More News, Rumors and Opinions Friday PM 8-30-2024
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Tishwash: Iraq called off one million barrel shipment in a bid to match OPEC regulations: Reuters
Iraq plans to lower its oil output to in between 3.85 million and 3.9 million barrels each day in September as part of a strategy to make up for producing over its quota concurred with OPEC and allies, Reuters quoted a source on Thursday.
The plan comes just as Libyan oil production drops due to a. political conflict in between various factions.
The declines will tighten the oil market ahead of a prepared. output boost by OPEC and its allies - called OPEC+ - from. October to begin loosening up some production cuts.
Iraq produced about 4.25 million barrels each day (bpd) in. July, according to the Company of the Petroleum Exporting. Countries, mentioning secondary sources. That is above its quota of. 4 million bpd.
The oil ministry had actually sent a strategy to OPEC to compensate. for the overproduction between this month and September next. year. Iraq's cumulative overproduction between January and July. was 1.4 million bpd, OPEC said recently.
Iraq cancelled a spot cargo of 1 million barrels in August. to reduce its exports throughout the month, the source said.
There were quotes for the freight however it was removed the. market, the source said, adding two more freights of the exact same. size will be deferred from August to September.
Baghdad plans to reduce its output from September onwards by. cutting exports to 3.3 million bpd or lower, from 3.43 million. bpd, in addition to cutting local consumption to 500,000 bpd from. 570,000 bpd and asking the Kurdistan Regional Federal government to cut. its output to 50,000 bpd from 150,000 bpd, the source stated.
OPEC Secretary General Haitham Al Ghais was in Baghdad on. Wednesday and consulted with Iraqi Oil Minister Hayan Abdel-Ghani.
OPEC stated on X that Abdel-Ghani restated Iraq's. dedication to the complete and timely implementation of production. level changes, including payment plan as agreed under. the Statement of Cooperation link
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Tishwash: Baghdad wants money from the government and has its eye on “stalled projects”: We will launch new ones - Urgent
Baghdad Provincial Council confirmed, today, Friday (August 30, 2024), the development of important and strategic plans to develop the capital's service reality during the next phase, indicating that it is awaiting financial allocations to complete the stalled projects .
Council member Nora Al-Jahishi told Baghdad Today, “Despite its short life, the Baghdad Council has worked during the past period to activate the oversight aspect and follow up on the work of service departments in Baghdad, and there is a noticeable development in service work due to continuous and strict oversight and follow-up .”
Al-Jahishi added, "The Baghdad Council has developed an important and strategic work plan to launch projects and complete others that have been stalled for a long time, but we are waiting for the financial allocations, as they have not been released to us yet by the central government ."
The Iraqi capital, Baghdad, is witnessing a remarkable urban development on the level of main roads and vertical buildings after the relative security in the country was restored and the country opened up to investments and partnerships with Arab and Western countries .
Last year, the Ministry of Planning revealed a decrease in the number of stalled projects in Iraq, while indicating that there are more than 7,000 projects under construction .
The spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, told Baghdad Today, "There are more than 7,000 projects in Iraq with different rates of completion, and great efforts are being made to complete them within two years," noting that "the government has raised the slogan of services and interest in service projects such as school projects, hospitals, roads, and sewage networks ."
He added that "the number of stalled projects has decreased to 1,000 projects distributed across various sectors and governorates," noting that "the Prime Minister has directed that these projects be resolved during the coming and upcoming year ."
He added, "We have 73 hospitals that are lagging behind and with different rates of completion that were addressed through the Amiri order 45, and some of the suspended hospitals were completed, and about 90 percent will be completed within two years," indicating that "there are 16 new hospitals that have been included in the 2024 budget ."
Regarding the schools sector, Al-Hindawi explained that “there is a great deal of work being done to complete this sector, as the project of the thousand Chinese schools has begun, and the construction of a number of schools will be financed within the Iraq Development Fund,” noting that “nearly 40 percent of the delayed or suspended schools have been completed .”
The spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, had previously explained to Baghdad Today the reason for the halt of most projects in Iraq, indicating that “the main reason for the halt of these projects is due to Resolution 347 issued in 2015, during the financial crisis, which led to the halt of many projects, and these projects are distributed across various sectors of transportation, communications, buildings, services, industry and agriculture, and they are at different rates of completion .”
He added, "The priority now within the current government's program is to complete service projects, most notably hospital projects, school projects, sewage projects, and water projects. By the end of next year 2024, more than 90% of these projects will be completed, especially after the approval of the budget law, and with the existence of financial allocations for the investment program link
Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man The Development Road Project is going forward whether you like it or not. Iraq is going International, they just haven't yet. They're not on the Forex but are they going to be there? I think they're going to be there...quite soon.
Mnt Goat Article: "GOVERNMENT ADVISOR EXPLAINS THE POSSIBILITY OF USING THE DINAR INSTEAD OF THE DOLLAR IN OIL SALES" This is a...VERY good article in that it talks about the risks associated with pegging the dinar to oil prices...Instead they plan to repeg to a “basket” of international currencies from the top developed nations. This much less risky and is much more stable. Besides this is the Dr. Shabibi and IMF plan for Iraq. Article Quote: "Will it be a fixed exchange system supported by foreign reserves or will it be a flexible exchange system in which the (petrodinar) changes with the change in oil prices?" I luv this...it reinforces again they are NOT going to peg the dinar to the price of oil... Nonetheless this...tells us they know they must do something and do it soon!
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WARNING. "We The People" DEMAND! A RETURN To Constitutional Money.
Greg Mannarino: 8-30-2024