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Oil and gas disputes with Baghdad to be addressed once new KRG cabinet formed
Sangar Ali | 8 hours ago Share share
An oil field in Nasiriya, in southern Iraq. (Photo: Reuters/Atef Hassan) Kurdistan Iraq Erbil Baghdad Oil Gas A+AA- ERBIL (Kurdistan 24) – A delegatiom from the Kurdistan Regional Government (KRG) will visit Baghdad to discuss disputes over Iraqi oil once the new Kurdish government is formed, a member of parliament in the Iraqi capital said on Wednesday.
Oil and gas shares and distribution have been the subject of a long-standing dispute between the KRG and the federal government of Iraq since 2003.
Following the formation of the new Iraqi federal government in Oct. 2018, both Erbil and Baghdad agreed on the 2019 national budget bill, which requires the Iraqi government to deliver the salaries of KRG employees along with some financial compensation as the KRG hands over the export of 250,000 oil barrels per day (bpd) to the Iraqi oil marketing company – SOMO.
Since the beginning of this year, the Iraqi federal government headed by Prime Minister Adil Abdul-Mahdi has delivered the salaries of the KRG employees on a monthly basis, but the KRG is yet to deliver the prescribed amount of oil to Baghdad as indicated in the Iraqi national budget bill.
Over the past few weeks, many Iraqi lawmakers have complained in parliament about the delayed KRG oil transfers, questioning the silence of the Iraqi government in that regard.
On Tuesday, Abdul-Mahdi, for the first time, issued a warning to the KRG for failing to meet its commitment in the delivery of oil to Baghdad. The warning came after pressure from multiple factions in the Iraqi parliament.
A lawmaker for the largest Kurdish faction in the Iraqi Parliament says that once the new KRG cabinet is formed, which is expected to happen in June, an oil and gas delegation from the KRG will visit Baghdad to hold talks.
“Today [Wednesday], we, as a group of Kurdish lawmakers, met with Abdul-Mahdi for a short period to discuss the matter. We couldn’t discuss things in details, but agreed that it would be best for the KRG delegation to visit Baghdad and address the issue,” Aram Balatayi, a member of Iraq’s Oil and Gas Parliamentary Committee, and spokesperson for the Kurdistan Democratic Party (KDP) faction in Iraqi Parliament, was quoted as saying on the party’s official website.
“The Kurdistan Region has an obligation to hand over the oil to Baghdad,” he continued.
“For more than ten years, the Kurdistan Region put effort into and created policies for its oil sector, so it is not easy to now seamlessly hand over the industry to Baghdad. Either the Iraqi government should pay dues of oil companies in the region, or the Kurdistan Region has to sell its oil to pay off those dues. Kurdistan can’t just hand over the oil to Baghdad and Baghdad then refuse to pay the companies.”
Balatayi noted that both Erbil and Baghdad could reach an agreement on who would pay the dues and debts of those companies. If it is the KRG, then the Kurdistan Region “has to continue selling its oil,” but should Baghdad decide to absorb those financial obligations, “then this is another subject, and we will have our say at that moment.”
The Kurdish lawmaker also noted that Kurds do not have a representative in Iraq’s SOMO and are not sure if they would be given a seat at the table to represent their interests.
“There is still an ideology of centralizing power in Baghdad. We have issues with that, and a mechanism should be developed to deal with this,” he added.
Gulizar Rashid Sindi, the deputy head of the Kurdistan Region’s Energy and Natural Resource Parliamentary Committee, stated that both the Kurdistan Parliament and the new KRG cabinet should cooperate in this regard.
“The Kurdistan Region urges the resolution of the energy question through dialogue and the proper mechanisms,” Sindi told the official KDP website.
“The Kurdistan Region will not be bound by Baghdad’s request if it isn't in the interest of the people of Kurdistan.”https://www.kurdistan24.net/en/news/d227436b-1f58-4cc9-b560-4c8e64843239
By Adam Montana
DINAR - man-oh-man I can’t wait till the day I get to say “THIS IS IT”!
Today isn’t that day, but it’s coming!
There’s a fun phenomena about things like this in life. There’s a saying about how "success breeds success" - the most successful realtors I know continue to do well, and in fact their jobs get easier as they get more successful because deals start coming to them. Same goes for VC companies - in the beginning, they have to hunt for deals. After a couple of successes, opportunities start coming to them.
The same thing has happened to me in the Dinar world. In the beginning of all this, I had to seek out contacts. I had to do a lot of traveling and palm-pressing to get information, to meet people, to open doors. These days, after being in this circle for so long and meeting so many people - things come to me. By treating people with respect and honoring the commitments I’ve made to people, many many doors have opened, and I enjoy a very solid flow of information and commentary from people who are much closer to the inner workings of not only the CBI and Iraq in general, but also many other related organizations and entities. (The same thing is true for our VIP and OSI opportunities.)
I’m explaining this because although I won’t say “I think we’re going to see an RV within XX days”… I AM getting a really strong vibe right now. The timing is getting close, and the opportunity here is real.
Stay positive, friends. We may not have as long a wait as some think.
OIL - no problems there! Still solid, still right where we want.
BITCOIN - h/t to @coorslite21 for posting this video in VIP. This is a SUPER explanation of a couple things Crypto. Of note is the SEC’s available timeline - they have a deadline of August 19, which can be postponed one more time to October 18. I believe those two dates are BIG in the crypto world.
Interesting parallel between BTC and the dinar… in that YT video, around the 8 minute mark, he’s talking about people that were looking at the price of Bitcoin in 2014 and waiting for it to drop back down to the $300 range. It never happened, of course, and now BTC is around $8000.
Same goes for dinar, and VIP - this is one of those things that has been brewing for years. It might seem like a long time to some of us, but BTC has done a 20X on it’s price in 3 years and there’s no going back. You can’t hop in a time machine and “buy more” at that old price!
IQD will be the same way, friends! If you don’t have it now, it will be too late before you know it. And if you’re not in VIP, you’re going to have that same sense of regret. Sadness. Loss.
Don’t give yourself yet another situation where you waited too long, “should have” taken action, but didn’t. Get in VIP today.
You’ll thank yourself for it.
I've got more, but the day isn't getting any shorter!
P.S. The Powerball pool! It runs every week, whether I mention it or not. Get in here.
P.P.S. Couple random thoughts...
Theresa May, will this story ever wrap up? Biggest non-story ever. Stocks - I don't gamble often, but I've really been considering putting TESLA on a permanent short.
By Adam Montana
Good morning good morning good morning!
It's another beautiful day full of blessings and love, and also a short update.
In the news... not much. It's Ramadan.
Oil is still strong above $60. Remember I said months ago that $60 was the target? Target reached, stability is being proven on a daily basis, and that is perfect. Any huge spikes or drops would be bad. OIL is solid right now... even with some tensions in the Middle East. This is exactly what we want.
@bostonangler finally gives credit where it's due and recognizes Obama is still hurting the economy.
Bitcoin breaks $8000, and the other coins are following. XRP had a nice boost - are you getting all the crypto news you need? We have a section in VIP dedicated to cryptos, and there are profits to be made!
(One good trade with a tiny bit invested will more than pay for a Lifetime VIP membership... kind of a no-brainer, isn't it?)
Bitcoin, and cryptos in general, are high on my "watch list". The high of over 19k last year was a little premature, and the resulting decline in value was to be expected. The current price of $8000 is very justified, and we may be watching the last time it will ever be this cheap.
That's not to say that it won't fluctuate! Of course it will... but my opinion is that it will continue to trend up. I'm HODLing.
Before I head off this morning, be sure to enter the Lotto pool! You can't win if you don't play, you know!
And on that note, I'm going to go buy my own ticket to enter into the pool, and I'll be sure to tell the cashier to give me the winning numbers. Thank me later.
Happy Wednesday everyone! It's definitely Ramadan, but I'm still keeping an eye on things. The current situation is just too close to ignore the possibility that things can happen this year despite the normal holiday lull.
By Adam Montana
Tariffs on China. Pretty sure Trump said he would.
Iran mucking up the world news.
Despite the above, OIL (WTI) refuses to go below $60.
Uber going public... this should be interesting!
Bezos... to the moon! (Pretty sure that's going to be an upgrade from your normal Prime membership.)
Bitcoin refused to fall below $5000, in fact it topped $6000, Fidelity steps up again, and the SEC will give a major green light one of these days.
All that, and more!
Good morning everyone! My apologies for being absent a few days this last week. I had some personal matters to tend to, and they took me away from the updates I wanted to do.
Don't think for a minute I wasn't on top of things! I just wasn't able to get my regular posts here done.
Ramadan is officially under way, and for once in this wild ride... I'm very pleased to see how things are moving.
OF COURSE there are going to be snippets about things being pushed back to outside of Ramadan, but we're not even a week in and we are already seeing a difference.
Case in point... start here and read the next few articles.
Not only are Parliament meetings continuing as of tomorrow (Saturday), but we're finally talking about OIL!
OIL has been missing from the news over the last couple months, and I was expecting it to resurface shortly. It is unusual, but not surprising, to see it popping up now.
I say it's not surprising because even though it's Ramadan, the timing is right.
This time around, they may just surprise us.
By Adam Montana
Good Morning DinarVets!
It seems we are in an interesting situation right now. I've been watching the news shift directions slightly... not in an opposing way, just a shift.
In the past, we've had some key things happen around mid-year. Major items, like Chapter 7, for example.
The "shift" in the news that I'm seeing is - and I say this with a little bit of reservation, because I'm not substituting my intuition for an actual crystal ball - it is encouraging, in a way that may be signaling another big announcement in the middle of the year.
Are you in VIP yet? Join here.
I'm expecting a revaluation of the Iraqi Dinar to be preceded by a bit of silence... and we do have that right now. Don't get me wrong, we have a lot of encouraging articles to read right now, but the subtle shift in tone... It's hard to explain, but take a look at this comment and the posts that follow:
Things happen slowly in Iraq. We know this.
It was about 3 months ago when I posted that original link, and starting with the comment I just linked to, the discerning person can see how the articles are starting to focus on the higher level agreements.
This is the fine tuning, and the polishing.
That's what I'm seeing happening right now... and it's all coming full circle, about 3-6 months after the last big round of "regular" news.
This just happens to fall in place perfectly, if you ask me.
I'm on the fence about Ramadan this year - it might not be as quiet as it has been in the past.
I'm hoping to find some more clues, or get some "boots on the ground" feedback over the next couple days.
With that in mind, I'll be making another post to further explain my stance. Expect it Friday or Saturday, unless there's an RV announcement before then.
Make sure you're in VIP, either way!
That's it for this morning - more to come.