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Iraq is the fifth dominant in oil in the world, with reserves of 145 billion


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  •  Time: 09/07/2021 10:03:41
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Iraq is the fifth dominant in oil in the world, with reserves of 145 billion
  
{Economic: Al Furat News} The website "Wall Street" 24/7 reported, on Tuesday, that Iraq is the fifth dominant in oil globally, indicating that the oil industry faced unprecedented challenges in the year 2020.

In a report, the website said, "The oil industry faced unprecedented challenges in the year 2020 due to the Corona pandemic, as demand for oil decreased for the first time in more than a decade, by more than 9 million barrels per day," noting that "this also coincided with a decline in oil prices. Oil production is 6.6 million barrels per day.

Nevertheless, according to the report, "more than 88 million barrels per day were produced worldwide in 2020," noting that "the vast majority of this production was for only 15 countries."

The report noted that "the highest production was achieved in 2020," noting that "the 15 countries combined have 1.6 trillion barrels of oil in their reserves."

The report indicated that "Iraq is the fifth dominant in oil globally, with proven reserves of 145 billion barrels, which represents 8.4% of global reserves, and a production of 4.1 million barrels per day," noting that "the per capita GDP for the year 2020 amounted to 9,654 dollars, and the percentage of exports Oil for 2020 constitutes 39.6% of GDP.

The website indicated that "Venezuela is ranked first in the world's largest oil dominance, with reserves of 303.8 billion barrels, followed by Saudi Arabia, then Canada third and Iran fourth."

remission 

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Yes Iraq: Baghdad

A report by the Wall Street website, in statistics on oil, confirmed that Iraq occupies the fifth place in the dominance of oil globally, with proven reserves of 145 billion barrels of oil.

The website stated in a report that “the oil industry faced unprecedented challenges in the year 2020 due to the Corona pandemic, as demand for oil decreased for the first time in more than a decade, by more than 9 million barrels per day,” noting that “this also coincided with the decline in oil production. By 6.6 million barrels per day.

The report added, "More than 88 million barrels per day were produced worldwide in 2020," noting that "the vast majority of this production was for only 15 countries."

The report pointed to "achieving the highest production in 2020," noting that "the 15 countries combined have 1.6 trillion barrels of oil in their reserves."

The report indicated that "Iraq is the fifth dominant in oil globally, with proven reserves of 145 billion barrels, which represents 8.4% of global reserves, and a production of 4.1 million barrels per day."

And he indicated that "the per capita GDP for the year 2020 amounted to 9,654 dollars, and the proportion of oil exports for the year 2020 constitutes 39.6% of the gross domestic product."

He added, "Venezuela ranks first in the world's largest oil dominance, with reserves of 303.8 billion barrels, followed by Saudi Arabia, then Canada third and Iran fourth."

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18 hours ago, shixjr said:

So, if Venezuela is first in oil production, what's their currency worth against the US dollar?

Venezuelan Bolivar (VES)

 1 VES= 0.0000002 USD

1 USD = 4,123,461 VES

 

link  :  https://themoneyconverter.com/VES/USD

wow. the venezuelan bolivar ( VES ) is whole a lot cheaper than the IQD.

 

A million to 1: Venezuela's currency losing 6 zeros

Venezuela says it will make a million-to-1 change in its currency soon, eliminating six zeros from prices in the local currency as hyperinflation continues to plague the South American nation

ByThe Associated Press
6 August 2021, 02:06
 
FILE - In this March 16, 2021 file photo, a woman shows a new 500,000 Bolivar bill after withdrawing it from a bank in Caracas, Venezuela, after the Central Bank of Venezuela (BCV) launched three new banknotes to increase the highest denomination of
ILE - In this March 16, 2021 file photo, a woman shows a new 500,000 Bolivar bill after withdrawing it from a bank in Caracas, Venezuela, after the Central Bank of Venezuela (BCV) launched three new banknotes to increase the highest denomination of paper money from 50,000 to one million. On Aug. 5, Venezuela announced it will eliminate six zeros, effective Oct. 1.
 

CARACAS, Venezuela -- Venezuela says it will make a million-to-1 change in its currency soon, eliminating six zeros from prices in the local currency as hyperinflation continues to plague the troubled South American nation.

Venezuela’s central bank on Thursday announced the change to the bolivar will go into effect Oct. 1.

The new 100 bolivar bill will be the highest denomination. It is equivalent to 100,000,000 of the current bolivar.

This is the third adjustment since socialist leaders began governing Venezuela. The bolivar lost three zeros in 2008 under now-deceased President Hugo Chávez, while his successor, Nicolás Maduro, eliminated five zeros in 2018.

Venezuela is in its sixth year of recession. Millions live in poverty, with high food prices that are commonly set in U.S. dollars and low wages.

The 1 million bolivar bill is currently the highest denomination, but it is scarce. More than seven of those bills are needed to buy a 1.3-gallon (5-liter) bottle of water,which cost 7.4 million bolivars or $1.84 dollars on Thursday.

 

link  :  https://abcnews.go.com/International/wireStory/million-venezuelas-currency-losing-zeros-79292735

 

is venezuelan bolivar ( VES ) going to rv anytime soon after deleting 6 zeros? or just a redenomination after deleting 6 zeros?

 

 
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Thank you 3 Bucks.  I guess we can't use the logic of how much oil Iraq has to determine their currency value, can we?  😄

 

Could you imagine if we had to pay $7.4 million of our dollars for a bottle of water?  I think I would have to start from the water hose again like I did when I was a kid!  See what socialism does to a country?

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6 hours ago, 3 bucks new rv rate said:

Venezuelan Bolivar (VES)

 1 VES= 0.0000002 USD

1 USD = 4,123,461 VES

 

link  :  https://themoneyconverter.com/VES/USD

wow. the venezuelan bolivar ( VES ) is whole a lot cheaper than the IQD.

 

A million to 1: Venezuela's currency losing 6 zeros

Venezuela says it will make a million-to-1 change in its currency soon, eliminating six zeros from prices in the local currency as hyperinflation continues to plague the South American nation

ByThe Associated Press
6 August 2021, 02:06
 
FILE - In this March 16, 2021 file photo, a woman shows a new 500,000 Bolivar bill after withdrawing it from a bank in Caracas, Venezuela, after the Central Bank of Venezuela (BCV) launched three new banknotes to increase the highest denomination of
ILE - In this March 16, 2021 file photo, a woman shows a new 500,000 Bolivar bill after withdrawing it from a bank in Caracas, Venezuela, after the Central Bank of Venezuela (BCV) launched three new banknotes to increase the highest denomination of paper money from 50,000 to one million. On Aug. 5, Venezuela announced it will eliminate six zeros, effective Oct. 1.
 

CARACAS, Venezuela -- Venezuela says it will make a million-to-1 change in its currency soon, eliminating six zeros from prices in the local currency as hyperinflation continues to plague the troubled South American nation.

Venezuela’s central bank on Thursday announced the change to the bolivar will go into effect Oct. 1.

The new 100 bolivar bill will be the highest denomination. It is equivalent to 100,000,000 of the current bolivar.

This is the third adjustment since socialist leaders began governing Venezuela. The bolivar lost three zeros in 2008 under now-deceased President Hugo Chávez, while his successor, Nicolás Maduro, eliminated five zeros in 2018.

Venezuela is in its sixth year of recession. Millions live in poverty, with high food prices that are commonly set in U.S. dollars and low wages.

The 1 million bolivar bill is currently the highest denomination, but it is scarce. More than seven of those bills are needed to buy a 1.3-gallon (5-liter) bottle of water,which cost 7.4 million bolivars or $1.84 dollars on Thursday.

 

link  :  https://abcnews.go.com/International/wireStory/million-venezuelas-currency-losing-zeros-79292735

 

is venezuelan bolivar ( VES ) going to rv anytime soon after deleting 6 zeros? or just a redenomination after deleting 6 zeros?

 

 

If venezuela will delete 6 zeros , effective october 01 , that means: 

1 USD= 5 VES.

1 VES ( Venezuelan Bolivar )=0.2 USD. Is it called a revaluation ( after deleting 6 zeros )?

 

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17 hours ago, shixjr said:

Thank you 3 Bucks.  I guess we can't use the logic of how much oil Iraq has to determine their currency value, can we?  😄

 

Could you imagine if we had to pay $7.4 million of our dollars for a bottle of water?  I think I would have to start from the water hose again like I did when I was a kid!  See what socialism does to a country?

exactly shixjr.

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