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DinarThug

The Dismantling Of The OIL AND GAS LAW on 3 projects to facilitate its adoption in Parliament !

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1 hour ago, DinarThug said:

Brent exceeds $ 68 ahead of US inventory data

Brent exceeds $ 68 ahead of US inventory data
 
 March 21, 2018 4:27 PM
Mubasher: Oil prices rose on Wednesday, with Brent crude climbing above $ 68, ahead of US inventory data and support system" rel="">support for Middle East tensions.

The US Energy Information Administration announced later in the day the data of crude stocks in the United States, amid expectations of falling stocks.

Speculation about the possibility of Washington imposing sanctions on Iran is rising in the coming period, especially with tensions between Riyadh and Tehran and the visit of the Saudi crown prince to the United States.

Despite fears and stockpiles, the rise in US oil production continues to cast a shadow over the crude market, amid OPEC's expectations of a market balance this year.

By 1:07 pm GMT, the price of Brent crude for May delivery rose 1% to $ 68.07 a barrel.

Nymex crude futures for May delivery rose 0.8% to $ 64.03 a barrel.

Thanks Thug. I know it hurts the pocket book but in the long run it is good for us.  

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Iraq is considering building an industrial island to support its oil exports


20:33 - 21/03/2018  
 
story_img_58dcb3c846371-500x330.jpg

 

Iraq, OPEC's second-largest oil producer, is stepping up its efforts to expand its capacity to pump oil with plans to inject sea water into crude deposits and build export facilities on an industrial island on the Gulf.

"Iraq is seeking bids from six companies for a $ 4 billion project to inject seawater into the fields of southern Iraq to extract more oil from the reserve," the newspaper quoted the newspaper as saying. "He said.

"The country has already received offers from five companies interested in building a facility to double production in the field of Majnoon up to 450 thousand barrels per day."

"Iraq is considering a proposal by a Dutch company to build a storage facility with a capacity of 10 million barrels and a plant for the export of oil with a capacity of two million barrels, all on an industrial island built for this purpose by the Gulf coast in Basra," he said.

"If the weather is bad, the tankers will be placed in a safe area. When the bad weather ends, we will have many ships, and everyone will not be able to come in. The waiting area will be busy, but if we have more than one station, The harsh weather ends, everyone can get crude oil. "

He noted that Iraq is seeking to boost oil sales from its southern region, which includes giant fields such as Majnoon and Rumaila to offset production losses in the north, where the dispute with the Kurdish region disrupted pipeline exports through Turkey, while Iraq pumped 4.43 million barrels per day in February.

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Basra confirms activation of the implementation of the law "Basra, Iraq's economic capital"


البصرة تؤكد تفعيل اجراءات تطبيق قانون "البصرة عاصمة العراق الاقتصادية" 

 

22nd March, 2018

Confirmed the first deputy governor of Basra , Mohammed Taher al - Tamimi, on Thursday, the importance of the start of the activation process , procedures and official administrative to activate the application of Basra ," the capital of Iraq's economic law, noting that" this action will contribute effectively to attract investors, and activate the economic movement of the province, To absorb the widespread unemployment in Basra." "We, as a local government in Basra, will work with all our strength to start activating and implementing this law on the ground to advance our vision of Fayhaa," said a statement from the office of the governor's deputy. 

Tamimi added that "this law has created a fertile ground for the development and stimulate the economy of our province, as well as encouraging the entry of investors through the Iraqi economic portal," which is less than deserved Basra.

He pointed out that "the law of Basra, the economic capital of Iraq will allow the local government to" move and benefit from the experiences of neighboring countries, and the use of local expertise, and economic institutions effective work according to administrative boundaries to improve their existing if they were invested correctly and seek to transform the province into a free trade zone , And exercise its potential available to establish areas of economic development in the province to be attractive to investment by international investment companies

Al-Tamimi pointed to the participation of the local government in Basra in several economic conferences and workshops. Results were reached through studies that were issued recommendations and the identification of industrial zones in Basra. He added that "the Federation of Industries in Basra presented a study containing 2000 projects including projects for medium industries, stressing that if the activation of this study on the ground, it will contribute to the employment of nearly 200 thousand workers in Basra  The first deputy governor of Basra," activate the Council of Planning and Development of the province for the project Basra is the economic capital of Iraq.
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The US military is building a new base east of Syria near the oil wells


الجيش الامريكي يبني قاعدة جديدة شرقي سوريا قرب آبار النفط 

23rd March, 2018
The United States has set up a new military base near oil-rich areas in eastern Syria, a Turkish newspaper reported Friday. The American delegation visited the city of Manbeg to reassure Kurdish security units that it would not be exposed to the fate of Afrin.

 

According to the site of the "orbit of the day," the Syrian, the newspaper confirmed that the United States has increased the number of military bases in different areas of Syria, and that two Black Hawk helicopters have recently carried out an air landing in the oil field. 

The quality of the equipment and machinery indicates that US forces intend to build a permanent military base in the field of Omar, the largest oil field in Syria, and stabilize its control points in the eastern countryside.  The United States, which has always sought to find a foothold near oil and natural gas resources, has increased the number of military bases in the region to 25 military bases.  She pointed to the statements of retired Russian colonel Alexander Zelen, that the number of US bases in the region rose to 25 military bases and they continue to build new bases, while seeking to control the areas close to energy and oil sources.

On Thursday, a US military and political delegation visited the city of Manbaj in the eastern countryside of Aleppo to reassure Washington's Kurdish and Arab allies in a move that would challenge Ankara's position, which would mark a military operation in Munbj if Kurdish militants did not withdraw.  A member of the Manbaj local council of the Kurdish People's Protection Units told the German news agency that the purpose of the visit of the American delegation is to provide support to the people of the city of Manbaj and to emphasize that its fate will not be like the fate of the city of Afrin and defend it against any external attack. 

The visit came after statements by Turkish officials, including President Recep Tayyip Erdogan, that the opposition forces backed by the Turkish army will continue its operations in the north of Syria and up to Manbaj and Ain Arabs and Ras al-Ain and Qamishli to expel the units of protection of the Kurdish people.

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TGIF - Only Six More Days Until The 29th ! :cheesehead: 

 

 

And I Always Write TGIF On My Clown Shoes - Which Of Course Stands For ‘Toes Go In First’ ! :o 

 

:D  :D  :D 

 

On 3/21/2018 at 10:42 AM, DinarThug said:

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Parliament calls the blocks to hold a meeting on March 29 and attendance is necessary and reason

image.php?token=6afb37021b6c57b8c90eeec840563e34&size= 

 

21st March, 2018
The decision of the House of Representatives Imad Juhna, on Wednesday, that the Presidency invited the parliamentary blocs to hold a meeting on 29 of this month to vote on the pending laws, stressing the need to agree with the heads of the blocks to mobilize to attend this meeting. 

He said in a press statement that 'the Presidency invited the parliamentary blocs to a meeting on 29 to vote on the pending important laws,' noting that 'the laws ready to vote from 30 to 20 laws, including oil and gas laws and the Federal Court and cyber crimes and other laws and decisions ready to vote If the quorum is completed. '

He added that the 'vote on the laws is a major achievement of the House of Representatives and the lack of legislation is a take on the parliament and therefore the deputies who want to address their audiences to pass the laws,' noting that 'not to vote on those laws because of political stubbornness between the blocks to the will of some of them, The people know who these parties are. '

"The law of the Federal Court in the inclusion of the Council for more than five years because some blocs want to veto, and some of them want to put a court in the court."

He added that the 'between the laws of oil and gas, which is the cause of the dispute between the center and the region because there is no law regulating the interaction between the parties', noting that' the law of information crimes, which is important laws based on the detection of crime and aggressors on people and control of terrorist cells in addition to that there Other laws are very important, including social security and the laws of ministries because some ministries operate without a law and there are decisions concerning students and important segments of the Iraqi people.

 

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Parliament calls the blocks to hold a meeting on March 29 and attendance is necessary and reason

image.php?token=6afb37021b6c57b8c90eeec840563e34&size= 

 

21st March, 2018
The decision of the House of Representatives Imad Juhna, on Wednesday, that the Presidency invited the parliamentary blocs to hold a meeting on 29 of this month to vote on the pending laws, stressing the need to agree with the heads of the blocks to mobilize to attend this meeting. 

He said in a press statement that 'the Presidency invited the parliamentary blocs to a meeting on 29 to vote on the pending important laws,' noting that 'the laws ready to vote from 30 to 20 laws, including oil and gas laws and the Federal Court and cyber crimes and other laws and decisions ready to vote If the quorum is completed. '

He added that the 'vote on the laws is a major achievement of the House of Representatives and the lack of legislation is a take on the parliament and therefore the deputies who want to address their audiences to pass the laws,' noting that 'not to vote on those laws because of political stubbornness between the blocks to the will of some of them, The people know who these parties are. '

"The law of the Federal Court in the inclusion of the Council for more than five years because some blocs want to veto, and some of them want to put a court in the court."

He added that the 'between the laws of oil and gas, which is the cause of the dispute between the center and the region because there is no law regulating the interaction between the parties', noting that' the law of information crimes, which is important laws based on the detection of crime and aggressors on people and control of terrorist cells in addition to that there Other laws are very important, including social security and the laws of ministries because some ministries operate without a law and there are decisions concerning students and important segments of the Iraqi people.

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17 minutes ago, DinarThug said:

TGIF - Only Six More Days Until The 29th ! :cheesehead: 

 

 

And I Always Write TGIF On My Clown Shoes - Which Of Course Stands For ‘Toes Go In First’ ! :o 

 

:D  :D  :D 

 

 

LINK

Parliament calls the blocks to hold a meeting on March 29 and attendance is necessary and reason

image.php?token=6afb37021b6c57b8c90eeec840563e34&size= 

 

21st March, 2018
The decision of the House of Representatives Imad Juhna, on Wednesday, that the Presidency invited the parliamentary blocs to hold a meeting on 29 of this month to vote on the pending laws, stressing the need to agree with the heads of the blocks to mobilize to attend this meeting. 

He said in a press statement that 'the Presidency invited the parliamentary blocs to a meeting on 29 to vote on the pending important laws,' noting that 'the laws ready to vote from 30 to 20 laws, including oil and gas laws and the Federal Court and cyber crimes and other laws and decisions ready to vote If the quorum is completed. '

He added that the 'vote on the laws is a major achievement of the House of Representatives and the lack of legislation is a take on the parliament and therefore the deputies who want to address their audiences to pass the laws,' noting that 'not to vote on those laws because of political stubbornness between the blocks to the will of some of them, The people know who these parties are. '

"The law of the Federal Court in the inclusion of the Council for more than five years because some blocs want to veto, and some of them want to put a court in the court."

He added that the 'between the laws of oil and gas, which is the cause of the dispute between the center and the region because there is no law regulating the interaction between the parties', noting that' the law of information crimes, which is important laws based on the detection of crime and aggressors on people and control of terrorist cells in addition to that there Other laws are very important, including social security and the laws of ministries because some ministries operate without a law and there are decisions concerning students and important segments of the Iraqi people.

Nice find Snotsdale;) we should grab a drink and chat. I’m in Metro AZ. 

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47 minutes ago, idplzr said:

Nice find Snotsdale;) we should grab a drink and chat. I’m in Metro AZ. 

 

Ya, I’d Be Cool With That - Or Better Still, An Off The Hook DV Rager Party In Vegas Next Month After The 29th ! :cheesehead: 

 

 

And Btw - There Are Two T’s And Two Nostrils ‘:’ In Snottsdale: ! :lmao: 

 

:D  :D  :D 

 

 

 

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Export more than 3 million barrels of crude oil from southern ports


تصدير اكثر من 3 ملايين الف برميل نفط خام من الموانئ الجنوبية 

 

22nd March, 2018
Iraq's crude oil exports through its southern ports reached three million six hundred and twenty-four thousand barrels, a shipping source said Thursday. 

The source told "Al-Ghad Press" that "the rate of pumping one hundred and fifty-one thousand barrels of crude oil per hour from the southern fields," noting that "oil exports were through the port of Basra and sea buoys."

 

"Four giant tankers have been loaded, six more are under load and five are waiting at the waiting station," he said.

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1 hour ago, zzztop said:

You know the Kurds are going to walk out lolz.  

 

Not on the HCL, I hope. They have been begging for this law for years.

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Oil records the highest close in two months with strong weekly gains

Oil records the highest close in two months with strong weekly gains
 
 
 23 March 2018 10:06 PM
Mubasher: Oil prices rose at the settlement of Friday, to close at the highest level in 8 weeks and recorded strong gains this week.

Crude prices have benefited from positive news about the extension of the OPEC agreement after Saudi Energy Minister Khalid Al-Falih said that the organization's members and beyond should coordinate together on the oil supply in 2019.

Members of the Organization of Petroleum Exporting Countries (OPEC) and non-members are due to meet in mid-year to review the 1.8 million barrels per day (bpd) production reduction agreement, which will remain in place until the end of 2018.

The oil also received strong support from the appointment of US President " John Bolton " as a national security adviser known for his strong opposition to the Iranian nuclear agreement.

Over the course of the week, black gold was positively affected by the unexpected drop in US oil inventories,which fell by 2.6 million barrels per day, while it was estimated to rise.

On the other hand, the United States continues to increase its crude production to the highest level of 10 million barrels per day, which rose in the week ending March 16 to the level of 10.407 million barrels per day.

The Baker Hughes data showed that oil drilling platforms in the United States rose by 4 platforms this week to reach 804 platforms, continuing to rise for the second week in a row.

US crude futures for May delivery ended 2.5% higher at $ 65.88 a barrel, the highest closing since Jan. 26.

This week, US crude gained about 5.8% compared to 62.34 dollars a barrel at the end of last Friday, the biggest weekly gain since July.

By 6:24 pm GMT, the benchmark Brent crude was up 1.5% at $ 69.92 a barrel, after hitting $ 70 earlier in the session.

 
Edited by DinarThug
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8 hours ago, boosterbglee said:

Iraq is raking in the money........I want some!:pirateship:

Let's share in that bounty. My crew is hungry too.  :pirateship:

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The potential and brakes of monetary policy in Iraq

5675xx3337.jpg Dr.. Haidar Hussein Al-Tohma / Al-Furat Center for Development and Strategic Studies
 
Monetary policy plays many roles and economic tasks to stimulate growth and economic, financial and monetary stability of any country. In Iraq, the central bank made significant progress in guiding the monetary policy compass after the entry into force of the Bank's law in 2004 and the establishment of the rules of monetary independence in accordance with article 56 of the said law. Where the monetary authority succeeded in achieving relative stability in price levels over the past ten years (after the shock of fuel prices in 2007), which contributed to reducing the cost of living and achieve relative stability in the real rates of cash entry for all social segments, including employees in particular because of the stability of their incomes in the short term . The policies of the Central Bank of Iraq to secure a financial and monetary stability umbrella was necessary for the start of investment and the resumption of development efforts and reconstruction, which was included in the national development plans.

However, the opportunity for price stability in the country has not been exploited properly, and the investment and economic development rates have deteriorated over the past years due to the fragile political situation, the internal and regional security turmoil and the ongoing conflict between the center and the northern Iraqi region, as well as other obstacles, including the collapse of oil prices and weak coordination and harmony between policies. Macroeconomic and unilateral national economy and the penetration of financial, administrative, economic and political corruption in most governmental and non-governmental institutions.

Monetary Policy Obstacles

It is possible to highlight the most important challenges that hinder the Central Bank of Iraq from implementing an optimal monetary policy within the framework of economic growth and sustainable financial stability, as follows:

1- The unilateralism of the Iraqi economy and the dominance of the rent-model in the generation of GDP at the expense of the decline of the contribution of other economic sectors such as industry, agriculture and tourism, which increases the depth of structural imbalances and increases the difficulties of monetary policy in achieving their monetary, financial and economic objectives.

2 - Loss of the function of the Iraqi banking sector as a base link between surplus units (savings) and deficit units (investment) in favor of its involvement in the dollar auction and currency smuggling, which weakened the effectiveness of the impact of monetary instruments in the banking sector and directing funds towards development and investment.

3 - The weakness of the banking awareness of the citizen and the prevalence of distorted monetary phenomena such as Kantazn and dollar and currency speculation, contributed significantly to the levels of financial and banking development in the country compared to most countries in the region and the world.

4 - Lack of coordination and harmony between economic policies, especially monetary policy and fiscal policy, given the different trends and economic and financial visions.Monetary policy was more disciplined and regulated in achieving its objectives, while fiscal policy did not have clear features and did not reflect specific economic programs and policies as much as it was a mirror of the flow and decline of oil revenues.

5 - The dominance of the oil resource on the trends of monetary policy and swallow the monetary independence of the Central Bank, in the technical sense, given the shift of money supply from the local currency to a function of government oil revenues, rather than be a function of monetary policy objectives.

6 - The rigidity of the work of monetary instruments (discount rate, open market operations, legal reserve) in favor of adopting the exchange rate as a key tool in achieving price stability. The weakness of the productive apparatus in meeting the needs of the commodity public, relying on imports to provide all types of commodities and other requirements, has been required by the Central Bank of Iraq to focus on stabilizing the exchange rate as a single tool to stabilize price levels and combat inflation.

7 - The nature of Iraq's oil economy turned the central bank into a currency store by providing Iraqi dinars to the government in exchange for oil dollars. In contrast, the existing monetary equation obliged the Central Bank of Iraq to be the only bidder for the dollar in exchange for many parties wishing to acquire the dollar, such as traders, individuals and others. This has led to the accumulation of foreign reserves at the bank during periods of oil recovery, and its decline sharply with the collapse of oil prices.

8 - The aggravation of corruption in the auction of foreign currency sale and the dominance of Mafiat politics and money on a large part of the dollar sold at official prices and resale in the parallel market market prices to achieve profit margins amounting to nearly millions of dollars per month at the expense of erosion of dollar reserves at the Central Bank.

Features deviation correction

The previous challenges reveal the nature of the brakes that hinder the CBI in achieving optimal monetary policy, due to the imbalance of the economic environment in the country and the excessive reliance on oil in funding the budget as well as the spread of corruption and other challenges inherent in the structure of the Iraqi economy. However, some measures may help to activate the monetary policy and its success in achieving its monetary, financial and economic objectives. The most important is to create a channel for coordination, consultation and co-operation between the finance policy and the monetary policy in order to swallow trends and maintain financial deficits (As in 2016), on the one hand, and the depletion of the dollar reserve in the bank (a decline due to worsening fiscal deficits) on the other.

On the other hand, finding a new outlet to feed demand for the dollar without going through the foreign currency auction will be a long step towards eliminating the whales of corruption and maintaining the bank's foreign currency reserves. The development of the Iraqi market for securities can also increase the absorption of savings and individual reserves and re-pump them into projects Development and investment, as well as the role of the financial market in re-feasibility and effectiveness of monetary instruments and provide funding for the government and companies.

 
Editor Website:2018 - 03-24
Edited by DinarThug
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Remarkable rise in world oil prices

ارتفاع لافت بأسعار النفط العالمية 

24th March, 2018

Oil prices rose late last Friday by more than 2%, their highest level since late January after Saudi assurances about keeping supply cuts in 2019 and growing concern over the future of Iran's crude exports, and ended the week on gains by more From 6%.

Global Brent crude futures jumped to $ 1.54, or 2.2%, to settle at $ 70.45 a barrel, ending the week with gains of about 6.4%, the biggest weekly gain since July. US benchmark WTI also recorded the biggest week of gains since July, rising 5.5% after ending Friday's session at $ 65.88 a barrel, up $ 1.58 or 2.5%.

Saudi Energy Minister Khalid al-Faleh's comments on supply restrictions in 2019 to reduce global oil stocks have led to higher oil prices.  It is noteworthy that OPEC and a group of non-member countries, led by Russia, began in January 2017 implementation of the agreement to cut production of 1.8 million barrels per day to get rid of excess supply.
 
 
 

Oil jumps to more than $ 70

 

25/3/2018 12:00 am 

BAGHDAD / 

 AL - SABAH - Oil prices on Saturday closed at a record high, hitting their highest level since late January, while Brent crude was above $ 70. 

"It requires OPEC members to continue to coordinate with Russia and other non-OPEC producers in terms of supply restrictions in 2019 to reduce global oil stocks," Saudi Energy Minister Khalid Al-Falih said in a press statement. 

Brent crude futures closed at $ 1.45, or 2.10 percent, to settle at $ 70.36 a barrel, while US WTI crude futures closed at $ 65.81 a barrel, up $ 1.51, or 2.35 percent

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Thanks Thugs, oil is right on target. Ya gotta wonder if all these anomalies are lining up for a reason  :cigar:

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6 minutes ago, Wiljor said:

Thanks Thugs, oil is right on target. Ya gotta wonder if all these anomalies are lining up for a reason  :cigar:

Hey Wiljor agree man. Oil is right there. You have to wonder what is left.  

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Just now, ChuckFinley said:

Hey Wiljor agree man. Oil is right there. You have to wonder what is left.  

 

Afternoon Chuck, this week coming up should bring us almost to the finish line, providing Iraq can get its Shiite together. If HCL is passed with those 20 or laws set for the 29th, we should be home free. I don’t think it’s a coincidence that all this is happening. :twothumbs:

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