunities, in addition to the maritime areas in the Arabian Gulf. These projects will contribute to economic expansion and the growth of the governorates in terms of providing jobs and gradually activating economic activity in the surrounding areas, which in turn will increase stability and the employment of labor and achieve the maximum use of gas reserves to meet the increasing needs of gas in electric power generation and other industries.”

He stressed “providing support, support and possible facilities to the winning companies in the development of oil and gas fields,” noting “the success in the liquidation sector by adding more than 360 thousand barrels per day to national production.”
He expressed his hope that “Iraq’s oil reserves will rise in the future to more than 160 billion barrels.”

https://economy-news.net/content.php?id=43310

 

"RV UPDATE" BY FRANK26, 12 MAY

 Frank26 

 On the CBI website back in January of this year...the CBI started the monetary reform campaign to the Iraqi citizens...It was on January 1, 2024 that the Central Bank of Iraq displayed this green looking currency...You'll notice three zeros.  What this is a 1000 but it is not what you think it is.  What is the color of the 1000 note that's out there right now?  Yellow/gold...What's this 1000 note that's green? 

 ...It is a fil...They are not going to release a 1000 lower note...They're not only going to release coins made out of precious metals but they're also going to release fils in paper.

 Don't you dare let your dinars out of your sight.  Don't trust anybody.  Especially the banks. 

 Don't you have to have a high exchange rate to be part of the WTO?  No.  What do you have to have?  

 A sanction free currency.  Are there any sanctions on the dinar?  No more...99.9% are gone.  Sanction free currency.  Sanction free country.  Sanction free bank of that country.  That's why they're members of the WTO.  They already told you that they are and that's the end of that subject...You need to see  something that tells you it's official today?  They already told you.

Peter Schiff and Steve Hanke Debate Inflation, Debt Crisis, Dedollorization

Economist: Tax Revenues From The Private Sector Should Be 4 Trillion Dinars Annually, 12 MAY

Economist: Tax Revenues From The Private Sector Should Be 4 Trillion Dinars Annually

Economist Manar Al-Obaidi confirmed that “tax revenues from the private sector should be 4 trillion dinars annually.”

Al-Obaidi told Al-Iqtisad News, “There are more than 8 million economically active people working in the private sector, and based on the average monthly income being around 600 thousand dinars, the value of the revenues collected for people in the private sector amounts to about 4 trillion Iraqi dinars, taking an average of the income tax rate.” The monthly rate is 7%.

He pointed out that the value of the monthly tax that is supposed to be paid by economically active people in the private sector is approximately 280 billion Iraqi dinars, while the annual tax is approximately 3.5 trillion Iraqi dinars.

This does not include the income tax imposed on employees in the public sector and salaries amounting to 40 trillion dinars annually, with a tax rate of 7%, so it will be The amount of income tax from public sector employees is 3 trillion dinars.

He stressed that unfortunately there is no clear data on the amount of tax that is supposed to be achieved compared to what is achieved, but the tax alone is capable of generating revenues of a minimum value of 10 trillion dinars annually, and it may reach 15 trillion dinars. Views 46 05/11/2024 - https://economy-news.net/content.php?id=43326

"RV UPDATE" BY PIMPY, 12 MAY

 Pimpy 

 Question: "Why are you investing in the Iraqi dinar?" 

 Because I think it's going to change in value and I can benefit from it.

 Let's hope it [ascension to full WTO member] happens quickly but it's not going to be done by [the end of] 2024.

There are a ton of reforms especially in the banking sector.  They're getting there but they're not 100% there yet as far as confidence in the currency.   Nobody has confidence in it besides those who are invested in it.  It's not that they have confidence in Iraqi dinar, they're hoping there's a big difference..

.There's years and years of history shows you Iraq constantly screws up and ends up back on square one.  You can't blame people for being negative. IMO Iraq has taken all the steps necessary to get there but they're not there yet.  Give it time...

FRANK26…..5-11-24…..FIL ME UP