FIREFLY:Two days in a row the parallel market is at 1397. That's great news. The market...is so close to 1310. We're headed in the right directio
n...Saleh is back on TV talking about the great job the CBI has done and says our parallel market would have already been equal to the official exchange rate of the CBI if not for tensions in the region...
FRANK: Slowly but surely the black market is disappearing...As it disappears we approach the 1 to 1 relationship with the American dollar which will lead you into a float.
Iraq announces resumption of Kurdistan oil exports after more than two years of halt
The Iraqi government announced on Thursday an agreement to resume crude oil exports from the Kurdistan Region after a halt of more than two years.
The agreement stipulates that the regional government will immediately begin handing over all oil produced from the region's oil fields to the State Oil Marketing Organization (SOMO) for export, with the quantity delivered not being less than 230,000 barrels per day.
The federal Ministry of Finance will pay the regional government $16 per barrel, according to Agence France-Presse.
The Ministry of Oil announced last February the completion of all procedures for exporting oil produced in the Kurdistan Region via the Turkish port of Ceyhan, following a two-year halt due to disputes between Baghdad and Erbil. At the time, the ministry said in a statement that oil exports would be conducted "in accordance with the mechanisms outlined in the budget law and its amendments, and within Iraq's production ceiling set by OPEC."
Türkiye halted the pipeline in March 2023 after the International Chamber of Commerce ordered Ankara to pay $1.5 billion to Baghdad in compensation for unauthorized exports between 2014 and 2018. link
Member: Mark, Frank26 said last night that Dinar no longer pegged to USD.. Have you similarly ??
MZ: No- But I have heard they are getting ready to put it in its basket and then the dinar is no longer associated with the dollar. That is what they did with the Kuwaiti Dinar.
MZ:I do have some very excited folks on the ground in Iraq who feel they will know all their budget numbers next Tuesday. They havn’t said that they are going to have a new dinar rate then….but they are hopeful they are about to get one.
AFTER AN AIRSTRIKE, DNO TEMPORARILY SUSPENDS PRODUCTION IN KURDISTAN’S OIL FIELDS.
Norwegian oil company DNO announced on Wednesday that it had temporarily halted oil production at the Tawke and Pishkhabur fields in the Zakho Autonomous Region of Iraq, after they were targeted by explosive drones.
The company said in a statement today that it will resume oil production from the two oil fields after assessing the extent of the damage caused by the drone attacks, confirming that the attacks did not result in any casualties.
😊 There is also a very good article that relates to the Oil and Gas situation in Iraq. It is titled “THE PARLIAMENTARY OIL COMMITTEE REVEALS THE REGION’S APPROVAL TO HAND OVER ITS OIL AND REVENUES, AND AN IMPORTANT MEETING WILL BE HELD WITHIN TWO DAYS.”
We know that this meeting has already occurred and await the results of it. If you noticed today, I did not talk about the oil flows or the issues related with Kurdistan. Please do the article and catch up for yourself on this issue.
My take on this Kurdistan Oil issues is this: If we DID NOT see an RV the with current oil flows (which are three times the volume and thus revenues than in 2003) that this is not going to make much difference in speculating of the RV period, is it? 😊
Remember “rentier economy”. I am mostly concerned about this saga when it boils down to whether we will see the passing of the Oil and Gas Law from parliament. I listened to Frank26 intel guru conference call from Tuesday, as I listen to most of these gurus. This is part of my job of the blog to create more clarity in this investment.
Well… anyhow, Frank told his listeners that the HCL was all done. Really?
Why did he say this? The HCL referendum still sits in the cabinet.
It is required by the new Iraq constitution and it has not even gotten to the point of being passed on to parliament for review, discussion and passing. Does Frank even know how the legislative process works in Iraq? There are still many details to work out for this law, but it is looking hopeful.
Maybe however, these recent talks between Baghdad and Kurdistan will solidify these issues and make solid solutions put into the law to prevent such issues arising again in the future. These issues only hurt both parties and there are no winners. Remember that the constitution of 2005 says they have just months to create the pass the referendum.
It has been 20 years already.
Could the US be a bit upset about this? Yes, could this also be a point of contention as to why they have not yet seen their reinstatement? Just asking….. Come ‘on folks lets stop listening and believing all these stupid, fools who are ignorant of what is really going on in Iraq. I see the YouTube and conference calls. They are fools all trying to scam you and make big bucks off of clickity-clicks.
Please keep your prayers coming. They are working and God is going to fulfill his prophecies for the middle east beginning with Iraq and branching out.
