I hope I put this in the right category... It IS news that the review is any day... WAS news about the letter of intent in March... and IS news about what their 2011 Oil Revenues are... I'm just trying to tie it all together. If it should be in Opinions, please feel free to move it.
According the Iraq’s Letter of Intent of March, 2011, their 4th Review as to whether they will need more SBA (Stand by Agreement) withdrawals is to take place on or shortly after October 30, 2011.
“… if by the time of the fourth program review we see that our oil export revenues in the first three quarters of 2011 have exceeded our projection of $46 billion for that period by more than $3 billion, we intend to treat the SBA as precautionary.”
Summary – They need to see a total of $49 billion in oil revenue by the end of September, 2011 in order to treat IMF’s SBA disbursements as precautionary. They won’t need another disbursement!
See Page 3 in document linked below:
http://www.imf.org/external/np/loi/2011/irq/030311.pdf
They reached this goal!
See below… thru August (with one month to spare) they had over $55 billion in oil revenue.
“August exports increased slightly to 2.19 million barrels per day (bpd), according to new Oil Ministry data. In the first eight months of the year, though oil sales wavered, the price climbed from January's average $90.78 per barrel, and Iraq has claimed $55.73 billion so far, ...”
http://www.iraqoilreport.com/oil/production-exports/oil-revenues-high-despite-export-disruptions-6224/
Note: I’m hoping this helps them get out of Article XIV with the IMF and into Article VIII so the exchange rate restrictions can be lifted!
With everything else that is going on… like the De La Rue machines purchase and the Oil and Gas Law going through, etc. I think it’s looking REALLY REALLY GOOD! (I’m NOT a pumper, just someone that really needs this to happen)
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