Saturday, June 1, 2024
Oil Declines After A Sudden Rise In US Gasoline Stocks, 1 JUNE
Oil Declines After A Sudden Rise In US Gasoline Stocks
Friday 31, May 2024 | Economical Number of readings: 241 Baghdad / NINA / Oil prices fell today, Friday, in the wake of a sudden rise in US gasoline inventories and amid indications that it is unlikely to start lowering interest rates.
Brent crude futures fell 12 cents, or 0.15 percent, to trade at $81.74 a barrel, and US West Texas Intermediate crude fell 17 cents, or 0.22 percent, to $77.74.
This decline in prices comes in light of statements by Lori Logan, President of the Federal Reserve Bank in Dallas, about the possibility of rising inflation despite the slowdown in the recent period, warning that the US Central Bank needs to be flexible and keep “all options on the table” while monitoring... “Data determines how to respond.”
Meanwhile, the US Energy Information Administration reported that gasoline inventories rose against expectations that demand will be higher before the weekend.
Inventories rose by two million barrels during the week, to 228.8 million barrels, compared to expectations of a decrease of 400 thousand barrels./End 2 https://ninanews.com/Website/News/Details?key=1129766
"WE HAVE A DUAL BANKING SYSTEM RUNNING ALONGSIDE THE TRADITIONAL SYSTEM", 1 JUNE
Ariel on X 6.1.24 - 💥 Boom 💥
Confirmation that we have a dual banking system running alongside the traditional system based on the Petrodollar that the Federal Reserve wants to maintain a monopoly over.
But the Supreme Court has ruled in favor of the states to adhere to their own charter outside the corporate Fed system.
The Federal Reserve doesn't respect state rights for banks to adhere to their own charter outside the control of Washington DC.
States are taking their power back. This document shows that we never needed the Federal Reserve on a legal basis.
How? Simple.
Banks with federal charters, called national banks, are subject primarily to federal oversight and regulation. And banks with state charters, called state banks, are subject to additional state oversight and regulation. Those two
banking systems co-exist and compete.
Now you have it in writing. Officially.
t.co/gTJJipQ6zG
https://x.com/prolotario1/status/1796761504638722293?s=46
Al-Sudani: The Path Of Development Will Restore Iraq's Historical Role In Global Trade, 1 JUNE
Al-Sudani: The Path Of Development Will Restore Iraq's Historical Role In Global Trade
Economy | 05/31/2024 Baghdad - Mawazine News Prime Minister, Muhammad Shiaa Al-Sudani, confirmed that the development road project means, according to current market equations and international trade movement, a link between the East and Europe through Iraqi and Turkish lands together.
Al-Sudani, during an interview conducted by Anatolia Agency, said: In the beginning, we must look historically at Iraq’s role in trade between the East and the West over many centuries, and I am not exaggerating if I say that since prehistoric times, Mesopotamia has been an easy trade corridor whose paths trade caravans prefer to follow. And standing and trading with its metropolises, cities and urban centres.”
He stressed that the path of development is essentially to restore this historical role, and the link between the port of Al-Faw and the Turkish border, according to the current market equations and the international trade movement, means a link between the East and Europe through Iraqi and Turkish lands together.”
The Prime Minister of Iraq explained that the region is witnessing conflicts and tensions that recede at times and escalate at other times, and this prompts us to focus efforts on projects that overlap in interests and overlap in benefits.
He added: The Development Road will provide an opportunity for the emergence of industrial cities on both sides of it, which will complement the trade passing through it. Later this year, we will inaugurate the first berths at Al-Faw Port, and the flow of goods through the Development Road route will begin initially.”
He continued, saying: All indicators, economic readings and feasibility studies, say that this corridor is the least expensive and fastest among the rest of the corridors. We do not say that it is an alternative, but rather regional and international trade really needs a path of development, as it is a linking project that promotes overlap in interests and causes of economic sustainability.
Following President Erdogan's visit to Iraq, Turkish Minister of Transport and Infrastructure Abdulkadir Oraloglu said that with the operation of the development road, the volume of trade with Iraq will increase from $20 billion to $30-40 billion.
Regarding the future volume of bilateral trade between Turkey and Iraq, which is currently estimated at about 20 billion dollars, the Prime Minister of Iraq said: The increase in the volume of bilateral trade with Turkey can be expanded vertically, but we are seeking vertical expansion as well. In short, this is the role of the Development Road Project and the projects attached to it. “.
He added: Experience and history have proven that the progress of a country alone and in isolation from its neighbourhood, is something that carries an unknown future despite all possibilities and conflicts. Therefore, we focus on increasing the capacity of exchange and actual partnership (with Turkey) is the guarantor of stability and deep, long-term relations.
He continued: In our relationship with our Turkish brothers, we also focused on one of the most promising sectors in investment and cooperation, which is the agricultural sector, and soon we will witness practical steps in this aspect, and the participation of Turkish companies.”
Regarding investments in Iraqi gas fields, the Prime Minister of Iraq said, in his interview with Anadolu: “Gas investment is a strategic test for Iraq, and our national wealth must be optimally employed in serving our people and development plans.”
He added: It is not possible to continue burning gas, firstly due to the waste of this wealth that can be benefited from, and secondly due to the environmental effects. We announced a special round of licenses to invest in gas fields.
He continued, saying: We plan for Iraq to be self-sufficient in domestic gas production within 3 years, and Iraq is moving confidently to be an important element in the gas market within 5 years, and we will achieve self-sufficiency in this material at the expense of electricity production.
The Prime Minister of Iraq said: Specialists know that the existence of a technological base for gas investment is at the same time a base for the broadest petrochemical industries, and this is what we seek.”
Regarding potential partnerships in these investments, the Prime Minister of Iraq indicated that the doors are open to every reputable and specialized company that wishes to participate in this sector, and we also welcome regional companies because they will expand the base of cooperation in other areas.
He added: It is important to understand that gas investment means providing additional resources for development in Iraq, which are resources that can be invested in various promising economic rights, and these areas will be open to the participation of Turkish companies and companies of other friendly countries.
Iraq's current production of natural gas is about 2.7 billion cubic feet, and according to previous estimates, Iraq has a reserve of 132 trillion cubic feet of gas, of which 700 billion cubic feet were burned, as a result of the weak ability to exploit it.
Regarding the flow of Iraqi oil, the Iraqi Prime Minister explained that stopping the pumping of Iraqi oil extracted from the fields of the Kurdistan region of Iraq is undoubtedly a loss for Iraq, and at least it is the loss of an expected benefit that can support development plans in the provinces of the region and strengthen the Iraqi economy as a whole.
He added: He added: We took the initiative to find acceptable settlements and legal solutions and solutions after a thorough legal study, but the matter is surrounded by a legal obligation, because the Federal General Budget Law requires calculating the cost of producing one barrel of oil in all fields to be within the national average of the cost of production, which is around $8 per barrel, according to what was announced. Federal Ministry of Oil.
He continued: But the Ministry of Natural Resources in the Kurdistan Regional Government, and within the contracts signed with the oil company operating there, the cost of production is calculated at around $26 per barrel, and we suggested to Imam that the budget law be amended, or that the agreements and contracts with these companies be amended.”
The Prime Minister of Iraq continued, saying: From this standpoint, companies stopped production, as the ban did not come from the federal government, and we are waiting for a solution to be found. The companies refused to amend the contracts, while the regional government agreed.
He explained that for these reasons, more work is required to find a legal solution that first ensures the rights of Iraq and its people to its wealth.
He added: As for transporting Basra oil through Turkish ports, the matter is subject to study and determining the economic feasibility first of all.
Currently, Iraq’s oil production is approximately 4 million barrels per day, according to data from the Ministry of Oil and the Organization of the Petroleum Exporting Countries (OPEC), while it imports about 25 million liters of gas oil, gasoline, and white oil daily, in addition to natural gas.
According to previous statements by Al-Sudani, Iraq intends to be self-sufficient in oil derivatives, stop imports, and save $3.2 billion.
"QFS CONVERSATION" WITH GOLDILOCKS, 1 JUNE
GOLDILOCKS
"Commissioner Pham Announces Agenda for Global Markets Advisory Committee Meeting on June 4"
Meeting Agenda:
* Basel 3 Capital proposals and impacts
* Trading impacts with these new credit valuation adjustments
* Impact on Global Market Structures and how this affects liquidity swaps at swap execution facilities
Do you see how we are moving into a phase whereby research on credit valuations and their adjustments are becoming important?
This report will include an assessment of where the International community is at the present time in the integration into the QFS.
© Goldilocks
https://www.cftc.gov/PressRoom/PressReleases/8916-24
-----
Everything on the new QFS either relates to gold, or it is backed by a precious metal.
These new digital standard protocols will be the mechanism by which money is moved going forward.
The future of money is in gold. Everything the world touches going forward will be because of a metal asset that enables it to do so.
© Goldilocks
---
GOLDILOCKS
Professor Frank Gunter publishes a new paper commissioned as part of a series by IBBC's advisory council on the challenges of de-dollarisation for Iraq.
The Advisory Council members and IBBC members have actively contributed to the paper in the past 4 months. It will be presented online on the 18th June in a webinar and in person at the Spring Conference on 2nd July."
Professor Gunter shows an analysis on the drivers inside the market that impact the Iraqi Dinar exchange rate and how to close the gap between the Parallel Market and Official Rate of the Iraqi Dinar.
The Iraq Britain Business Council (IBBC) has been working closely with Iraq to help assess and meet the needs of the Iraqi private sector. These assessments inside this research paper will go a long way towards the implementation of meeting the needs of Iraq's private citizens through a determination of an exchange rate that can do so.
Practical policy initiatives are mentioned in this paper to carry forward new monetary policies. They are not calling this project a white paper, but it sure does have all the hallmarks of one.
These new measures are inclusive of budgetary needs for the Iraqi people. One of the items on the CBI website presented today are instructions on home loans. A mortgage is calculated with the inclusivity of an exchange rate to support it.
It is clear that the Iraqi Dinar is moving towards a credit valuation adjustment that can support the needs of their people and Government.
© Goldilocks
https://www.iraq-businessnews.com/2024/05/29/iraqi-dinar-ibbc-issues-major-new-paper-on-de-dollarisation-of-iraq/#google_vignette
https://www.investopedia.com/articles/forex/053115/understand-indirect-effects-exchange-rates.asp
https://iraqbritainbusiness.org/
https://iraqbritainbusiness.org/news/professor-frank-gunter-launches-a-new-white-paper-on-de-dollarisation-of-iraqi-economy
https://www.indeed.com/career-advice/career-development/what-is-a-white-paper#:~:text=What%20is%20the%20purpose%20of,solution%20on%20a%20particular%20issue.
https://cbi.iq/news/view/2596
https://dinarevaluation.blogspot.com/2024/05/it-is-clear-that-iraqi-dinar-is-moving.html
JUDY NOTES, 5 JULY
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