Iraq plans to export 3 million and 220 thousand barrels a day next month.
Commercial sources based on the monthly download program Thursday that Iraq plans to export some 3.22 million barrels of crude oil from the port of Basra in the South of the country in May.
Reuters data indicate that these quantities are the biggest since last February.
And crude supplies are expected to rise slightly next month of Basra light to 2.38 million barrels of 2.34 million barrels planned in April.
The Basra crude exports are expected to reach heavy 839 thousand barrels a day in May, up from 833 thousand barrels a day in April.
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DayTrader, a News Researcher for DinarUpdates.com, recently had some interesting commentary.
Here are his thoughts:
Article 140 is much more complex than many realize. If you read Article 140 in the Iraq constitution, it refers to Article 58 of the Law of Administration for the State of Iraq for the Transitional Period that outlines all the steps that must be completed. This was a document constructed by Paul Bremmer to be used until a permanent constitution could be developed and ratified by Iraq. Article 58 states:
Article 58.
(A) The Iraqi Transitional Government, and especially the Iraqi Property Claims Commission and other relevant bodies, shall act expeditiously to take measures to remedy the injustice caused by the previous regime’s practices in altering the demographic character of certain regions, including Kirkuk, by deporting and expelling individuals from their places of residence, forcing migration in and out of the region, settling individuals alien to the region, depriving the inhabitants of work, and correcting nationality. To remedy this injustice, the Iraqi Transitional Government shall take the following steps:
(1) With regard to residents who were deported, expelled, or who emigrated; it shall, in accordance with the statute of the Iraqi Property Claims Commission and other measures within the law, within a reasonable period of time, restore the residents to their homes and property, or, where this is unfeasible, shall provide just compensation.
(2) With regard to the individuals newly introduced to specific regions and territories, it shall act in accordance with Article 10 of the Iraqi Property Claims Commission statute to ensure that such individuals may be resettled, may receive compensation from the state, may receive new land from the state near their residence in the governorate from which they came, or may receive compensation for the cost of moving to such areas.
(3) With regard to persons deprived of employment or other means of support in order to force migration out of their regions and territories, it shall promote new employment opportunities in the regions and territories.
(4) With regard to nationality correction, it shall repeal all relevant decrees and shall permit affected persons the right to determine their own national identity and ethnic affiliation free from coercion and duress.
(B) The previous regime also manipulated and changed administrative boundaries for political ends. The Presidency Council of the Iraqi Transitional Government shall make recommendations to the National Assembly on remedying these unjust changes in the permanent constitution. In the event the Presidency Council is unable to agree unanimously on a set of recommendations, it shall unanimously appoint a neutral arbitrator to examine the issue and make recommendations. In the event the Presidency Council is unable to agree on an arbitrator, it shall request the Secretary General of the United Nations to appoint a distinguished international person to be the arbitrator.
(C) The permanent resolution of disputed territories, including Kirkuk, shall be deferred until after these measures are completed, a fair and transparent census has been conducted and the permanent constitution has been ratified. This resolution shall be consistent with the principle of justice, taking into account the will of the people of those territories.
The challenge has always been how to implement the required changes. Those steps coupled with the fact that some of the people that Saddam Hussein forced out and those Sunnis that he brought in are no longer living. The resolution will have to involve their children, plus the process will also be challenged in identifying and finding all these families. This is not a quick fix. IMO that is why Abadi gave the responsibility to create an implementation plan to Barzani and the governor of the Kirkuk province. All of that said, I don’t believe that the implementation of Article 140 is tied to the revaluation of Iraq’s currency. I haven’t found any reference to Article 140 in any of the UN resolutions or SBA documents between the IMF, CBI and GOI.
Read more: http://www.dinarupdates.com/showthread.php?48133-Commentary-from-DayTrader
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“Flash Cast LIVE” session Sunday w/BGG
Click here for Video Replay
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Europe opens its doors to Iraq
Through strategic projects in cooperation with the Government.
Baghdad/morning Iraqi diplomatic movements succeeded and triumphs achieved by our forces in Mosul, earning an unprecedented international support.
After the visits of Heads of State and Foreign Ministers to Baghdad, European and Asian ambassadors confirmed yesterday full support for Iraq, but the most prominent is the Declaration of the European Union today fully supported Baghdad economically and opened its doors wide open in front of the Iraqi Government.
In this regard, the President of the European Commission mission in Baghdad Ambassador Patrick Simonet: the “mission to discuss with the Iraqi Government to support the efforts of Iraq differently, it is important to assist in the management of public finances, since the mission began providing support for the development of economy and the energy file and help Iraq in relying on local confiscation as a rich country.”
He also noted that “the Mission in Iraq and will continue to support him but they do not want this country to depend entirely on external financing, but you must give space for investment projects can be implemented.
The European mission said that “the support to be provided by the mission to Iraq during the next phase,” very important “, he started a number of projects for the development of education curricula, followed by projects to rehabilitate schools and vocational education development and public finance management oil and gas management work associated with the promotion of the electricity sector and restore stability in the liberated areas.”
Under offline, Japanese Ambassador to Iraq said Fumio Iwai his eagerness to cooperate and communicate with Iraq in order to support stability.
He said during the parliamentary Foreign Relations Committee tdaiivh yesterday, that “Japanese loans Iraq like aid and are very few benefits within important areas include transport, agriculture, oil and industry”.
Read more: http://www.dinarupdates.com/showthread.php?48175-Europe-opens-its-doors-to-Iraq
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Parliamentary Energy: The collection of electricity fees from citizens will revive the national energy system
Direction Press / Special
A member of the Committee on oil and energy parliamentary Tareq Siddiq said that “the collection of electricity wages of citizens is a legal right is indisputable, pointing out that” the national energy system needs a large sum of money to improve and assess, and the wages of electricity will contribute to the recovery of that organization.
A friend in an interview with “Trend Press” said that the issue of collection of electricity wages is a legal issue, whether stated by Prime Minister Haider Abadi or not, stating, “Citizens are supposed to be more aware of the completion of their duties to the state to get their rights of electricity .
“The national system of electricity needs several factors to regain its ability to cover all areas of Iraq, such as maintenance and reconstruction and the opening of new areas need this energy,” adding that “when the citizen leads his duty towards the state will take full rights of electricity.
He pointed out that “the accumulated wages on the citizen needs fair solutions, and one of those solutions is the process of installment of such wages so that citizens can pay these amounts in the form of payments, pointing out that” the payment of debts accumulated in one lot will adversely affect the economic situation of the citizen.
Prime Minister Haider al-Abadi said last Tuesday that the provision of electricity in the country for 24 hours requires the implementation of the system of collection.
“The provision of electricity in the country for 24 hours throughout the country requires the application of a system of tax collection for citizens to collect the financial fees,” Abbadi told a news conference.
He added that “the Council of Ministers decided to form a specialized committee in the Ministry of Electricity for the wages of contractors in the field of collection in line with the strategy to provide energy for 24 hours for citizens.
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International Energy: The oil market is nearing equilibrium
Trend Press / Agencies The International Energy Agency (IEA) said on Thursday that the world oil market is nearing a return to equilibrium after nearly three years of oversupply, with output cuts by major exporters offsetting the long-term decline in rich countries.
The Organization for Economic Co-operation and Development (OECD) said crude oil inventories fell 17.2 million barrels in March, while the first three months of the year increased by 38.5 million barrels or 425,000 bpd.
“It can be said with confidence that the market is very close to the balance already, and with more data, it will become clearer,” the Paris-based agency said. A second half “of the year is” interesting “.
Total crude inventories in OECD countries fell 8.1 million barrels in February to 3.055 billion barrels, to stay above the five-year average of 330 million barrels, the International Energy Agency said.
The International Energy Agency (IEA) cut its forecast for world oil demand growth in 2017 by 40,000 bpd to 1.32 million bpd, warning that these estimates may be optimistic given the slowdown in consumption in the United States and Asia’s advanced economies such as Australia, Japan and South Korea.
On the supply side, the agency reported that world production fell 755 thousand barrels per day in March to 95.98 million barrels per day, while OPEC and its partners are committed to a joint agreement to reduce production of 1.8 million barrels per day in the first half of this year.
The Organization of the Petroleum Exporting Countries (OPEC) has committed itself to a commitment to a “strong” level of 99 percent in March, the agency said, noting that non-Opec members, including Russia and Oman, have increased their commitment to 64 percent. Percent from 38 percent in February.
In 2017, the International Energy Agency said it expected non-Opec supply to increase by 485,000 barrels per day (bpd), up from 400,000 bpd in previous estimates, led by increases in US production growth.
Read More: http://www.dinarupdates.com/showthread.php?48173-International-Energy-The-oil-market-is-nearing-equilibrium
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A Dinar Updates “FaceBook Live”!!
“LIVE Q&A with BGG”
From – Apr 7th
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World Trade Organization expects global trade to grow by 2.4% in 2017
Trend Press / Continue The World Trade Organization (WTO) said on Wednesday that global trade is growing at 2.4 percent this year, but there is “deep uncertainty” over economic and political developments, especially in the United States.
“This year’s growth range was revised to between 1.8 and 3.6 percent from 1.8 percent and 3.1 percent last September,” the organization said in a statement. “Concerns over the bottleneck of trade activities are unclear because of government policy uncertainty.”
“We should look at trade as part of the solution to economic difficulties, not as part of the problem,” said Roberto Azivido, FAO Director-General.
“There is generally cautious optimism, but trade growth remains fragile, there is a risk of a significant decline and a great deal of political uncertainty,” he told a press conference, calling on the world to “continue to resist the creation of new barriers to trade.”
The WTO has revised its initial estimates repeatedly over the past five years on expectations of an economic recovery that has proved to be optimistic.
World trade grew at an “average slow” rate of 1.3 percent in 2016, the lowest pace since the financial crisis, unable even to match the September revised WTO forecast of 1.7 percent.
In 2018, global trade is expected to grow between 2.1 and 4 percent, according to the latest World Trade Organization analysis.
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The greatest stimulus of mankind is freedom. – Paul Ryan
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BGG (Dinar Guru) – – The BIGGEST article of the day… “Director of the Issuance Department of the Central Bank: Printed currency volume exceeds 11 billion and 600 million dinars” (the title is a little weak for the content of the article)…the title should have read RV- RV- RV!! Quote: “Most of the Iraqi Central Bank steps are subject to political and legal environment of the country, especially in regard to the deletion of zeros…” …this is what you are after – EXACTLY. PERIOD. it’s isn’t a removing of the 000 from the notes…it isn’t a changing of the DECIMAL POINT…it isn’t a change in the nominal value…IT’S A CHANGING OF THE REAL VALUE and A BRINGING IN OF THE BIG NOTES… “…deleting the big 000 notes from the market place” = RV. [post 1 of 2….stay tuned]
Read More: http://www.dinarupdates.com/observer/
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BGG (Dinar Guru) – …they have no intent on bringing out any bigger note classes – THEY DON’T NEED IT… value is going the other way…nowhere in there does it mention Article 140 – HCL – or anything else… nor does it bother to mention any laws needing passed… just a few changes. (aka – AMENDMENTS) [Also key phrase is “where it should be FOLLOWED by” Meaning the laws should be changed AFTER.] BINGO! money first – laws AFTER! why? They need to get this done now! This is about as much heads up as they are willing to give anyone…if they change the laws ahead of time – EVERYONE WILL KNOW. BIGGEST PIECE YET…here it comes… “On the other hand, the technical preparations are underway by us.” Meaning – on the other side of everything he’s said so far… they are and have been already making technical preparations (by the CBI). Pretty plain – if you ask me…pretty huge news... [post 2 of 2]
Read More: http://www.dinarupdates.com/observer/
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Director of the Issuance Department of the Central Bank: Printed currency volume exceeds 11 billion and 600 million dinars
Most of the Iraqi Central Bank steps are subject to political and legal environment of the country , especially in regard to the deletion of zeros that counted specialists in the earlier trend sensitive and dangerous may still be , but the central remains the most important institution in terms of the need to adjust the financial management in light of the financial crisis experienced by the the Iraqi economy, which must have to deal with dilemmas , whether with regard to the citizen or the work of the central bank itself.
Questions concerning important files posed (range) in this meeting , the director of the release and the Treasury in the Central Bank Aa’bas behind, and with being answered by briefly he pointed out the most important points that showed that the currency is good for circulation deposited Central has exceeded one billion and a quarter of a million dinars an amount that is not a little if they were compensated by the stored banknotes at the bank , as some believe, at the time between the printed currency size has exceeded the “11 billion and 600 million dinars, he urged citizens on the need not to keep large amounts in homes or buried in the ground , the fact that the process of replacing in the event expose Dt to burn or damage costs the central administrative and financial burdens, stressing that the counterfeit currency rate is still within the internationally accepted borders, with the central quest to carry out an information campaign to educate the public on how to distinguish between the original currency and Almzorh.oicol behind on a question about the possibility of having higher versions of a class (50000 ) dinars?
– No at present intention to issue a higher class category (50000) dinars.
* What about the subject of the deletion of zeros and the reason for the delay?
– the decision on the deletion of zeros cannot be taken in isolation from the political and legal environment in the country under conditions the security situation as a result of terrorist acts and exit from the provinces outside the control of the state for the years 2014, 2015, 2016 which prevents certainly to wait in the implementation of this project, in addition to that this must be done in coordination with all state departments and the private sector, where it should be followed by changing the paragraphs contained in the various laws, which include a reference to fines or lump – sum collection of fees, must also change the financial and statistical records in order to conform with the project process the deletion of zeros. On the other hand, the technical preparations are underway by us.
* How is the cost of the annual replacement and replacement of damaged currency?
– First , there is no substitution instead of a damaged annually, as the bank instead seeks to issue new papers for security specifications developed, so the cost is reduced in this way it is the cost of issuing new banknotes specifications better used at the same time damaged to the replacement of currency from the previous editions .
We seek to carry out an information campaign to distinguish between original and counterfeit currency
* How discovered the counterfeit currency of the size?
– The Central Bank of Iraq resorted to the use of machines to sophisticated counting and sorting which can detect counterfeit currency, in addition to banks guide using modern techniques in the currency examination, but the problem is not doing shopkeepers enough efforts to use the machines to check the currency, as the bank seeks to campaign media to sensitize the public on how to distinguish between the original currency and counterfeit currency by issuing a booklet definitions and (posters) for this purpose and will be distributed to banks in major shopping malls, and in all cases, the counterfeit currency rate is still within the internationally accepted borders , where even T ratio (0.000025) (Twenty – five million paper sheet).
* What currency damaged by fire or poor storage of citizens compensation mechanisms?
– While we hope the citizens do not keep large amounts in homes or buried in the ground, and to do instead in the deposit with the banks, as the replacement of the burnt currency process or damaged it costs the central bank financial burdens and administrative Colva unwarranted, however the bank is to receive citizens whose savings in Iraqi currency to fire accidents provided that they are documented by the civil Defense Department and be sourced from the project, either in terms of currency (buried) are sufficiency statement on the sources of these funds, and in this regard we call on citizens not to accept the mediation of any hand to Astb The Iraqi currency and that this bank does not receive any commission for its replacement.
We applied security methods with modern technology advanced counting and sorting currency
* What future plans for the central bank currency and print?
– Iraqi Central Bank seeks to keep pace with the evolution of printing currency and modern technologies both in currency printing or counting devices and sorting the currency where they are constantly adding new security features in addition to the acquisition of advanced machines counting and sorting currency, was dispensed with final counting and manual screening process.
* How much is the size of the torn currency and how much of the size of the printed currency?
– The number of banknotes unfit for circulation deposited with this bank (1,277,049,543) cash paper of various categories, where they are compensated from the stored banknotes have this bank, as the number of printed banknotes (11,615,265,154) cash paper of various categories.
Iraqi Dinar/Dollar auction 04-12-17 (most recent listing)
Currency Auctions Announcement No. 3421
This daily currency auction was held in the Central Bank of Iraq on the 04-11-2017
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 37 |
| Number of remittance companies | 11 |
| Auction price selling dinar / US$ | —– |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 159,643,728 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 159,643,728 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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The following .PDF is the review by RCookie of the IMF board’s publishing of Iraq’s SBA (excellent info) – He would have wanted you all to have it.. posting the whole .PDF was the only way to get it on here. Enjoy. BGG
Robert Cook CSW CSS CBP CST CTC
Iraq:
IMF EXECUTIVE BOARD COMPLETES FIRST REVIEW IRAQ’S STAND-BY ARRANGEMENT (45 pages…)
| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1256.934 | 1256.306 |
| British pound | GBP | 1471.238 | 1470.503 |
| Canadian dollar | CAD | 888.689 | 888.244 |
| Swiss franc | CHF | 1175.770 | 1175.182 |
| Swedish krona | SEK | 130.243 | 130.178 |
| Norwegian krone | NOK | 137.755 | 137.686 |
| Danish krone | DKK | 169.005 | 168.921 |
| Japanese yen | JPY | 10.686 | 10.681 |
| Special Drawing Rights |
SDR | 1603.870 | 1603.068 |