OPEC+ ministers gather in Riyadh to discuss oil policy
Shafaq News/ OPEC+ ministers kicked off their meeting in Riyadh on Sunday to discuss oil policy, with sources indicating a strong likelihood of extending production cuts through the end of 2025.
Insiders revealed that the first day of OPEC+ talks focuses on production strategy. These sources anticipate OPEC+ will maintain current curbs on output for the remainder of 2024 and into next year.
Invitations were recently sent out for several OPEC+ ministers to convene in the Saudi capital, the sources added.
Currently, OPEC+ members collectively slash production by 5.86 million barrels per day (bpd), representing roughly 5.7% of global demand.
Discussions are expected to touch on countries undertaking voluntary supply cuts of 2.2 million bpd, a key component of the alliance's strategy to manage supply, maintain market stability, and support crude prices. These voluntary cuts are made by Iraq, Algeria, Kazakhstan, Kuwait, Oman, Russia, Saudi Arabia, and the United Arab Emirates.
Question: "Don't they have a deadline for these budget things by June 9th?" I think June 9th was slated as the end of their legislative session post extension. Time will tell as to the importance of it.
On the contracts...The way I see it, the two most important factors are:
1) the guarantee's, and
2) the fact that these countries and contractors have faith in Iraq to pay for the work they are doing
.
Let’s say I want to do an electrical contract for Iraq. I want 1 million dollars for it. I don’t care what the exchange rate is as long as the payment I receive is worth 1 million DOLLARS. They are using dinar to pay...since January 1..
.A sovereign nation must use sovereign currency to pay their debts or they are in violation of the multi currency practices(MCP) that the IMF abhors.
Using the current rate, I would be owed 1,310,000,000 dinar. Actually, the banking system will do the conversions automatically. I won’t even see any dinar. I will receive dollars in my American account. Or euros in my European account. Or pesos in my Mexican account ...using whatever exchange rate belongs to the country involved.
Like I said,doesn’t matter to me as long as the rate translates into my 1 million dollars. Now, the importance of these guarantees and the fact that corporations are pouring in to do work after all these years. They now know Iraq is serious about paying their debts...[and] have the means to make good on their payments.
FRANK26:"THIS IS WHAT EDDIE BROUGHT TO US A FEW DAYS AGO".........F26
Allows cars to be driven outside Iraq.. Launching a production line of 2000 traffic plates per hour
6/1/2024
Today, Saturday, Prime Minister Muhammad Shiaa Al-Sudani opened the traffic plate manufacturing factory, affiliated with the Ministry of Interior, in the center of the capital, Baghdad.
A statement from Al-Sudani's office stated that the traffic plates will be of high specifications, allowing the vehicle owner to drive outside Iraq.
Al-Sudani stressed the importance of this project, in fundamentally solving the problem of traffic signs that has existed for years.
The first production line was installed last March and is ready for production. The investing company is committed to the arrival of the rest of the production lines during the coming period, for the purpose of producing the square model of plates and producing bicycle plates. A work team has been prepared from the Traffic Directorate/Road Engineering Directorate. And traffic signs, and they underwent a training course at the sign factory headquarters on how to work on them.
One production line produces about (2000) plates per hour, at a rate of (16) thousand plates during one work shift, and this can be increased, with increasing working hours according to the needs of the Traffic Directorate. The factory can produce (3) types of plates with different sizes, according to the instructions and the need. Traffic Directorate, which is the short plate, the long plate, and the motorcycle plate.
'Nader you said it was going to happen in June.' No I didn't say in June happen. I said June they're a possibility for them to work on the dinar because each time they worked on him it's between June and August...They created a new white paper. They're going to start working on the exchange rate and I think from here to the 8th of July. We'll see what's going to happen.
Iraq wanted to de-dollarize. They start de-dollarizing in January but it didn't work for them too much.
The government didn't expect that to happen even by telling them that the dinar are stronger...use the dinar instead of the dollar for the benefits of the country. They tried everything. Now, they said that plan didn't work so they come out to the new white paper...They realized they cannot do nothing without changing the exchange rate.
They're going to have to go down in the exchange rate for the de-dollarization...They're going to have to change their exchange rate...Between now and 8th of July we should have an answer...
what they going to do? Are they going to change the exchange rate...keep it the same...go up...go down?
I think they're going to have to go down on the exchange rate a lot for them to take off the dollar from the street.
Baghdad – Mawazine News Adviser to Prime Minister Hussein Allawi referred today, Saturday, to the nature of Iraq’s work with the United Nations after the end of the UNAMI mission, while pointing out that Prime Minister Mohammed Shia Al-Sudani developed a road map for the work of the government apparatus after the end of the mission’s work in Iraq, stressing on the other hand that there is international cooperation to develop Iraq’s capabilities with artificial intelligence and confront climate change.
Allawi said, in a statement to the official agency, that “the Iraqi state has regained the capabilities and vitality of government institutions and succeeded in managing the economy, and this is what Prime Minister Mohammed Shia Al-Sudani worked on for more than a year and a half,” indicating that “there is very large activity for the Iraqi government in supporting the strengthening of the state, its capabilities and capabilities, as well as its regional and international relations.”
He added, “This made the countries of the world, the United Nations, alliances and international institutions praise the Iraqi government and recognize its capabilities to manage national sovereignty, enforce the law and manage the economy and political life naturally,” pointing out that “this made the Iraqi government, headed by Prime Minister Mohammed Shia Al-Sudani, tend to submit a request to the United Nations to end the UNAMI mission as well as to return to the exercise of the normal role of Iraq and the continuation of our relationship with the special institutions of the United Nations and its organizations.”
He stated, “Iraq’s national capabilities have been completed in managing its normal situation and the ability of the Iraqi state to manage national solutions and develop solutions to the problems it has suffered for 20 years,” pointing out that “this is what we have observed in the national renaissance since the government assumed responsibility in the fall of 2022 and until this moment; because there are national solutions to all the problems that we were facing the Kirkuk crisis, which was solved after the Prime Minister made strategic contacts with the leadership in the Kurdistan region and the national leaders in Kirkuk.”
He continued, “We want to develop our capabilities in the field of confronting climate change and in the field of economic reform, information technology, artificial intelligence and cybersecurity, and this requires that cooperation between the Iraqi state and the institutions of the government apparatus be carried out with the corresponding institutions, whether international through the United Nations, the institutions affiliated with international non-governmental organizations or countries corresponding to us through their institutions and ministries, as well as their management.”
He explained, “Cooperation will be continuous with these organizations in terms of exchanging experiences,” pointing out that “the Prime Minister has developed a road map for the work of the government agency in the post-UNAMI mission’s work in Iraq, which is to be the mechanism of the regional coordinator and work with international organizations and United Nations institutions in a natural and sectoral way, that is, the health sector and health organizations are working with the Ministry of Health and relevant ministries, as well as the provinces in which epidemics may be a challenge, as well as challenges facing their diseases in Iraq.”
He continued, “Iraq, according to international reports, is the most vulnerable to climate change, which requires national plans on which Prime Minister Mohammed Shia Al-Sudani worked on,” explaining that “the development of our ability to face the effects of climate challenges is important, whether in our use of water or changing building systems and the sustainability of agriculture and green spaces.”
Allawi, on the other hand, stated that “encouraging the Iraqi private sector, encourages the capabilities of young people in this field and engaging them through the Supreme Council for Youth as well as the initiatives launched by the Prime Minister in the sustainability of environmental life, which will produce large investment projects while reducing the burning of gas to reduce carbon emissions inside Iraq and will thus protect the reality of our southern governorates and the central Euphrates regions of gas burning operations and turning it into national wealth, and this is what the Prime Minister worked in Maysan as well as in Basra and in Nasiriyah.”
He pointed out that “there is sustainable work in other governorates that will increase our capabilities in the process of responding to climate change in addition to raising awareness and educating about the effects of the environment on public life,” noting that “there are awareness campaigns carried out by universities, schools and educational institutions as well as civil society organizations, away from the mission.”