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By Adam Montana
I have a ton on my plate today so I'm going to get right to the weekly update... lucky for me, it's an easy one.
The writing on the wall is about as clear as it can be... follow along and enjoy!
This was posted in last week's chat, and BOY is it worth reading! ( to @6ly410 )
My comments in purple below:
Iraq news now
A Kurdish bloc reveals the fact that Baghdad and Erbil are close to signing a comprehensive oil agreement
News source / Baghdad today https://iraqakhbar.com/2805603 News source / Baghdad today Baghdad Today - Baghdad
Today, Monday, the Kurdistan Islamic Union bloc in the Iraqi parliament revealed the fact that Baghdad and Erbil are close to signing a comprehensive oil agreement.
- - - - - this is HCL.
Ahmed stated that "there is no specific time to resolve the differences between Baghdad and Erbil, but solutions must be expedited, so there is no time, especially since delaying solutions delays the completion of the 2021 budget law."
- - - - - Are we reading that they want the HCL to pass with or prior to the Budget? It sounds that way!
He added, "All differences can be resolved according to dialogue and constitutional frameworks, especially if there are personalities who have the will to solve and not deepen the disagreement."
Earlier, and in a different position, a former deputy from the Kurdistan Democratic Party revealed, on Monday (December 14, 2020), that a new agreement between the governments of Baghdad and Erbil on the delivery of oil and revenues from the ports would soon be announced.
"It is expected that the negotiation rounds will end soon,
- - - - - darn that word
... with the announcement of a new agreement that contributes to two basic points in organizing the delivery of customs resources, and determining the quantities of oil exported from the region," said the former deputy, Mohsen al-Saadoun, in a press interview.
He added, "negotiations are still ongoing between the Kurdish delegation, who is currently in the capital, Baghdad, and officials in the federal government in order to reach an agreement to zero in all the crises and controversial problems between the two parties."
Al-Saadoun explained that "the existing talks in Baghdad will determine whether to return to the previous oil agreement or conclude a new agreement that differs from its predecessors to solve the issue of customs salaries and revenues," noting that "the agreement will be included in the general budget law for next year."
- - - - There we have it, kids! 💥
He suggested the former deputy, for the Democrat, that "the two parties announce within the next two days their new agreement regarding the export of oil and the delivery of customs revenues to the federal government."
- - - - - This would be today.
... a member of the Kurdistan Democratic Party, Repin Salam, confirmed that the President of the Kurdistan region, Nechirvan Barzani, will visit Baghdad soon to sign a comprehensive oil agreement between the governments of Baghdad and Erbil.
Basically, everything we have been witnessing - the increased cooperation between parties.
Continued stability of the GOI.
Elevated confidence in Iraq from the PTB all over the world.
EVERYTHING we are seeing is pointing to HCL, a new Iraq, and an RV.
Don't count your chickens just yet, but this is getting REAL.
P.S. Get in the Powerball Pool - we have to win an RV or the lottery eventually!
U.S. crude prices are up 25% so far this year, recovering from last quarter’s rout
By Amrith Ramkumar Updated Feb. 27, 2019 4:16 p.m. ET Oil prices are off to their best-ever start to a year as fears of a supply glut cool, part of a 2019 recovery in risky investments from stocks to commodities.
U.S. crude-oil futures have rebounded 25% in the first two months of the year, according to Dow Jones Market Data, the best January-February performance in figures going back to 1984. Oil is also heading for its best two-month stretch generally since 2016—when prices recovered in April and May of that year after dipping below $27 a barrel.
Oil rose 2.6% Wednesday to $56.94 a barrel after Saudi Arabia’s energy minister reiterated the country’s commitment to curbing output, the latest example of the de facto head of the Organization of the Petroleum Exporting Countries defying calls by President Trump to keep prices low. Crude had tumbled Monday after Mr. Trump tweeted prices were too high. Wednesday’s rebound puts prices near the highest level since November.
This year’s rally comes after a punishing decline. Crude prices fell 44% from their multiyear peak in early October to a Christmas Eve trough as investors fretted that a global economic slowdown would weaken demand for a range of commodities.
Working Its Way BackU.S. crude oil has clawed back some of itsfourth-quarter slide early this year.Source: Dow Jones Market Data .a barrel18-month lowHighest since November 2014Aug. ’18Oct.Dec.Feb. Energy investors have been among the biggest beneficiaries of the Federal Reserve signaling a cautious approach to further interest-rate increases and the U.S. and China moving toward a trade agreement. The S&P 500 energy sector has risen 14% so far this year, versus 11% for the broader index.
On Wednesday, energy stocks were among the market’s best performers, with the S&P 500 energy sector rising 0.4%.
Fears linger that demand for oil will stall. But the International Energy Agency still expects consumption to increase each quarter this year from a year earlier, albeit at a slower-than-usual pace in the first quarter.
Additionally, Saudi Arabia and other OPEC members have curbed output, despite calls from President Trump for the cartel to keep prices low. Anxiety also remains about the impact of U.S. sanctions on Iran and Venezuela, fueling bets that prices can at least stay steady even if the rally stalls.
“Too many international barrels have been taken off the market,” said Bob Yawger, director of the futures division at Mizuho Securities USA. “There’s a lot of uncertainty around production.”
Because of the Venezuela sanctions, some analysts expect the U.S. will extend waivers to buyers of Iranian crude that were exempted from last November’s penalties to avoid significant market disruptions. The waivers allowed several countries to continue buying Iranian crude through April.
Both Iran and Venezuela were exempted from the December OPEC agreement to lower output because of the sanctions on their respective oil industries. Saudi Arabia and others in OPEC are likely to back a continuation of production curbs when the group meets in April, The Wall Street Journal reported Monday. Saudi Arabia accounted for much of the cartel’s drop in January production, lowering output by 400,000 barrels a day, while Russian supply came down by just 78,000 barrels a day, IEA
FlippedGlobal oil supply started exceeding demand last year, increasing pressure on large producers to curb output.Global crude production minus demand, quarterlySource: International Energy Agency .million barrels a day1Q20172Q3Q4Q1Q’182Q3Q4Q-1.5-1.0-0.50.00.51.01.52.02Q 2017x-1.2 million barrels a day Energy Information Administration figures on Wednesday showed U.S. crude imports fell to their lowest level since 1996 last week, a sign of steady domestic oil demand.
But many analysts are keeping a close eye on output from Saudi Arabia and Russia because many expect steady U.S. shale production growth to continue. The EIA said Wednesday that U.S. oil production climbed to a record 12.1 million barrels a day during the week ended Feb. 22.
That compares with January U.S. output of roughly 11.9 million barrels a day and 11.4 million barrels a day from Russia and 10.7 million from Saudi Arabia.
Worries about steady U.S. supply pushed West Texas Intermediate futures, the U.S. oil benchmark, down more than 3% Monday, though they have recovered much of that slide. Crude-oil futures began trading in 1983.
“I would be surprised if WTI got above $60,” Mr. Yawger said. “Domestic production is too great.”
Some analysts also worry lockstep moves by stocks and commodities have set markets up for another rapid reversal if momentum changes and investors retreat from risk. U.S. crude and the S&P 500 have moved in the same direction 60% of the time so far this year.
The rolling correlation between the S&P 500 and S&P GSCI commodity gauge—heavily weighted toward oil and other energy products—increased to 0.94 last week for the first time since March 2016, according to Dow Jones Market Data, which looked at time spans of 50 days.
Correlation is measured on a scale of minus-1 to 1. A reading of minus-1 means two assets are moving perfectly in opposite directions, while a correlation of 1 means they are moving in tandem
By Adam Montana
Good morning Dinar Vets!
I'll keep this one short and sweet. We all know this is a rollercoaster, with severe ups and downs. Another thing roller coasters have is a few flat spots here and there, strategically placed to lull you into a false sense of security right before BAM! Another heart wrenching twist, maybe a splash of water and bright lights, then a dramatic climb to the top!
Without getting too dramatic... that's how I feel about the current week in Iraqi Dinar Not a lot happening, but I'm not fooled. Another jolt of excitement is just ahead, as always.
On a related note, anytime something big is happening in the US (elections, SOTU speech, etc) things always seem to calm down over there while they wait to see how things pan out. Again, I'm confident that we'll be seeing action again shortly.
I still feel that the HCL is vital to the success of an increased value in the Dinar, and they have been making steady progress - so I am hopeful to see more on that shortly.
In my opinion - none at all. With any major overhaul of the budget will come an equal overhaul of the budget.
I'm withholding comment on that one for the time being.
Unfortunately, the value of the dollar DOES affect everything and everyone in the entire financial world. I am sticking to my rate theory because it makes sense at almost any level other than a devalue of the USD proportionate to what Iraq faced... but that will never happen. The world simply won't let it, too many countries depend on the USD in too many ways to list.
Is it bad for us? Yes, of course. Everything involving higher debt, lower value of the USD, unpayable obligations... all of that is bad for us.
Nothing more than I've already stated... at this point, we are waiting to see what they throw at us next.
Because it can be better.
This is like asking "Why should I go to work when I already have a $100 bill?" Answer: Because you can do better.
*shaking my head lol*
I left my crystal ball in the VIP room.
Part 2 coming soon....
Testing the Rocker Badge!
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