Reuters: Iraq Still Accounts For The Largest Part Of OPEC's Excess Production, 4 AUGUST

 Energy  OPEC oil output rose in July on a rebound in Saudi supplies and small increases elsewhere, a Reuters survey showed on Friday, offsetting the impact of ongoing voluntary supply cuts from other members and the wider OPEC+ alliance.

The survey, based on shipping data and information from oil industry sources, showed that OPEC pumped 26.70 million barrels per day last month, up 100,000 bpd from June.

The increase comes despite the OPEC+ alliance, which includes OPEC and allies including Russia, maintaining most production cuts until the end of 2025 to support the market in the face of tepid demand growth, rising interest rates and increased US production.

A meeting of senior OPEC+ ministers on Thursday left oil production policy unchanged, including a plan to start unwinding a tranche of output cuts from October.

The ministers stressed that this increase could be temporarily halted or reversed if necessary.

The survey found that Saudi Arabia provided the biggest boost to supplies last month, by 70,000 barrels per day, as exports rebounded from June when they were lower than expected. Output reached 9 million barrels per day in July, close to the kingdom’s target.

The survey showed that Nigeria recorded the largest decline of 30,000 barrels per day, with exports declining on a monthly basis.

Libya and Iran, two members not required to cut output, along with Iraq, recorded slight increases. The survey found that Iranian output reached 3.22 million barrels per day, the highest since 2018, according to Reuters surveys.

Iran has boosted its exports in recent years despite continued U.S. sanctions. Iraq’s output has risen as exports have increased month-on-month, oil flow data and a tanker-tracking source showed.

The survey also said that OPEC exceeded the target assumed for the nine countries covered by the supply reduction agreements by about 240 thousand barrels per day, and that Iraq still represents the largest part of the excess production.

The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, flows data from the London Stock Exchange Group, information from firms that track flows, such as Petro-Logistics and Kpler, and information provided by sources at oil companies, OPEC and consultants.   165 views   2024/08/03 https://economy-news.net/content.php?id=45861

RV UPDATE BY BRUCE, 4 AUGUST

 Bruce 

  [via WiserNow] 

 The Intel that we received, and I had several confirmations today... about notifications either...Friday...or Saturday...I'm going to say...Saturday it is definitely in play....We did get a green light from Treasury to one of our intel providers. And I think we're looking very good from that perspective...I think we have pretty good shot at getting notified tomorrow [Friday], and if not...Saturday...I'm jacked up excited about this coming...to us...Friday or Saturday.

 Thurs 25 July 2024 Bruce:

• The EBS and NESARA/GESARA Announcements were scheduled in the near future.

• Tier4b (Us, the Internet Group) should be notified to set exchange/redemption appointments sometime between  11 am and 11:15 am EST Fri. 26 July 2024.

• Redemption Centers will be open on Sundays.

• Redemption Centers were expecting emails from the new US Treasury and a separate email from the new US Treasury was expected by Wells Fargo, HSBC and Bank of America on that same 11 to 11:15 am EST on Fri. 26 July 2024.

• They wanted appointments to start before the Paris Olympics began at 7 pm EST that Fri. 26 July 2024.

https://dinarchronicles.com/2024/07/26/restored-republic-via-a-gcr-update-as-of-july-26-2024/

US REJECTS VIETNAM'S Request to Lift ‘Non-Market Economy’ Tag 2024 08 04

Al-Sudani Launches The National Development Plan For The Next Five Years, 4 AUGUST

 Money  and business  Prime Minister Mohammed Shia Al-Sudani confirmed today, Saturday, that the five-year development plan (2024-2028) took into account improving services in all fields and directed adherence to it, noting that the plan aims to achieve infrastructure projects, clean energy, the development road, the Faw port, the road network, bridges, residential and industrial cities, modern agriculture, and others.

A statement by the Prime Minister's media office stated that "the Prime Minister launched the five-year national development plan (2024-2028), during the ceremony held today, Saturday, by the Ministry of Planning in cooperation with Iraq's development partners."

In a speech he delivered during the ceremony, Al-Sudani praised “the efforts of the Ministry of Planning, the ministries and their supporting bodies, and international partners, indicating that the five-year development plan has been approved by the Council of Ministers, in recognition by the government of the importance of the country having a development plan with achievable paths and goals,” stressing “the importance of adhering to the plan’s goals, as they are the way to change the lives of Iraqis for the better.”

Al-Sudani pointed out that "Iraq has witnessed a developmental separation since the eighties of the last century due to wars, siege and confrontation with terrorism, which caused gaps in all sectors," stressing "work to restore the wheel of development and bridge those gaps, and that the new plan is consistent with the government's goals and confronting internal or external challenges."

He explained that "the plan provided space for achieving good governance, appropriate mechanisms to combat corruption and adopt the principles of transparency, and took into account the priorities of improving services in all areas, by accelerating the implementation of projects under construction, and moving towards new development and service projects."

He continued: “We started with a series of strategic projects to develop the oil and gas sector, stop waste in it, and rely on our capabilities and projects to secure petroleum derivatives instead of importing. We moved towards projects that are consistent with the 2030 Sustainable Development Vision, including infrastructure projects, clean energy, the development road, the Faw Port, the road and bridge network, residential and industrial cities, modern agriculture, and others.”

He stated: "We emphasize the role of the Kurdistan Region of Iraq and the local governments in the provinces in achieving integration with the government program plans and working in a unified manner for the public interest of the state," noting that "the five-year development plan includes paths with economic dimensions based on the philosophy of economic diversification."

He explained that "the Iraq Development Fund aims to create an integrated investment environment in the country," adding: "We have given the private sector sovereign guarantees to establish industrial and agricultural projects, which will provide it with a wide space that is commensurate with its developmental role."

He stressed: "We are working on reforming the banking and financial sector, automating all economic and service activities, and governing government and service work. We have started automating work at border crossings and moving towards electronic payment in all market and commercial transactions."

He explained: "The five-year development plan adopts comprehensive digital transformation and the adoption of electronic systems in all aspects of life, and that sound planning requires accurate and sound data and indicators, and this is achieved by the general population and housing census that is scheduled to be conducted on November 20."

Al-Sudani stressed that: "The government is making exceptional efforts to implement the census, which has been delayed for a long time. The Ministry of Planning and the supporting agencies have completed all the necessary preparations to implement it. We hope that Iraqi families will contribute to the success of the census and provide correct data."

He stressed that: "The goal of the census is developmental, through which we seek to address negatives in all areas, and we call on all state institutions to cooperate with the Ministry of Planning to ensure the success of the census project."  08/03/2024 - https://economy-news.net/content.php?id=45863

RV UPDATE BY FNU LNU, 4 AUGUST

 Fnu Lnu 

 It has been reported that Hezbollah plans to open a HQ in Baghdad and implied that Baghdad will allow it. PLEASE! ...Nuri Al Maliki owns all but one newspaper in Iraq...and is Iranian sympathetic ...Next, think the United States is ever going to leave Iraq? ...That will never happen...Do you...think the United States military is, for one minute, going to allow Hamas or Hezbollah, or any other Iranian proxy group to set up shop in Baghdad, no less? This is commonly known as fear porn and has zero credibility...

Fnu Lnu   

[Response to Guru Henig post 3-16-2024 below] The taxation issue is not complex and I  have it directly from the taxing authority (IRS) and an agent within the IRS. The taxation will be a matter of choice (YOU DECIDE).  You may either pay tax as "REGULAR INCOME" or as Capital Gains. YOU CHOOSE!  Depending on your structuring for tax  advantages...Regular Income is the easiest way to deal with the income/profits as it is amenable with classic Asset  Protection...The notion that you must have receipts is not true because you can choose Regular Income. 

  It is also not true that one must have a receipt or pay 40-50% in taxes. The tax code is  written for both kinds of people. Those who pay taxes and those who do not. Guess which side the rich are on? They use Asset  Protection...to defer and reduce...tax liabilities and anyone can do it...Do not be misled. Consult an ASSET PROTECTION ATTORNEY  and forget the rest of what you hear and read. 

https://dinarevaluation.blogspot.com/2024/07/rv-update-by-fnu-lnu-18-july.html

Community Comment:  "Wealthy people invest their initial profits. The first person they hire is a financial advisor.   The second...is a tax professional" 

 This is not what you do with your initial profits. What you do is construct a financial fortress by setting up an ASSET PROTECTION PLAN!  Lawsuits, taxes, and probate, are the wealth killers... Failing to set up an asset protection plan will almost guarantee that you will be sued. There are people who make a living seeking out the wealthy and then suing them. The first person you seek out is an asset protection professional of which there are few.  

1% of all attorneys hold themselves out as AP specialists. After the RV, they will be booked up solid for months. Your AP specialist will have the proper CPA's to maintenance your wealth protection structure.The average CPA doesn't even know how to file the proper forms for a Charitable Remainder Unitrust report for the IRS. So, hire your AP professional...

stay away from Financial Advisors who push foolishness like Muni Bonds, IRA's, 401K's. Mutual Funds, and other worthless paper-based assets.   Certified investors have access to high-yield investments the common folk do not. Those are your path to multi-generational wealth.

https://dinarevaluation.blogspot.com/2024/07/latest-from-fnu-lnu.html

Iraqi Dinar News Today Excitement in Iraq

Economist Expects Sanctions On Iraqi Banks To Be Eased, 4 AUGUST

 Posted on 2024-08-03 by sotaliraq    Economic researcher Safwan Qusay believes that sanctions imposed on Iraqi banks will be reduced and made financial only.

Qusay said, “The Central Bank has contracted with an international company (K2) for the purpose of auditing banks that have restricted access to the dollar in previous periods, so that these banks can learn the mechanism for complying with international requirements.”

He added, "Everyone is keen on stopping the use of Iraqi banks for money laundering. Private Iraqi banks are not the owners of corrupt money, but there are those who acquire the Iraqi dinar illegally and are trying to use the banks for money laundering and smuggling hard currency."

Qusay continued, "As for the restricted banks, they will be rehabilitated by merging, or these sanctions will be reduced or made financial sanctions in the coming periods."   LINK