More News, Rumors and Opinions Friday Afternoon 10-4-2024
TNT:
Tishwash: Iraqi economist expects oil price to rise to $200 if war extends to Gulf
Economist Nabil Al-Marsoumi expected on Friday that the price of a barrel of oil would rise to nearly $200 if the war in the region expanded to include the Gulf states, and Iran closed the Strait of Hormuz and cut off the flow of about 20 million barrels of oil to global markets daily.
The expert spoke in an analysis published today about the two expected possibilities regarding what he called the coming oil war. He said that the first of them is that Israel will target the Iranian oil export outlets, especially Kharg Island, through which 90% of Iranian oil exports pass. This means eliminating 1.5 million barrels of Iranian oil from the market, which will raise prices by about $5 per barrel to $82.
He added: But it will lead to cutting off the most important sources of Iranian funding, and in this case we will face several scenarios. The first is that OPEC Plus will intervene and cancel voluntary and mandatory production restrictions, which will provide sufficient oil supplies to compensate for the loss of Iranian oil, indicating that this will lead to a decrease in prices and their return to the $70 mark.
He addressed the second possibility, saying: The war may extend to include oil pumping and export stations in the Gulf, which may negatively affect Gulf oil exports, especially Saudi oil exports, which will push oil prices above $100 per barrel.
Al-Marsoumi also pointed out that Iran had previously confirmed that preventing it from exporting its oil to the world also means preventing the exit of oil from the Strait of Hormuz. If Iran closes the Strait of Hormuz, this means cutting off about 20 million barrels per day of global oil supplies, which will push prices to $200 levels, in addition to negatively impacting Gulf gas shipments that pass through the strait.
The Iraqi economic expert continued by saying that the Israeli strike will be limited to hitting oil facilities, especially Iranian refineries, which means taking out 300 to 400 thousand barrels per day of Iranian exports, noting that in this case it will have no significant impact on global oil prices, especially after Libyan oil returns to its previous levels. link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
yada Article: "- The Central Bank of Iraq launched its financial transfers to Turkey in the euro currency." This means the business with Turkey, primarily the pipeline that was halted in March of 23 due to illegal usage is now opening back up with transfers in Euros. Add this to the Iraqis receiving their salaries from Jan 24 to Aug 24, we are in for great celebration with the rate release. IMO
Militia Man Article: "Central Bank Governor: New mechanism for financial transfers to Türkiye in euros launched" The amount of coordination that must be on going behind the scenes must be intense now.
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KTFA:
Clare: Rafidain Bank announces the collection of more than four trillion dinars electronically for the benefit of 700 government departments
10/4/2024
The government-owned Rafidain Bank announced on Friday that it has collected more than four trillion dinars electronically for the benefit of 700 government departments.
A statement by the bank's media office, received by Shafaq News Agency, stated that "the number of government departments that have activated the electronic collection system until October 1st has reached more than 700 government departments."
He explained that "the total amounts that were settled and collected for the benefit of those government departments and deposited in their accounts at Rafidain Bank amounted to more than four trillion dinars."
He pointed out that "the rate of reliance on payment systems is constantly increasing and new departments will be included soon." LINK
ANOTHER Major Pattern Shift Has Happened...(DELINQUENCIES HAVE SPIKED!)
Lynette Zang: 10-3-2024
In today's video we are talking about a major pattern shift in spending amongst the younger generations and how delinquencies have spiked. What does this all mean?
BRICS & BANKS: 2024 Gold Rush (Bullion Bulletin - 10/4/24)
Andy Schectman: 10-4-2024
Welcome to our compilation of videos from the previous week! We are dedicated to bringing you the latest insights and updates in the precious metals industry. In this compilation, you'll find a variety of engaging and informative content featuring expert analysis and discussions.