Monday, September 2, 2024
DINAR REVALUATION REPORT: Iraq's Oil Minister to Discuss Gas Investment in Upcoming US Visit, 2 SEPT
Iraq's Oil Minister to Discuss Gas Investment in Upcoming US Visit
Iraq's Oil Minister, Hayan Abdel-Ghani, is set to visit the United States in September 2024 to explore opportunities for US investment in Iraq's gas sector. This strategic move aims to attract American companies to invest in 10 gas exploration blocks, which have remained unclaimed following six previous licensing rounds. The initiative underscores Iraq's efforts to diversify its energy sector investments and reduce reliance on Chinese firms, which have dominated previous oil field contracts.
During the visit, Abdel-Ghani will present these untapped gas blocks to US companies, marking a significant step in Iraq's pursuit of energy independence. Additionally, the minister announced plans to initiate a new gas investment project by the end of 2024 at the Al-Faihaa oil field in southern Iraq, with a production capacity of 125 million standard cubic feet (mscf) per day. This project is a cornerstone of Iraq's strategy to enhance domestic gas production and strengthen its energy infrastructure.
Global Investment Trends in Clean Energy
The upcoming visit by Iraq's Oil Minister coincides with a global shift in investment trends, particularly in clean energy. In 2024, global investment in clean energy is forecast to exceed USD 3 trillion for the first time, with USD 2 trillion allocated to clean energy technologies and infrastructure. This acceleration in clean energy investment, following a surge since 2020, has positioned spending on renewable power, grids, and storage higher than total spending on oil, gas, and coal.
However, the IEA highlights that much more needs to be done, especially in least-developed economies that are often left behind in the shift towards clean energy. In 2024, the share of global clean energy investment outside of China is projected to remain at around 15% of the total, which is insufficient to meet rising energy demand sustainably.
Iraq's Energy Strategy and US Engagement
Iraq's decision to pursue US investment in its gas sector reflects a broader strategy to diversify its energy partners and enhance domestic production. The country recognizes the importance of securing reliable energy sources and reducing its dependence on Iranian gas imports.
Opportunities and Challenges
The visit by Iraq's Oil Minister presents a pivotal moment for US companies interested in expanding their presence in the Middle East's energy market. It also offers Iraq the opportunity to tap into US expertise and capital to develop its gas infrastructure. However, the success of these discussions will depend on various factors, including geopolitical dynamics, market conditions, and the terms of potential investment agreements.
Conclusion
As Iraq's Oil Minister prepares for his visit to the US, the stage is set for potentially transformative discussions on gas investment. The outcome of these talks could significantly impact Iraq's energy landscape and its path towards energy independence. For the US, this represents an opportunity to deepen its engagement in the Middle East's energy sector, particularly in the context of a global energy transition that increasingly favors clean and sustainable sources.
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Oil Minister reveals upcoming visit to US to discuss gas investment file
8/31/2024
Baghdad
Oil Minister Hayan Abdul Ghani confirmed today, Saturday, the intention to refer 10 gas exploration blocks for investment in a new licensing round, and while revealing an upcoming visit to the United States to discuss offering them to international companies, he confirmed the intention to launch a new gas investment project at the end of the year with a capacity of 125 Mcm.
Abdul Ghani said: "The fifth and sixth supplementary licensing rounds included 29 blocks and fields, and contracts were completed on 14 of them, and there are about 10 gas blocks among the remaining that companies have not applied for and we are in the process of offering them in a new licensing round."
He added, "The Ministry of Oil plans to offer these gas investment opportunities to specialized companies, and we have a visit to the United States soon for this purpose, as we plan to offer them to international American companies."
He added, "The Ministry of Oil took the initiative to drill an exploratory well in the Al-Anz area with a capacity of 1,000 cubic meters, and the Halfaya gas investment project was also opened with a capacity of 300 cubic meters, and it is hoped to launch the gas investment project in the Al-Faiha oil field at the end of this year with a capacity of 125 cubic meters."
LATEST FROM NADER FROM MID EAST, 2 SEPT
Nader From The Mid East
Everybody's saying there's a new category of currency come out in the streets of Iraq. We heard it but we didn't see anything. Nothing new, we still with the same currency. For now didn't see anything.
Nader From The Mid East
Community comment: "Iraq is not a safe country."
Why? United States a safe country?
When you look at Chicago, Philadelphia, New York and all that you think it's safe?
Fear. Everywhere it's bad and good are everywhere...
Tell you the truth it's safer in Iraq than Chicago. Visit the country and then judge. You cannot judge because you heard something on the news or somebody told you something. I was there two weeks ago. I've been going back and forth. My kids been going back and forth. Everybody's been happy.
DINAR REVALUATION REPORT: Understanding the Impact of Kurdish Traders, 2 SEPT
Understanding the Impact of Kurdish Traders
The Mechanics of Exchange Rate Fluctuations
Kurdish Traders' Role in Influencing the Dollar Exchange Rate
In September 2024, the entry of Kurdish traders into the dollar selling platform has contributed to a notable lowering of the exchange rate. This development has significant implications for both domestic and international economies, particularly in regions with strong trading ties to Kurdish territories.
Exchange rates are influenced by a variety of factors, including inflation differentials, interest rates, and economic stability. When traders, such as the Kurdish traders, enter the market with a significant volume of currency, they can influence the supply and demand dynamics, ultimately affecting the exchange rate.
The Role of Kurdish Traders
The Kurdish traders' entry into the dollar selling platform has added to the supply of dollars in the market. This increased supply, when met with a relatively stable or declining demand, can lead to a decrease in the dollar's value against other currencies . The effect is similar to what might occur with any significant market player introducing a large volume of a currency into the market.
Global Economic Context
As of September 2, 2024, the global economic landscape is characterized by various pressures on exchange rates. The U.S. Federal Reserve's interest rate policy, for instance, plays a pivotal role in the strength of the U.S. dollar. When interest rates fall, the dollar may weaken, making it less attractive to foreign investors and potentially increasing the cost of travel for U.S. citizens abroad.
Implications for International Trade
Changes in Trade Dynamics
The decrease in the dollar's value can impact international trade dynamics, especially concerning countries with significant trade relations with the U.S. A weaker dollar can make U.S. exports more competitive in global markets, potentially benefiting American industries. However, it also increases the cost of imports, which can lead to higher prices for consumers.
Kurdish Trade Relations
For Kurdish territories, the impact of a weaker dollar could be multifaceted. It may make their exports to the U.S. less competitive but could increase the purchasing power of their currency in international markets, potentially opening up new trade opportunities.
Conclusion
The entry of Kurdish traders into the dollar selling platform has contributed to a lower exchange rate, affecting various aspects of domestic and international economies. This phenomenon underscores the interconnectedness of global financial markets and the significant role that individual market players can have on broader economic trends. As global economic conditions continue to evolve, the impact of such market activities will remain a subject of interest and analysis for economists and policymakers alike.
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Economist: Kurdish traders' entry into the dollar selling platform contributed to lowering the exchange rate - Urgent
8/31/2024
Baghdad
Today, Saturday (August 31, 2024), the economic expert and academic at Cihan University, Nawar Al-Saadi, said that Kurdish traders benefited from the Iraqi government’s official dollar selling platform and contributed to reducing the exchange rate.
Al-Saadi told Baghdad Today, "There is an entry of traders from the Kurdistan Region into the official dollar selling platform, and these traders benefited from obtaining the dollar at the official exchange rate, instead of buying from the parallel markets that witness higher prices," indicating that "this influx of dollars into the market contributed greatly to increasing the supply, which led to reducing the price."
“The issue is not limited to this factor alone, as Iraqi markets suffer from frequent fluctuations due to economic and political instability, and speculators exploit any change in the market to achieve quick gains, which increases chaos in the exchange market,” he added, noting that “rumors about possible changes in the exchange rate have prompted many to sell the dollar at low prices for fear of future declines, which has increased pressure on the dollar price.”
Al-Saadi said, "There are ongoing discussions between the Central Bank of Iraq and the US Federal Reserve, which could have a significant impact on the exchange rate," stressing that "the results of these meetings will be decisive in determining the future direction of the dollar price in the Iraqi market. If specific agreements are reached, we may see significant changes in the exchange rate based on those results."
It is noteworthy that the financial affairs specialist, Nabil Jabbar Al-Tamimi, confirmed on Saturday (August 3, 2024) that the dollar exchange rate in the parallel market will remain higher than the official price due to the failure of the Central Bank to find solutions for black transfers.
Al-Tamimi told Baghdad Today, "The continued rise in the dollar exchange rate in the parallel market is due to the continuation of black transfers to finance some foreign trade by some merchants, without finding any solutions for these merchants by the Central Bank of Iraq."
He explained that "the Central Bank of Iraq is required to find quick solutions and procedures for these traders, especially small traders, who have almost daily trade with Iran, Syria and some other countries banned from dealing in dollars."
He pointed out that "these traders are moving towards the black market in order to finance their trade, and this is what leads to the exchange rate remaining high in the parallel market by a large difference from the official price, and this is the responsibility of the Central Bank, as it is responsible for this file."
The dollar exchange rate returned to rise relatively today, touching 150 thousand on the stock exchange, maintaining this level since Eid al-Adha, where it rose from 1450 dinars to around 150 thousand dinars or less, and has stabilized in this range until now.
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