IRAQ IS REVITALIZING ITS ECONOMY IN 2024

Iraq submits updated compensation plan to OPEC, 27 AUGUST

 The Association of Oil Sending out Nations (OPEC) said on Thursday that it got refreshed pay plans from Iraq and Kazakhstan for their overproduced volumes for the initial seven months of 2024.

As per appraisals made by free sources, OPEC said that Iraq overproduced 1.44 million barrels each day from January to July, and Kazakhstan overproduced 699,000 barrels each day.

To keep up with the market, OPEC and different makers, outstandingly Russia, together known as OPEC+, have started a progression of result decreases in late 2022, most of which will stay basically for the rest of 2025.

In a statement, the Iraqi Ministry of Oil mentioned that it had sent the OPE Secretariat a revised compensation plan and that it had made concrete efforts to lower production levels to make up for the quantities that had previously exceeded the production limits.

This action demonstrates Iraq’s commitment to enhancing the OPEC+ group’s collaborative efforts to maintain market stability and safeguard oil producers’ and consumers’ interests.

An overview by S&P Worldwide Ware Bits of knowledge’s Platts OPEC+ uncovered that Iraq delivered 4.33 million barrels each day in July, 400,000 barrels each day over its share.

July saw the biggest expansion in OPEC+ oil creation in more than a year as Russia proceeded to fundamentally surpass its quantity while Iraq and Kazakhstan expanded their result despite their obligation to more tight reductions.

The overview showed that the gathering’s complete result was at 41.03 million barrels each day, up 160,000 barrels each day from June.

Member countries subject to quotas produced 437,000 barrels per day more than the target in July, up from 229,000 barrels per day in June.

Two nations that overproduced in the principal half of 2024 uncovered their pay plans in July, when Kazakhstan vowed to diminish 18,000 barrels each day further and Iraq vowed to cut 70,000 extra barrels each day.

The overproducers will intentionally diminish their result by 2.2 million barrels each day for the rest of 2024’s second from last quarter.

Why this meeting is important? BY ARIEL, 27 AUGUST

 ARIEL

Why this meeting is important? Firstly, the Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, is in discussions with key financial institutions, including the U.S. Federal Reserve and the U.S. Treasury. 

These discussions are centered on resolving issues related to Iraqi banks that have been restricted from dealing in U.S. dollars. 

This restriction has caused a strain on Iraq’s banking sector and has contributed to the instability of the Iraqi Dinar's value. 

By addressing these issues, Iraq aims to stabilize its financial system and create a more favorable environment for increasing the Dinar’s value​. Secondly, Iraq’s economic policies, particularly those aimed at supporting the Dinar, are under review. 

The CBI is focusing on strengthening the Dinar against the U.S. dollar by enhancing the banking sector, improving foreign trade mechanisms, and increasing international financial cooperation. 

These efforts are seen as foundational steps toward a potential revaluation or reinstatement of the Dinar to a more favorable exchange rate.

BANKS DEPRIVED OF THE DOLLAR: WASHINGTON'S TIGHT GRIP IN 2024

Jordan-Iraq electrical grid connection phase 2 to be completed by early 2025, 27 AUGUST

 The Jordanian Ministry of Energy and Mineral Resources’ annual report, which was made public on Monday, stated that the Jordan-Iraq electrical grid connection’s second phase would be completed in the first quarter of 2025.

As indicated by the report, work has initiated on common and designing errands, including securing materials, electrical breakers, transformers, and related framework for the 400 kV transmission line.

Stage two of the venture will include providing power to the Al-Qaim region in Iraq with a heap limit of 150-200 MW at 400 kV, following the culmination of the 330 kV transmission line. The undertaking likewise incorporates finishing the electrical association at Al-Qaim substation (132/400 kV) on the Iraqi side and developing the Risha substation (132/33/400 kV) on the Jordanian side .

The first phase of the project, which went live in the first quarter of this year, consisted of providing 40 MW of electricity to the Al-Rutba area in Iraq at 132 kV. This stage required the development of a 150 km transmission line on the Iraqi side.

On Walk 30, Iraqi Clergyman of Power Ziad Ali Fadhil initiated the primary period of the electrical association among Iraq and Jordan, which supplies Al-Rutba area in al-Anbar governorate with an underlying limit of 50 MW, expected to increment to 500 MW upon project consummation. The priest underlined that this task prepares for additional coordination into the Bay and Saudi electrical frameworks and is important for a more extensive Bedouin energy participation plan.

"WE HEARD ABOUT A COUPLE OF THINGS REGARDING RATES" BY BRUCE, 27 AUGUST

 Bruce  

 [via WiserNow]  

we heard about a couple of things regarding rates. I mentioned...that the contract rate on the dinar would be offered to you...

it is just under hundo right now, and it's on its way to that number should be there by the time we go in for changes...

And really, we've seen increases in the Dong as well...You guys are going to be very happy at the redemption centers with the rates...

the screen rates at the redemption centers are going to be three times higher than the bank rate on the dinar and  what you get on the dong will be approximately twice as much per dong at the redemption center as it would be at the bank...I know that for a fact, because we've been seeing what the rates are...

IRAQ'S INVESTMENT MAP/GUIDE 2024: YOUR ULTIMATE GUIDE!