Lebanon and Gaza crises unlikely to impact oil prices, say experts, 28 SEPT

 Shafaq News/ Ongoing conflicts in Lebanon and Gaza are not expected to affect global oil prices, according to experts, citing political rather than economic factors behind recent market movements.

Iraqi lawmaker Jamal Coujar, a member of Iraq’s parliamentary finance committee, told Shafaq News that oil prices are more influenced by broader international issues than by the current situations in Lebanon or Gaza. "Neither Lebanon nor Gaza are oil-producing or industrial countries, so their events do not have an impact on oil prices," he said, adding that the war in Ukraine, particularly if countries like Iran or Iraq become involved, would be a far more significant factor.

Coujar also pointed to a global economic recession as another key factor in shaping oil prices.

Oil expert Hamza Al-Jawahiri, a prominent oil expert, echoed this sentiment, "The drop in oil prices is more politically driven than economic," he told Shafaq News. 

“Despite factors such as the conflict in Gaza and Lebanon, as well as a hurricane affecting production in the US Gulf of Mexico, oil prices have not spiked. The only plausible explanation is that political reasons are behind the lack of price increases."

Oil markets have seen weekly losses, with Brent crude falling by 3.3% and West Texas Intermediate dropping by 3.9%, amid investor concerns over potential production increases from Libya and the OPEC+ alliance.

JUDY NOTES, 28 SEPT

Global Currency Reset:

Judy Note: What we think we know about the GCR and your Quantum Account:

• Iraq went international with their new dinar rate on Thurs. 26 Sept. 2024.

• There were 209 countries whose 197 currency rates would be revalued up or down on Tues. 1 Oct. 2024.

• Tier4b (us, the Internet Group) was expected to receive notification to set exchange appointments on Mon. 30 Sept. The information will be sent to your email address, be posted on various Dinar websites and published in this Update Report.

• Those redemption appointments could possibly start on Tues. 1 Oct. 2024.

• Those in Tier4b would need to exchange at a certified Redemption Center in the next few days after  Tues. 1 Oct. in order to receive the higher exchange rates. If you exchanged at a bank you would receive much lower rates.

• If you have a medical condition or a problem going into a Redemption Center to exchange, tell it to the person accepting your call at the Call Center and they would work it out for you. Most have up to 40 days to exchange at the higher rates.

• All bank accounts have been mirrored onto the new Quantum Financial Center in your personal Quantum Account. In order to access your account you need to set up access to it at a Redemption Center.

• R&R allowances are already deposited in your Quantum Account.

• You will be given a Quantum Account Card at the Redemption Center. You use that card to transfer your monies into an account at a bank.

• Active Military on Military Bases will be able to exchange their Dinar and Afghani over the weekend. They have already received notification they will do that.

IRAQI DINAR REVALUATION LATEST UPDATES OF IRAQ BOOTS ON THE GROUNDS REP...

Iraq opens doors to US oil partnerships, aiming for gas self-sufficiency by 2028, 28 SEPT

 Shafaq News/ On Thursday, Iraqi Prime Minister Mohammed Shia Al-Sudani expressed the country's readiness to partner with American companies in the oil industry.

This declaration was made during a dialogue session in New York, hosted by the American Chamber of Commerce and Al-Monitor, attended by investors, business leaders, representatives from American companies, and the Iraq-US Business Council.

During the session, Al-Sudani highlighted the government's initiation of several rapid projects, including a significant agreement with Total aimed at increasing oil production and utilizing associated gas at approximately 600 million standard cubic feet. He noted, “We have launched supplements for the fifth and sixth licensing rounds, which have resulted in contracts for oil production and gas investment.”

Al-Sudani projected that Iraq would achieve self-sufficiency in gas by 2028, alongside the activation of oil derivative projects, such as the strategic Karbala refinery, which has a production capacity of 140,000 barrels per day. He also mentioned the rehabilitation of the Baiji refinery, which was completely destroyed during the battles to liberate the area, stating, “This refinery has a production capacity of 150,000 barrels per day.” 

Furthermore, the Prime Minister announced, “We have ended petroleum derivatives imports and will stop importing gasoline at the beginning of next year after completing the FCC project in Basra.” He emphasized Iraq's vision to transform 40% of exported oil into downstream industries, which he believes will provide greater benefits than selling crude oil.

Turning to the banking sector, Al-Sudani remarked that development cannot be achieved without “a solid banking system” adhering to international standards. He noted that “95% of financial transfers in Iraqi trade are conducted through trusted banks.” He confirmed the currency sale window will close at the end of 2024 and highlighted that “the Anti-Money Laundering Office at the Central Bank is functioning effectively.”

Al-Sudani stated, “The government has contracted Ernst & Young to reform the state banking sector, boosting citizens' trust in banks and expanding financial inclusion.”

He affirmed the independence of the Central Bank, asserting, “It enjoys full independence and exercises its authority with complete professionalism,” and expressed plans to establish a new bank using the latest technologies.

Finally, Al-Sudani extended an invitation to all companies engaged in electronic payments to operate in Iraq, assuring them of all necessary facilitation. 

“We have developed a plan to improve infrastructure with allocations of up to $83 billion,” he concluded.

LATEST POSTS OF SANDY INGRAM, 28 SEPT

 Sandy Ingram  

 This is concerning, why do Iranian backed militias keep targeting Israel? ...This information comes from 9 different sources...There are real missiles, this is is a real news story...

The Israeli Air Force successfully intercepted multiple aerial threats from Iraq.  These included two cruise missiles...rockets...drones...Israel Defense Forces confirmed the interceptions with no targets breached Israeli airspace...The Islamic Resistance in Iraq tied to Iran claimed responsibility...

My concern is Israel will respond to Iraq in a harsh way.  It does not matter who is launching the deadly missiles, the threat is coming out of Iraq.

https://dinarevaluation.blogspot.com/2024/09/rv-update-by-sandy-ingram-24-sept.html 

Sandy Ingram 

  If the IQD were revalued to $0.25 to 1 Iraq dinar, based on 1 million IQD you would profit $250,000.  Your tax liability just on the $250,000 would place you at a 35% tax rate... Your tax would be $83,188 [Single/No Dependents]...You would only receive $166,812...

Let's say the IQD readjusts to $0.80 to 1...That would be a profit of $800,000 minus the fees to exchange...You would be taxed at 37%...

This would be $284,901 owed in taxes.

  You would only receive $515,000.  This does not include your state taxes...This is not a game...No one said it was fair.

 [I] do not want to hear about what a new president will do because if this happens within the next year a new president cannot help you.  Congress has to vote on new tax laws

https://dinarevaluation.blogspot.com/2024/09/latest-from-sandy-ingram-22-sept.html

Dinar Revaluation: Essential Tips for Your Exchange Appointments

Al-Atwani: Agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally, 28 SEPT

  Al-Atwani: Agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally

9/26/2024

 The head of the Parliamentary Finance Committee, Atwan Al Atwani, announced today, Thursday, an agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally.

A statement from his office, a copy of which was received by {Atlfrat News}, stated that "the parliamentary finance committee delegation, currently visiting Erbil, headed by Al-Atwani, held an expanded technical meeting with representatives of the Kurdistan Regional Government, in the regional council of ministers building, to discuss resolving the outstanding issues between Baghdad and Erbil."

Al-Atwani said, "The meeting reviewed the oil files, financial revenues, automation of border crossings, unification of customs tariffs, and localization of employees' salaries," announcing "the development of a roadmap to resolve the points of contention between the central government and the regional government regarding the oil export file."

He stressed that "the attendees reached an initial agreement with the regional government to conduct a comprehensive review of the oil contracts to adapt them to the Iraqi constitution, in preparation for solving the problem of the halt in the region's oil exports," explaining that "the agreement stipulates that the central government and the regional government enter as a unified party in negotiations with international oil companies operating in the region with the aim of amending their contracts from production partnership to profit-sharing, in addition to reviewing the economic and commercial terms."

Al-Atwani pointed out that "the parliamentary finance committee is working to establish a sound basis for negotiations on resolving the pending issues, in order to resolve the oil export file during this year and eliminate the differences with the region," stressing that "the committee will meet, upon its return to Baghdad, with the federal oil ministry, in order to discuss the controversial issues and push towards resolving them under the umbrella of the constitution."

He said, "The meeting reviewed, in numbers, the steps for implementing the file of localizing the salaries of the region's employees, where the necessity of adhering to the decisions of the Federal Court was emphasized."

The meeting also discussed, according to Al-Atwani, the file of border crossings, customs, and taxes, and ways to include their revenues in the country's general budget, and the extent of the regional government's commitment to sending these funds to the federal government.  LINK