Oil News

[1978parker]

If I remember correctly a long time ago one of the signs that this is near was the oil prices dropping low.  I just read an article stating just that and they would remain low for 5 years.  I tried pasting the link but it wouldn't let me but I'm sure it would be easy to find as it was for me.  Also another article that caught my attention was that Houston just exported oil for the first time in 40 years.  I believe it was going to Italy.  It also said another shipment was going out in a few days.  All this seems a little interesting to me.  GO RV!!

 

Tried again another way and it worked..... here it is below

 

Oil prices have plunged from triple digits over 18 months ago to less than $40 a barrel, and companies, markets and the global economy have been ravaged by cheap energy.

Brent crude oil prices hit their lowest level in more than 11 years this week and are currently trading around $36.14 per barrel as of 4.22 p.m. (GMT) today —  far cry from over $100 per barrel in the summer of 2014. 

[haymon]

Also heard OPEC was going to slowdown production to raise demand.

[Antietam]

The value of the Iraqi dinar is fiat based. It is pegged at 1166 to 1 US dollar, which is the king of the world's fiat currencies. The value of a currency is based on "faith" in the country's economic power. Who would guarantee a high exchange rate for a country whose economy was in the tank? Nobody raises the value of their currency when they are in a serious recession. Iraq is in a serious recession due to oil prices and Isis. If you want to see a revalue of the dinar, you must be patient. The CBI will revalue the dinar when economic conditions warrant it, and not before. I cannot find a single reason for the CBI to RV the dinar when oil is down, their reserves are down, and half their country is not in their sovereign control. Anybody else agree with me?

[Texstorm]

I respectfully disagree with you. Just like the stock markets if you buy low and let let the market appreciate or rebound then you can make a profit on the spread. The IQD cannot really tank any farther than it already has, a few pips lower or higher really doesn't make a difference to us at the current situation. I happen to think  Iraq could bounce back as the oil markets started to rise again and it will rise again. The Iraqi treasury and the CBI could stand to make a fortune if they aloud their currency to float from where it is now and as the oil markets rebound and the price of oil per BBL goes up, Iraq could create wealth out of thin air riding on the backs of the oil companies. I think that I would be correct in assuming that Saudi Arabia, the UAE and Kuwait have value in their money simply through the sale of oil. I just happen to believe that Iraq can do the same. 

[SnowGlobe7]

Iraq is in a serious recession due to oil prices and Isis.

 

Oil prices were high last summer and the threat of ISIS was not as wide spread....point being....these are only a SMALL PIECE of the puzzle

[Antietam]

Snowglobe, the iraqis are trying to overcome an enormous infrastructure destruction over two wars dating back to 1991. We bombed them back into the stone age. Remember, the $3.00 value of the dinar was only observed inside Saddam's country. Not outside. It was an inflated unrealistic figure based on a megalomaniac's own interpretation of what his country's currency was worth. Unlike Kuwait or Saudi, iraq was near bankrupt from a costly and destructive 10 year war with iran. Then we leveled the place in 1991 and again in 2003-8. Do I believe the dinar can revalue some? Yes. Do I believe in some fanciful 100,000% revalue? I quit believing in Santa Claus a long time ago.

[iamtheeggman]

Snowglobe, the iraqis are trying to overcome an enormous infrastructure destruction over two wars dating back to 1991. We bombed them back into the stone age. Remember, the $3.00 value of the dinar was only observed inside Saddam's country. Not outside. It was an inflated unrealistic figure based on a megalomaniac's own interpretation of what his country's currency was worth. Unlike Kuwait or Saudi, iraq was near bankrupt from a costly and destructive 10 year war with iran. Then we leveled the place in 1991 and again in 2003-8. Do I believe the dinar can revalue some? Yes. Do I believe in some fanciful 100,000% revalue? I quit believing in Santa Claus a long time ago.

I don't believe in Santa or Antietam and the lopster pot gurus or other site gurus

[Antietam]

So...eggman, just what about my synopsis of iraq's destroyed infrastructure don't you believe?

[sandfly]

THANKS, I'M LOOKING AT NEXT YEAR

[SnowGlobe7]

what you are saying about the infrastructure...I have no doubt that what you say it true....Yota post articles weekly on the lack of infrastructure. My point was that there are bigger pieces to this puzzle than we may be even aware of AT ALL.

 

But I think we know most of them...maybe just not the biggest ones

[Antietam]

I'm not into puzzles, snowglobe. I really don't see any mystifying puzzle to where the dinar is. The CBI is holding it in check because it would be exceptionally dangerous to change much of anything right now. Oil is down to $35 a barrel today. The price of war fighting continues to drain the GOI coffers. They are receiving loans from the IMF just to hang on. I don't see any puzzle here. I see a mess.

[SnowGlobe7]

puzzle/mess...whatever word you want to use.....I believe that Abadi has a plan and that we are not fully aware of this plan and all the pieces/parts/steps whatever word you want to use.

 

Do you?

[TQueezy]

THANKS, I'M LOOKING AT NEXT YEAR

 

So, since your post is in 2016, do you mean you're looking to 2017 for the revalue?

 

and…

 

Thanks