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OPEC Picks Iraq to Be its President in 2012

yota691

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in Iraq & Dinar Related News

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yota691 Grand Master

yota691

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OPEC Picks Iraq to Be its President in 2012

by Naharnet Newsdesk 15 December 2011, 08:31

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OPEC said on Wednesday that its member countries had chosen Iraq to be its president in 2012, taking over from Iran at the head of the cartel.

"The conference elected Abdelkarim al-Luaybi, minister of oil of Iraq and head of its delegation, as president of the conference for one year, with effect from 1 January 2012," OPEC said in a communiqué after its latest output meeting.

Iraq, which is excluded from OPEC's oil output quota system because of the country's unrest, is looking to dramatically ramp up production, with oil sales accounting for the vast majority of its government revenues.

Iraq's exclusion from the quotas should not pose a problem during its role as president, since OPEC on Wednesday decided to apply a total production ceiling rather than ask its members to comply with individual targets.

The title of president is seen as an honorary rather than a strategic role.

OPEC, whose dozen members together pump about one third of the world's oil supply, agreed on Wednesday to maintain current oil production of 30 million barrels per day, citing an uncertain outlook for world energy demand.

The International Energy Agency, which represents consumers, said Tuesday that the Organization of Petroleum Exporting Countries produced 30.68 mbpd last month as Saudi Arabia and Kuwait pumped extra crude because of weak Libya output.

Excluding Iraq, the IEA estimates that the cartel's other 11 member nations together pumped 27.97 mbpd of oil in November, above the OPEC "official" quota total of 24.84 mbpd.

http://www.naharnet.com/stories/en/23390-opec-picks-iraq-to-be-its-president-in-2012

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HopefulTxn Newbie

HopefulTxn

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Has there ever been a state that served as president of Opec, that did not have an internationally traded currency? does anyone know?????

Considering that the current president of OPEC is Iran, I would have to say 'yes' to that question given the economic sanctions against the country.

Below is a link to the OFAC statement on dealing with governmental offices of Iran, which lists their central bank as being one.

http://www.treasury.gov/resource-center/sanctions/Programs/Documents/iran.txt

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Carrello Rising Star

Carrello

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Has there ever been a state that served as president of Opec, that did not have an internationally traded currency? does anyone know?????

Here is a link to the history of OPEC presidents and alternates. Perhaps someone will know right away if the appropriate country's currency is tradeable, I don't without doing research. I have to go and prune a palm and put up a For Sale sign.

http://www.opec.org/opec_web/static_files_project/media/downloads/50th_anniversary/Conference_Presidents.pdf

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HopefulTxn Newbie

HopefulTxn

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How can you sit at the head of the table of the OIL cartels :ph34r:

With Funny Money 1170 what a Joke :lmao:

GO RV :woot:

Iran is the current 'President' and they have a currency value of about 11,125 rial to equal 1 USD. LINK and LINK

Because as the article says "The title of president is seen as an honorary rather than a strategic role.".

Yeah, it looks like they basically head the conferences and not actually dictate anything. LINK

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HopefulTxn Newbie

HopefulTxn

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As Opec's President wont they decide the price of oil? I remember reading that somewhere once. Not sure where I read it though....

No, the president wouldn't do anything like that...

OPEC doesn't set the price of oil anymore, that stopped a few decades ago. Oil is valued by the market through supply and demand, which is how OPEC can have influence on the prices due to their quota system.

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Captjohn Newbie

Captjohn

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Of course they are giving the presidency to Iraq. It's a very clever way to control Iraq and make sure that they are not selling their oil at prices which go against the monopolistic pricing policies of the cartel. IMO, Iraq has more to lose by joining OPEC and the cartel has everything to gain. If Iraq were smart (we're already in trouble here), they would not join OPEC and sell and price their oil in a manner that directly benefits their national interests.

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keepmwlknfny Newbie

keepmwlknfny

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Of course they are giving the presidency to Iraq. It's a very clever way to control Iraq and make sure that they are not selling their oil at prices which go against the monopolistic pricing policies of the cartel. IMO, Iraq has more to lose by joining OPEC and the cartel has everything to gain. If Iraq were smart (we're already in trouble here), they would not join OPEC and sell and price their oil in a manner that directly benefits their national interests.

I wouldnt expect Iraq to give up a chance like this, they were one of the founding members of OPEC and have been a full member for probly 50 years! They just havent been held to their quota agreements since the late 90's.....

I think its a good move, putting more of the publicity spot light on Iraq and can improve confidence in their country....

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engineer1138 Newbie

engineer1138

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Of course they are giving the presidency to Iraq. It's a very clever way to control Iraq and make sure that they are not selling their oil at prices which go against the monopolistic pricing policies of the cartel. IMO, Iraq has more to lose by joining OPEC and the cartel has everything to gain. If Iraq were smart (we're already in trouble here), they would not join OPEC and sell and price their oil in a manner that directly benefits their national interests.

OPEC members already routinely go over their quota, so much so that now OPEC isn't even setting individual quotas but just one for total production. Is Iraq going to get MORE then the market rate by not being an OPEC member? Who would pay it? So I don't see your logic here. Also Iraq was one of the 5 founding member states of OPEC in 1960.
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HopefulTxn Newbie

HopefulTxn

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Of course they are giving the presidency to Iraq. It's a very clever way to control Iraq and make sure that they are not selling their oil at prices which go against the monopolistic pricing policies of the cartel. IMO, Iraq has more to lose by joining OPEC and the cartel has everything to gain. If Iraq were smart (we're already in trouble here), they would not join OPEC and sell and price their oil in a manner that directly benefits their national interests.

Would not join OPEC? Iraq is a founding member of OPEC. It was created in Baghdad in 1960.

Iraq has always been a member of OPEC, they simply are not being held to a quota by the organization.

If Iraq was not a member, why in the world would OPEC choose Iraq to be their president for a year? :lol: :lol: :lol: :lol:

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