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By Luigi1
Luigi found this article of Dinarian interests...
It looks like the HCL in principle is done.
The Kurds will be paid their allocation retroactive beginning of 2020.
Treat as a rumor. Not varafied. Your opine.
KTFA: Guru Samson:
Baghdad announces an agreement with Kurdistan on the 2020 Budget. The Finance Minister announced on Saturday the agreement has been reached indicating that the current delegation is discussing it's allocation for the year 2020. HCL deal reached.
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By Adam Montana
Link: https://oilprice.com/Energy/Crude-Oil/Is-OPECs-No2-Finally-Complying-With-Output-Cuts.html
Article:
Is OPEC’s No.2 Finally Complying With Output Cuts?
By Tsvetana Paraskova - Jun 09, 2020, 10:00 AM CDT
Join Our Community OPEC’s second-largest producer, Iraq, which also happens to be the least compliant member of OPEC+ since the group started managing supply to the market in 2017, may have finally started taking its obligations seriously.
Iraq’s State Oil Marketing Organization (SOMO) has asked some of the Asian buyers of its Basrah crude grades if they could give up delivery of some already contracted cargoes for loading this month and next, sources familiar with the matter told Bloomberg News on Tuesday.
The request for buyers to forgo some cargoes for those months suggests that this time, Iraq may be earnest in its attempt to play ball in the OPEC+ production cuts, after being the biggest cheater in all previous pacts.
Iraq’s (as well as Nigeria’s) non-compliance with the record OPEC+ cuts in May nearly wrecked last week’s meeting of the pact, ahead of which the two leaders of the group, Saudi Arabia and Russia, had insisted that there would be an extension by one month to the current level of cuts only if laggards in compliance ensured over-compliance going forward to compensate for flouting their quotas so far.
OPEC+ agreed on Saturday to extend the record production cuts of 9.7 million bpd by one month through the end of July, contingent on all countries in the pact complying 100 percent with their quotas and compensating for lack of compliance by overachieving in the cuts in July, August, and September.
Before the meeting, Iraqi Deputy Prime Minister and then-acting Oil Minister, Ali Allawi, vowed that his country would further reduce production as it remains committed to the OPEC+ pact.
At the video news conference following the OPEC+ meeting, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, emphatically said on Monday that “We have no room whatsoever for lack of conformity.”
Today, Iraq’s new Oil Minister, Ihsan Abdul Jabbar Ismaael, confirmed in a phone call with his Saudi counterpart Iraq’s “full commitment” to the cuts, OPEC said in a press release on Tuesday. Iraq confirms “its commitment to the voluntary oil production adjustments of June and July 2020, as well as the voluntary adjustments for the period following the end of July, despite the economic and financial challenges,” Ismaael told the Saudi energy minister.
By Tsvetana Paraskova for Oilprice.com
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By carhar77
If oil prices go lower, will that cause economic collapse in Iraq?https://oilprice.com/Energy/Energy-General/What-Happens-If-Oil-Prices-Go-Negative.amp.html
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By Adam Montana
Happy Friday all!
I'm just going to give everyone a brief... briefing.
You know anytime the Gurus start harping on the "800" numbers, the news is slow. This time is no different... we've heard nada about anything HCL related in about a week.
Bad news - we haven't heard anything HCL related.
Good news - once we DO hear something about HCL, I think it's going to be an avalanche.
That's it for the briefing! Told you it was going to be brief
Good vibes over in the "Go Iraq" thread - I'd suggest hanging out with that crowd rather than the rest of the dinar rumors section, but that's just me.
Cryptocurrency is a topic of major interest to many of the members here... we have a dedicated section in the VIP area for it, but let's open this weekly update thread up for anything you want to say regarding crypto. BTC is currently at 10,400 ish, which is the current high for the day. Some pretty interesting news for crypto is on Baakt:
Link: https://www.coindesk.com/bakkt-says-its-cleared-to-launch-bitcoin-futures-next-month
Thoughts?
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By Adam Montana
OPEC deal important for oil market stability: Iraqi PM
By Mohammed Rwanduzy 2 hours ago Iraqi Prime Minister Adil Abdul-Mahdi addresses reporters during his weekly press conference in Baghdad on July 2, 2019. Photo: Iraqi PMO video ERBIL, Kurdistan Region — Iraq’s premier praised the OPEC deal to on Tuesday staying oil production cuts for nine more months because it is important for market stability as Baghdad is so heavily dependent on oil revenue.
“This is important for market stability. This topic, for us, the Kingdom and all the producers and exporters of oil is important because budgets depend on oil market stability,” Iraqi PM Adil Abdul-Mahdi told reporters in his weekly press conference on Tuesday. Members some non-members of the Organization of Oil Producing Countries (OPEC) met in Vienna this week. Following a prior agreement on Monday between Saudi Arabia and Russia, the cartel agreed to extend production cuts of 1.2 million barrels per day (bpd) for nine more months until March 2020 in a bid to push global prices higher.
The agreement was based on the Saudi desires to “face market developments and preserve the measures undertaken”, the PM Abdul-Mahdi revealed, adding that he had a phone call with Saudi King Salman prior to the deal.
According to Iraqi Ministry of Oil statistics for the month of June, Iraq’s oil revenue fell from $7.38 billion in May to $6.4 billion in June as its exports fell by 6 percent, from 111 million barrels in May to 105 million barrels in June.
Iraq exports around 3.5 million barrels per month — the second highest crude oil producer in OPEC.
Iraq has agreements, especially a mega deal with the US giant ExxonMobil, to develop its southern oilfields to increase its production capacity. However, due to a missile that hit the main headquarters of the company in Basra, some foreign staff were evacuated in June.
The attack against ExxonMobil came amid soaring US-Iran tensions; Iraq could be negatively impacted if the hostilities breakout between Iran and the US.
However, it also raised questions about Iraq’s ability to provide a secure atmosphere in which foreign companies could invest in the decades-deprived oil sector. It has been reported that Iraq could act as Iran’s “ATM” to provide a loophole for US sanctions.
Abdul-Mahdi, in his typical understated manner downplayed the incidents against energy and other companies working in Iraq, claiming they do not exceed those in “other countries.”
“The security measures are crystal clear. Yes there have been threats, but no real security violation has taken place to any of our oil and non-oil installations. We undertake all measures,” he said.
Some ExxonMobil employees have returned, the PM claimed, without elaborating.
Separately, the PM also touched on connecting Iraq’s electricity grid to Arab and regional electricity grids — namely Jordan, Syria, Saudi Arabia, Turkey and Egypt.
“We haven’t concluded this matter. It is still in the discussion stage. There is both a technical and a financial aspect to it. This is not something that [doesn’t entail] certain financial burdens, extending networks, and costs for these units,” the PM said, though adding the discussions are “serious.”
“We, as Iraq, have to be connected to [electricity] grids just like the countries of the world,” he emphasized.
Iraq does import electricity from Iran, but there needs to be greater interconnection with other regional countries, the PM posited.
Iraq’s electricity grid is aging and strained by an increasing population, reconstruction and development. Usage also peaks in the summer months as temperatures in the south soar over 50 Celsius. The hours of government-produced electricity varies greatly across Iraq and the Kurdistan Region by geography.
Link: http://www.rudaw.net/english/middleeast/iraq/030720191
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