Oil Price: Washington pressured Baghdad on Kurdistan oil to limit Iran’s exports, 1 MARCH

 Oil Price: Washington pressured Baghdad on Kurdistan oil to limit Iran’s exports

The American energy-based oil press website published on Friday a report on the resumption of oil pumping from the Kurdistan Region, stressing that Washington pressured Baghdad for this, to reduce Iranian oil exports.

According to the report translated by Shafaq News, “despite the Iraqi federal government’s assurances that the resumption of oil exports from Kurdistan is imminent, foreign oil companies operating in the region said they will not resume oil exports today.”

The report noted that “oil exports from Kurdistan have now been suspended for nearly two years, after being stopped since March 2023 due to the dispute over who should allow Kurdish exports.”

He explained that “the companies that are members of APIKUR for the export of oil from the region are ready to resume exports immediately once formal agreements are reached to provide guarantee of payment for previous and future exports in accordance with the current legal and contractual terms.”

The report said that “foreign oil producers in Kurdistan want agreements and firm guarantees before resuming exports, while Baghdad is under pressure from the United States to allow the supply of Kurdish supplies to the market, as the Trump administration is looking to impose a significant reduction in Iranian oil exports as part of the “maximum pressure” campaign.

Eight international oil companies operating in the Kurdistan Region announced on Friday that they would not resume oil exports through the Turkish port of Ceyhan despite Baghdad’s announcement of the imminent export resumption.

The Kurdistan Petroleum Industry Association (Abecor), which represents 60% of the region’s production, said that “no official contacts have been made to clarify trade agreements and guarantees of payment for past and future exports.”

Earlier on Friday, Deputy Prime Minister for Energy Affairs and Minister of Oil, Eng. Hayyan Abdul Ghani, announced the start resumption of Kurdistan Region oil exports through the Turkish port of Ceyhan in the coming hours, in a statement he made on the sidelines of his visit to the port of Khor Al-Zubair to see the operations of connecting the gas pipe, and quoted by the Ministry of Oil in a statement.

https://www.shafaq.com/ar/سیاسة/ويل-برايس-واشنطن-ضغطت-على-بغداد-بش-ن-نفط-كوردستان-لتحجيم-صادرات-يران

Chapter Summary: The Current Landscape of Iraq’s Monetary Reform and Economic Developments, 1 MARCH

 Chapter Summary: The Current Landscape of Iraq’s Monetary Reform and Economic Developments

Introduction

The ongoing discussions surrounding Iraq’s economic transformation and the monetary reform led by the Central Bank of Iraq (CBI) are of paramount importance to both local and international stakeholders.

 This chapter encapsulates the insights gleaned from recent updates shared by prominent figures and sources within the Iraqi financial system. Key concepts such as exchange rates, oil exports, and US sanctions are critical to understanding the broader implications of these developments.

 The focus of this discourse is on the evolving banking landscape, particularly regarding Iraq’s international status, currency valuation, and the intricate relationship with the US Treasury.

Key Update: Significant Meetings and Developments

• The Iraqi Bank friend, Aki, reported that a significant meeting involving the CBI, private banks, and financial institutions will take place over two days (Thursday and Friday). This meeting aims to discuss:
  • Monetary reform strategies
  • The exchange rate of the Iraqi currency
  • The international status of Iraq
• The meeting represents a collaborative effort to enhance Iraq’s financial ecosystem and reinforce its banking practices.

Oil Export Progress and Exchange Rate Speculation

• According to Firefly Television, Iraq’s Oil Minister announced that oil exports to various regions would commence earlier than anticipated, with initial flows expected next week.
• Despite speculation about the exchange rate potentially floating at 1310, there is skepticism regarding this figure. Key points include:
  • Frank 26 expresses doubt that the exchange rate will reveal itself at 1310, despite confidence that a new rate will be established soon.
  • Mark Z, through PDK, suggests that timing on these developments could be just days away, hinting at an impending shift in Iraq’s economic status.

Historical Context: Recognition of Banking Performance

• Militia Man highlights a noteworthy moment in Iraq’s banking history, recalling that City Bank awarded the National Bank of Iraq for its exemplary performance in managing financial transfers.
• This recognition underscores the importance of quality and transparency in banking services, which are essential for attracting foreign investment and enhancing economic stability.

Sanctions and Economic Pressures

• A significant development involves the potential imposition of sanctions by the Trump Administration aimed at Iraqi groups, especially those with ties to Iran. Critical insights include:
  • An article from Fox News indicates that the sanctions may target economic and trade relations, particularly affecting banking operations in Iraq.
  • An informed political source mentioned that a list of political figures linked to armed factions could soon be released, reflecting the US’s intent to exert pressure on Baghdad.
• These sanctions could have profound implications for Iraq’s financial reserves and overall economic stability.

Security and Stability in Banking

• Frank 26 expresses optimism about the current state of the Iraqi banking structure, citing a sense of security and stability. This sentiment parallels the expectations set forth by Dr. Shabibi, the architect of Iraq’s monetary reform, who emphasized these qualities as prerequisites for a successful exchange rate adjustment.
• The assurance of a secure banking environment is pivotal for fostering trust among investors and facilitating smoother operations within the financial sector.

Conclusion

In summary, the current trajectory of Iraq’s monetary reform and economic development is marked by significant meetings, burgeoning oil exports, and looming sanctions. The interplay of these factors shapes the landscape of Iraq’s banking sector, with potential shifts in the exchange rate on the horizon.

 The recognition of the National Bank of Iraq serves as a reminder of the importance of maintaining high standards in financial practices. As Iraq navigates these challenges, the emphasis on security and stability will be crucial in determining the success of its economic ambitions. 

The implications of these developments are profound, not only for Iraq’s internal economy but also for its international relationships and standing in the global market.

FIREFLY: Our national resources will rise in value...That's basically talking about the dinar.!!

 

APIKUR welcomes US support for Kurdistan Region oil exports, 1 march

 APIKUR welcomes US support for Kurdistan Region oil exports

ERBIL (Kurdistan24) – The Association of the Petroleum Industry of Kurdistan (APIKUR) on Thursday in a statement welcomed US Secretary of State Marco Rubio’s efforts to facilitate the resumption of oil exports from the Kurdistan Region. Rubio reaffirmed US support for restarting exports in a call with Iraqi Prime Minister Mohammed Shia al-Sudani on Feb. 25, emphasizing the need to reopen the Iraq-Turkey Pipeline and uphold contractual terms for US companies operating in Iraq.

The prolonged closure of the pipeline since March 2023 has significantly impacted the Kurdistan Region’s economy, depriving it of a key revenue source and hampering international trade. The shutdown has resulted in an estimated loss of $27 billion in revenues for the Kurdistan Region, Iraq, and APIKUR member companies, while also creating market uncertainty and affecting regional stability.

APIKUR noted that recent statements from senior officials in Baghdad and Erbil suggest that oil exports could resume imminently. The association reaffirmed that its member companies are prepared to restart exports immediately once formal agreements are established to ensure payments for past and future exports are in line with existing contractual and commercial terms. However, APIKUR stated that no outreach had yet been made to its member companies regarding such agreements.

The legal standing of APIKUR’s contracts with the Kurdistan Regional Government (KRG) was recently upheld by Iraqi appellate courts. Additionally, a key amendment to Iraq’s 2023-2025 budget law has provided a legal and political framework for resolving the dispute and securing agreements to resume exports.

APIKUR is committed to promoting the Kurdistan Region as an attractive destination for international oil and gas companies, service providers, and investors. The association advocates for the common interests of its members, serves as a unified voice in industry-related matters, and provides a platform for sharing public industry information and best practices.

Kurdistan24.net

EXCERPTS FROM MARKZ, 1 march

 EXCERPTS FROM MARKZ

MZ: I had one historic bond contact check in who said they still expect their payout this month. Wait a minute…..today is the last day of February. Hope that turns out to be accurate. But tons of folks are expecting dollars over this weekend.

MZ:  I am still looking for a update on the group side which I do not have 

MZ: But one Wealth management/redemption center contact told me they will be working both days this weekend. I don’t know what this means or what they will be doing…..but they are working a full day on Saturday and a half a day on Sunday. 

Member: Mike Bara claimed yesterday Bond holders cashing out in Zurich & Reno.

MZ: I think we could see “In the coming days” bond money moving….maybe over the weekend….and then possibly see currency movement . I hope to have a group update over the weekend. 

Member: How great would that be!!!!

MZ: If group chatter picks up I would feel really good about the next 4 or 5 days. 

MARKZ: UPDATE ABOUT THE PAYMENTS OF THE HISTORIC BONDS! ‪@DINARREVALUATION‬ #iraqidinarinvestor

 

In a farewell letter.. British Ambassador: Iraq these days at its best since the 1970s, 1 MARCH

 In a farewell letter.. British Ambassador: Iraq these days at its best since the 1970s

 British Ambassador to Iraq Stephen Hitchen sent a message to the Iraqis on the occasion of the end of his duties.

“Dear Iraqis, I will leave your dear country in a few days, and I would like to express my deep gratitude for your friendship and hospitality over the past two years,” Hitchen said in his letter.

He added: “I will tell you a secret, my wife is angry with me, and this is not new, but this time it has a specific reason! She watched videos of me enjoying the beauty of your country, she saw me on the top of the twisted minaret, and on the banks of the Euphrates in Ramadi, and she saw me tasting the Muskov, Dolma, Baja, Al-Zarda, Al-Dhina and the soil of kings, she saw me in the mountains of Barzan and the marshes of Dhi Qar, and in the churches of Baghdad and the the Monastery of Mar Mati, and among the shrines of the imams in Samarra, Najaf, Karbala and Kazimiyah, and she also saw me celebrating the Prophet’s birth in Al-Azamiyah. And the result? She is very angry and insists that we come back one day as a tourist!”
He continued: “I learned a lot from you, I learned the true meaning of courage, kindness and tact, and I have seen how you – despite all the challenges – put the honor of the guest in the first place, and I have also added to my vocabulary some new Iraqi words: Stoney, Sabai, Balm, I Agh!”
He continued: “I was lucky to see Iraq these days at its best since the 1970s, and despite significant progress, there are still challenges, and I am proud that the United Kingdom is working with you to face them, and the economy remains the biggest of these challenges: we announced exports worth $15 billion during Prime Minister Mohammed Shia Al-Sudani’s visit to London, and in the field of 

education, we launched 12 new university partnerships, and the University of London in Erbil opened.”
He added: “With regard to climate change, which may threaten stability and progress, we have signed a new agreement in this regard, and announced large British investments in the management of water resources, and the threat of drug and human smuggling is no less serious than terrorism, so we are working with you to build a new agreement to support the police and strengthen border security. Finally, we all know that success cannot be achieved without empowering half of society, and that is why we started a dialogue to promote women’s participation politically and economically within a framework of respect and cooperation.”

The British ambassador said in his message: “I have witnessed an important transformation in Iraq and its status in the world. The talk was previously about how Iraq’s problems affect the region, but today, the focus has become on how to protect Iraq from the crises of the region. Iraq is no longer just an item on the international agenda, but has become a participant in its formulation. Your experience and wisdom have enormous value, especially for your neighbors in Syria, and they seek to get out of the legacy of the past. Our partnership today has become a partnership of ander, and I did not feel more proud of the moment of welcoming Prime Minister Mohammed Shia Al-Sudani in his meeting with His Majesty the King as an honorable guest. The weather was cold, but the welcome was warm.”
He added: “I do not want to exceed the limits of your hospitality, but allow me to share my hopes for Iraq. First, I wish this great country prosperity and stability, but with rapid population growth (2.3% annually) and low oil prices since my arrival, a rapid economic reform is necessary that revives the private sector and invests in the Iraqi people.”

He continued: “Secondly, governance precedes political rivalries, and you have a test coming with the elections, there are two tracks in front of you: either the formation of a new government quickly that enhances the momentum of progress, or a long delay that may drain what has been achieved during the past two years, the nationalism requires making concessions, and quickly.”
Finally, Hechen says: “You alone are able to solve your problems, you have the creativity, intelligence and flexibility to overcome the challenges, but we hope to be by your side in this march, not only because we want to help, but simply because we find in you exceptional comfort and warmth.”
He concluded by saying: “It seems that I have prolonged the conversation, and I do not want to offend the prestige of ‘Abu Naji’, but I’m about to cry! It’s time to go and reconcile with my wife, all hail and God.”

https://alforatnews.iq/news/في-رسالة-وداعية-السفير-البريطاني-العراق-هذه-الأيام-في-أفضل-حالاته-منذ-سبعينيات-القرن-الماضي