1166??? REALLY??

[cheevo]

Parliamentary power: most likely there is a huge lake of oil under the Sadr City Today at 3:56 am

Monday April 16, 2012

Parliamentary power: most likely there is a huge lake of oil under the Sadr City BAGHDAD - and babysit - expect a member of the Committee on Energy and Oil parliamentary Furat al-Shara made the Iraq oil-producing countries through what is owned by the reserves of major oil, indicating the possible existence of a large lake of oil under the Sadr City in Baghdad.

Shara said in a press statement that Iraq has a big yes, and has unexplored oil fields and the other will be explored after the fourth licensing round for oil and gas.

He added, do not rule out the existence of a giant lake of oil under the land of Sadr City, because Iraq has oil reserves that will make him a great influence on world markets.

The MP pointed out al-Shara to: the challenges that stand in the way investment and the development of Iraq's oil wealth, is the lack of export outlets and introduced systems of processing and export of the Interior, as well as the non-enactment of the oil and gas that has not felt since (2007) as a result of differences between Arbil and Baghdad .

The member of the Committee on Energy and Oil parliamentary to: open more than one port for oil export and re-structuring of systems internal processing and export of oil, in addition to contracting with large international companies in the field of investment and to increase the extraction of oil and Iraq's imports of Finance.

It is noteworthy that the IMF report issued late last year on oil and gas pointed out that what is owned by Iraq's oil reserves amounted to (143) billion barrels of oil, have been identified (200) million barrels of undiscovered would make Iraq the power of an oil superpower able to influence the market World.

Industry experts are also likely to contain Sadr City, the estimated oil reserves, (7) billion barrels of oil, this will make the total oil reserves located in Iraq (150) billion barrels ... p / i

http://alrayy.com/48040.htm

[abutchbaker]

We will see what happens......

[DMOT]

All the oil in the world and we can't get these guys get along.

[The Machine]

All the oil in the world and we can't get these guys get along.

they'd get along much better if they had no oil at all lol

[yota691]

what does the title 1166 have to do with the article.

[The Machine]

what does the title 1166 have to do with the article.

I was thinking the same thing earlier when I first read it .... maybe he gave it his own title

[Biker]

I think may be they were implying, there currency rate was 1166, but with all this oil why or how could it be so low a rate.

[k98nights]

I think he's referring to the current exchange rate and implying that it is not representative of the true value of the IQD

[The Machine]

I think may be they were implying, there currency rate was 1166, but with all this oil why or how could it be so low a rate.

I think he's referring to the current exchange rate and implying that it is not representative of the true value of the IQD

I was just thinking the same

[WTX_Danny]

The rate wouldn't be so low if they didn't have in excess of 30 Trillion of them.

[Danan]

The rate wouldn't be so low if they didn't have in excess of 30 Trillion of them.

So true. As usual, we wait. And wait, and wait.

[TimS]

they'd get along much better if they had no oil at all lol

Not really...they been killin each other for thousands of years, way before oil meant anything to anybody

The rate wouldn't be so low if they didn't have in excess of 30 Trillion of them.

absolutely

[truthful1]

Simply, oil isnt used to determine a currencies value.....refer back to imports and exports, balance of payment, gdp, inflation, m2 data, and sba with imf

you can have all the oil in the world, but until you pump it out of the ground and start exporting it...it means nothing.

Edited April 16, 2012 by truthful1

[unirod]

Simply, oil isnt used to determine a currencies value.....refer back to imports and exports, balance of payment, gdp, inflation, m2 data, and sba with imf

you can have all the oil in the world, but until you pump it out of the ground and start exporting it...it means nothing.

Truthful,

Then how do the Saudi's value their currency? the only thing they have to export is oil, and oil is their GDP. So could you help me understand why oil cannot be used to value currency?

[truthful1]

Truthful,

Then how do the Saudi's value their currency? the only thing they have to export is oil, and oil is their GDP. So could you help me understand why oil cannot be used to value currency?

Thats just not how its done. saudi arabia has the worlds largest reserves and they are at .26 cents per dollar. How is it the country with the largest oil reserves doesnt have the highest valued currency. because there are other criteria used in determining a countries value.(see my previous post)

If a country based its currency off of reserves their currency would over time lose value. because as the reserves areused and gone so does the value of the currency. Just having oil in the ground....doesnt mean they have an economy above the ground that can support that value.

exchange rates are fragile and its of the utmost importance they are reflective of the economy.

Edited April 16, 2012 by truthful1

[truthful1]

Basing your currency of oil reserves would be a very difficult type of monetary policy. maybe you calculate more oil than there really is. or maybe you find more, large reserves. Which would create drastic swings in the value, thats too much volatility for a central bank too control stability. Jmo

Edited April 16, 2012 by truthful1