Saturday, July 13, 2024
IMPORTANT IRAQ NEWS: FOR THE FIRST TIME, THE IRAQI STATE’S NON-OIL REVENUES RECORD AN INCREASE OF 11% BY MNT GOAT
FOR THE FIRST TIME, THE IRAQI STATE’S NON-OIL REVENUES RECORD AN INCREASE OF 11%
The “Iraq Al-Mustaqbal” Foundation for Economic Studies and Consultations announced on Thursday that for the first time, the non-oil revenues of the Iraqi state recorded 11% of the total revenues, with oil revenues falling below the 90% barrier.
A report issued by the institution today stated that non-oil revenues for the first five months of the current year amounted to 6.24 trillion Iraqi dinars, while oil revenues for the same period of the current year amounted to 48.4 trillion Iraqi dinars.
According to the report, tax revenues on income and wealth increased by 118%, while revenues from commodity taxes and production fees increased by 285%.
The institution’s report indicated that fee revenues increased by 50%, while oil revenues increased by 6.4%.
The continued reliance of the Iraqi state on oil as the sole source of the general budget is a dangerous matter in the face of global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions.
RV UPDATE BY GOLD TELEGRAPH, 13 JULY
GOLD TELEGRAPH
Gold is closing in on record highs...
Moves are being made across Africa.
What is happening in Africa is very interesting.
Zimbabwe continues to streamline its gold-backed currency, and the largest oil producer in Africa aims to combat inflation with gold.
Nigeria's plan to have gold constitute 30% of its external reserves clearly indicates its economic strategy moving forward.
Gold represents 4% of the nation's reserves.
This is the largest oil producer in Africa.
Another key point?
Read full article: https://x.com/goldtelegraph_/status/1811498639010709794?s=46
Secrets Of Smuggling Kurdistan Oil.. Has Iran Become The Second Largest Exporter In OPEC Using It?
Alsumaria Special 2024-07-12 | 1,414 views Alsumaria News – Special Everyone is talking about the smuggling of oil from the Kurdistan Region, and this talk is not new and has been going on for years.
However, for more than a year, specifically since the suspension of the export of Kurdistan oil through the Turkish port of Ceyhan, the map of oil smuggling from the region has changed. Instead of exiting through Turkey, the oil is now exiting through Iran.
Also, the beneficiary now is foreign oil companies and "unknown" subcontractors, not the regional government, in a process that can be described as a "mysterious maze."
Social media sites are flooded with electronic groups for tanker drivers, and there is a wide demand for tanker drivers to transport oil fromKurdistanTo the port of Bandar Abbas in southern Iran, which is a very strange path.
Another indicator is that Iranian reports came out a few days ago, specifically in the city of Bushehr, conveying citizens’ dissatisfaction with the “suffocating congestion caused by Iraqi tankers loaded with oil and fuel,” in addition to major traffic accidents.
After all that, she cameReutersIn a lengthy investigation, she talks about oil smuggling routes.KurdistanAcross Iran, andTürkiyeAlso, but inTürkiye"In much smaller quantities and forms than Iran."
According to the information, foreign companies operating in the region produceKurdistan350 thousand barrels per day, and these companies sell the produced oil to "subcontractors", who distribute this oil or sell it to local refineries in a simple manner, and the other is smuggled at a rate of 200 thousand barrels per day, in a process that information indicates is carried out between foreign companies and contractors only, and has nothing to do with the government.KurdistanOr none of these revenues will enter the regional treasury, as it confirms.Reuters, as evidenced by data from foreign companies operating in the region.
But the selling price of a barrel from foreign companies inKurdistanIt is done at low prices, the price of a barrel of oil is sold for only $35, which means that foreign companies receive less than a quarter of a billion dollars per month, as subcontractors buy oil at these cheap prices, and in turn smuggle this oil.
This activity raises a lot of questions and question marks, the first of which is who are these subcontractors? How much do they sell the smuggled oil abroad for and how much do they profit from it? How do the tankers move from the oil-producing fields to the Iranian border? How do they enter?IranOfficially?
And where does this oil go? Since Iran is basically an oil producer, questions arise about whether Iran buys this oil at lower prices so that it can sell and export it to the world at the global price as Iranian oil, especially since Iran faces difficulties in developing oil production technologies.
Perhaps this matter clearly raises an explanation for how Iran became the second largest oil exporter inOPECAfter Saudi Arabia and removedIraqWithin a short period, Iran may have benefited from Kurdish oil for export and increased its share in the export market without the need to increase its oil production.
Another detail that can be taken into consideration is thatIraqHe has previously filed a lawsuit againstTürkiyeTo allow the passage of oilKurdistanAnd export it without approvalIraqHow can he deal with it?IraqWith Iran allowing the passage of the region's oil by tankers through its territory to the port of Bandar Abbas? LINK
RV UPDATE BY JEFF, 13 JULY
Jeff
Article: "The 2024 budget will be returned to the House of Representatives and the reason is revealed"
Iraq approved their budget on Monday June 3rd. I've known since June 4th Tuesday that the budget was unconstitutional...
I've stayed quiet since to let the news catch up. I knew this immediately was unconstitutional. I knew it was going to get overturned by the court, the whole time. Now you're witnessing it. The news is finally, a month and a half later, catching up...That's how far ahead we are...
Jeff
I told you guys the court would be overturning the budget because it is unconstitutional. ..I basically predicted the future for you. It's getting close to happening. They're most likely going to do this next week.
Article: "Legal:The Federal Court will vote on the unconstitutionality of the budget table" I told you the budget is unconstitutional. I told you nothing was going to happen to the budget. As you see I'm right. The budget is getting overturned. It is going to go back to an unapproved state.
The central bank announced their 3rd strategic plan... They'll be increasing gold reserves...they also said they're going to offer...FOR READ MORE:
https://dinarevaluation.blogspot.com/2024/05/rv-update-by-jeff-1-may.html
The next big step in this is we want to see when Iraq will be amending their budget...They can amend it before or after the rate changes...
This weekend coming up would be the historical anniversary date of when Kuwait reinstated their currency - March 24, 1991
Iraq technically does not need to amend the budget if they're not changing their rate....
https://dinarevaluation.blogspot.com/2024/03/rv-update-by-jeff-22-march.htm
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