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http://www.businessweek.com/news/2010-10-13/opec-may-leave-oil-output-quota-unchanged-push-for-compliance.html Venezuela hopes to see prices to between $90 and $100 a barrel OPEC May Leave Oil Output Quota Unchanged, Push for Compliance October 13, 2010, 9:14 PM EDT More From Businessweek Oil Is Near 11-Week High as Equities Rise, Storm Heads for Gulf Bulgaria Faces Junk Grade on Foreign Debt, Fitch Says (Update2) Google Tops Grad Picks for Top Employers HP's New Tablet Could Be an iPad Spoiler Pentagon Losing Control of Bombs to China’s Monopoly Story Tools e-mail this story print this story 1diggdiggadd to Business Exchange By Ola Galal and Ayesha Daya Oct. 14 (Bloomberg) -- OPEC members expect to keep production quotas unchanged and will urge one another to comply better with output limits when they meet today, as some indicated they want higher oil prices. “All the ministers agree that we should leave the level of production stable,” Venezuelan Energy and Oil Minister Rafael Ramirez said yesterday in Vienna, where the Organization of Petroleum Exporting Countries is headquartered. Venezuela hopes to see prices to between $90 and $100 a barrel, Ramirez said. Shokri Ghanem, chairman of Libya’s National Oil Corp., said he wants crude to rise to $100 by the end of the year. Global oil demand will be higher than previously estimated for this year and the next, the International Energy Agency said yesterday in a report. Recent strength in nations of the Organization for Economic Cooperation and Development “contained quirks which suggest it may not persist,” according to the Paris-based energy adviser. “It is unclear whether the recovery will be sustainable, notably in the U.S.” While demand is slowly rising commercial stockpiles remain high and the group should increase production only when it becomes clear that demand is overtaking supply, said a Persian Gulf oil official, speaking on condition of anonymity. Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said the group “will maintain” current quotas, echoing comments from his Libyan and Qatari counterparts. “We’re not going to touch the quotas because my feeling is that we should maintain whatever was decided in 2008,” Angolan Oil Minister Jose Maria Botelho de Vasconcelos said in an interview. “We’re still gaining advantage despite the weakening of the dollar.” ‘Ideal’ Prices OPEC, which supplies 40 percent of the world’s oil, is benefiting as prices stay above the $70-to-$80-a-barrel band that Saudi Arabian Oil Minister Ali al-Naimi said Oct. 11 is “ideal.” Crude climbed for a second day, rising as much as 0.9 percent to $83.75 a barrel in electronic trading on the New York Mercantile Exchange, extending a 1.6 percent gain yesterday. It was at $83.71 a barrel at 8:48 a.m. Singapore time. Oil gained 4.5 percent so far this month as the dollar weakened 3 percent against the euro. The Chinese yuan last week climbed to its strongest level against the dollar since 1993. Oil Consumption Oil consumption worldwide will average 86.9 million barrels a day in 2010 and 88.2 million barrels a day in 2011, the IEA said in its monthly Oil Market Report. That’s 300,000 barrels a day more than last month’s forecast for both years. The IEA raised its estimate of the amount of oil OPEC producers will need to provide to balance world supply and demand. Its new estimate is an average of 29.3 million barrels a day for next year, or 100,000 barrels a day more than the agency’s estimate for 2010. “We’ll be asking for more compliance,” Sheikh Ahmad said in Kuwait as he departed for the meeting. OPEC raised production by 5 percent from a five-year low in March 2009, and now exceeds its own target by 1.9 million barrels a day, about the same amount as Angola alone produces. Output from the 12 members was 29.1 million barrels a day in September, according to Bloomberg estimates. The group agreed to a record 4.2 million barrel-a-day cut in production in late 2008 as global demand fell 0.6 percent, the first decline since 1983. Members are now adhering to about 54 percent of that cut, the IEA’s monthly report showed. Compliance reached a peak of 79 percent in March 2009, based on Bloomberg data. --With assistance from Rachel Graham in London, Fiona MacDonald in Kuwait City, Fred Pals, Grant Smith, Zoe Schneeweiss and in Vienna. Editors: Clyde Russell, Jane Lee. To contact the reporters on this story: Ola Galal in Vienna at ogalal@bloomberg.net; Ayesha Daya in Vienna at adaya1@bloomberg.net To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

LINK http://www.usatoday.com/news/world/iraq/2008-08-06-Iraq-budget_N.htm DATED 8-6-2008 USA TODAY U.S. officials defend Iraqi budget surplus Updated 8/6/2008 12:41 PM | Comments 3 | Recommend 2 E-mail | Save | Print | BAGHDAD (AP) — Iraq is paying for more of its own reconstruction but is still struggling to spend its multibillion dollar surplus as it copes with a flood of oil revenue and a cumbersome approval process meant to curb corruption, U.S. officials said Wednesday. Iraq could finish the year with as much as a $79 billion cumulative budget surplus as oil revenues add to leftover income the Iraqis still haven't spent on national rebuilding, according to a report by the Government Accountability Office made public Tuesday. In Washington, senators renewed calls for Baghdad to pay more for its own reconstruction, which has been heavily supported by hard-pressed American taxpayers. "The Iraqi government now has tens of billions of dollars at its disposal to fund large-scale reconstruction projects," Sen. Carl Levin, D-Mich., said in a statement. "It is inexcusable for U.S. taxpayers to continue to foot the bill for projects the Iraqis are fully capable of funding themselves," Levin said. But U.S. officials who work with the Iraqis on reconstruction said the Baghdad government has been increasing its capital spending by 30 to 35% each year since 2006 — although they added that both governments want to see the pace increased. The Iraqi government is drafting plans for Iraqi-funded projects to include 1,000 new primary health care centers over the next 10 years, new airports and a major renovation project for downtown Baghdad, the American officials said. They spoke on condition of anonymity because they did not want to comment on Iraqi government performance. The officials said the United States has not begun any new reconstruction projects in Iraq since 2004 and that ongoing work is funded by money approved by Congress four years ago. In the report, the GAO said Iraq had an estimated budget surplus of about $29 billion from 2005 to 2007 and could have an additional surplus of up to $50 billion this year. Nearly $10 billion of the estimated surplus is held by the Development Fund for Iraq at the Federal Reserve Bank of New York, according to the report. The rest of the money is at the Central Bank of Iraq and in Iraqi commercial banks. The expected surplus is likely to be lower because parliament Wednesday approved legislation for a $21 billion supplemental budget for 2008. Nevertheless, the GAO report faulted the government for holding back on spending plans. "First ... (the) relative shortage of trained budgetary, procurement and other staff with the necessary technical skills is a factor limiting the Iraqi government's ability to plan and execute its capital spending," the GAO said, adding that a second problem is the government's weak accounting systems. "Third ... violence and sectarian strife remain major obstacles to developing Iraqi government capacity," it said. The report also estimated that this year Iraq could generate $67 billion to $79 billion in oil sales. Other U.S. officials previously had said they expected the oil windfall to be about $70 billion. "This substantial increase in revenues offers the Iraqi government the potential to better finance its own security and economic needs," the GAO said. But the U.S. officials said the influx of oil money had been difficult to manage, not only for Iraq but for other oil-producing countries. Other problems cited by the officials included a cumbersome approval process — put in place to curb corruption — lack of expertise in the ministries and a shortage of Iraqi contractors capable of taking on major development projects. Since 2005, the United States has funded a number of efforts to teach civilian and security ministries how to effectively execute their budgets. The efforts included programs to advise and help Iraqi government employees develop the skills to plan programs and to effectively deliver government services such as electricity, water and security. Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

GOOOOOOOOOOORRRRRRVVVVVVV YAY!!!!

in laymen terms 1million iqd keeps its value of 1000 usd. this is no change ..... unless they give me 1million iqd in 1 dinar bills

did he getta keep it................ IWANTMYRV

with 27 IDQ trillion in circulation (23billion USD approx. at todays rate of exchange ) times $3.00 USD makes it $81 usd trillion worth of IQD in circulation ......... Is this too much to be in circulation...............? what do they base the rate on anyway....(reserves= oil, natural gas, gold, labor force, and current holdings.......if you count all the oil (505 billion barrels) muliply at $50 USD per barrel it equals $25,000,000,000,000 (25 trillion) ..........where's the other $56 trillion................?

LETS NOT FORGET THEIR NATURAL GAS $$$$$$$$$$

THAT LOOKS REALISTIC IMO

http://www.army.mil/-news/2010/02/03/33906-use-of-us-dollar-in-iraq-being-reduced-to-stimulate-local-currency-economy/index.html 27 TRILLION IQD WHEN FIRST PRINTED HAD A FACE VALUE OF 6,000,000,000 USD AT 4500 IQD TO 1 USD IS THIS CORRECT? THEN THE SAME 27,000,000,000,000 IQD IS NOW WORTH 23,116,438,356 USD AT 1168 IQD TO 1 USD

"FIRST TIME POSTER" WIKIPEDIA STATES NEW GEOLOGICAL SURVEYS SHOW 500BILLION IN OIL RESERVES http://en.wikipedia.org/wiki/Oil_reserves_in_Iraq SO DOES THIS MEAN 500BILLION TIMES 50 USD PER BARREL = 25TRILLION USD CURRENT RATES I THOUGHT CBI WAS BUYING USD AT THESE AUCTIONS http://www.army.mil/standto/archive/2010/02/03/print.html IS THERE 27 TRILLION DINAR IN CIRCULATION? DOES THIS MEAN 81 TRILLION AT $3 RV AND EQUAL TO 81 TRILLION USD?