Zig’s Place Chat and News Friday AM 3-5-21
Zig: Welcome to zig’s place, a chat room for dinar speculators and others….discuss any topic that you wish here
Butterfly OPEC+ extends most oil output cuts into April
butterfly 2021-03-05 01:17 Shafaq News/ OPEC+ has agreed to keep oil output levels broadly unchanged in April, two OPEC+ sources told Reuters.
Russia and Kazakhstan have been allowed modest production increases under the deal, the sources added.
Kazakh Energy Minister Nurlan Nogayev said OPEC + decided to keep oil production nearly stable in April 2021, “Under Thursday’s deal, Russia was allowed to raise output by 130,000 bpd in April and Kazakhstan by another 20,000 bpd to meet domestic needs.”
The news pushed oil prices back towards their highest levels in more than a year with Brent trading up 5% above $67 a barrel as the market had expected OPEC+ to release more barrels.
OPEC+ had cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic. As of March, it is still withholding about 7 million bpd, or 7% of world demand. The voluntary Saudi cut brings the total to about 8 million bpd.
“Everybody (else) is going to maintain the freeze,” Saudi Energy Minister Prince Abdulaziz bin Salman told a news conference to outline the deal.
He said Saudi Arabia would decide in the next few months when to gradually phase out its 1 million bpd voluntary cut “at our time, at our convenience”.
“We are not in a hurry to bring it forward,” he said.
The Saudi minister and Russian Deputy Prime Minister Alexander Novak, lynchpins in the OPEC+ group, had earlier told OPEC+ ministers the recovery in demand was fragile.
Novak said after the meeting that OPEC+ had to tread cautiously to avoid overheating the market
butterfly Gold slides to nine-month low as Powell’s remarks make yields rally
5 Mar 21, 09:03 AM butterfly 2021-03-05 02:09 Shafaq News/ Gold declined to a near nine-month low on Friday and was set for a third straight weekly decline, as the dollar and bond yields rose after Federal Reserve Chair Jerome Powell’s remarks that the rise in yields were not “disorderly.”
Spot gold eased 0.3% to $1,692.13 per ounce by 0515 GMT, having earlier fallen to its lowest since June 8 at $1,686.40. For the week so far, it is down 2.3%. U.S. gold futures fell 0.6% to $1,690.40.
Powell on Thursday repeated his pledge to keep credit loose and said although the rise in yields was “notable”, he did not believe the Fed will have to intervene to bring them down.
“Clearly, Powell wasn’t dovish enough for markets overnight and, in some ways, greenlighted higher U.S. yields by saying he was comfortable with that,” said OANDA senior market analyst Jeffrey Halley.
“All signs point to the bond tantrum continuing,” Halley said, adding it seems inevitable that gold will break below the current levels and lodge deeper losses to the $1,600 region.
The U.S. 10-year yields held above 1.5%, while the dollar surged to three-month highs. Higher yields increase the opportunity cost of holding non-interest paying bullion.
“Powell’s remarks just reinforce the sense that the Fed is slowly moving in the direction of acclimating markets toward there not being substantial further policy support,” said DailyFX currency strategist Ilya Spivak.
Markets are also starting to take into account that with the ramp up in vaccines, another U.S. fiscal package and increasing inflation expectations, the Fed might consider tightening sooner than they expected, Spivak said.
Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust fell to lowest since May on Thursday.
Silver fell 0.5% to $25.17 an ounce, and was down 5% for the week, its worst since late-November. Palladium eased 0.2% to $2,334 and platinum shed 0.6% to $1,119.53.
butterfly Oil guzzler India says OPEC+ decision to hit economic recovery
butterfly 2021-03-05 03:18 Shafaq News/ India, the world’s third-biggest oil importer and consumer, on Friday said the decision by major producers to continue with output cuts as prices move higher could threaten the consumption led-recovery in some countries.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed on Thursday not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic. Crude prices rose after announcement and are up 33% this year.
Brent crude futures for May on Friday rose nearly 1%, to $67.44 a barrel, and are on track for a near 2% gain this week.
“As one of the largest crude-consuming countries, India is concerned that such actions by producing countries have the potential to undermine consumption-led recovery and more so hurt consumers, especially in our price-sensitive market,” Minister for Petroleum and Natural Gas Dharmendra Pradhan told Reuters.
India, hit hard by the soaring oil prices, urged producers to ease output cuts and help the global economic recovery from the coronavirus pandemic.
“We were really hopeful that OPEC and OPEC+ would have eased the production cuts to some degree taking into account the fragile recovery of the global economy, particularly in developing countries,” Pradhan said.
Rising oil prices are posing fiscal challenges for India, where heavily-taxed retail fuel prices have touched record highs in some parts of the country, threatening the demand-driven recovery.
India, Asia’s third-largest economy, imports about 84% of its oil and relies on Middle Eastern supplies for meeting over three-fifths of its demand.
Responding to India’s repeated request for an increase in output, Saudi Energy Minister Prince Abdulaziz bin Salman responded on Thursday by saying India should start using oil it bought cheaply during the price collapse last year.
However, he said, “we will continue to work with each other…we share th
butterfly Most of the other articles are about the Pope visiting.and his security.
butterfly Market Review: “Market Roars Back to Life”
butterfly The market, after January’s 9.3% sell-off, resumed the rally that was ignited by the 22.6% devaluation of the Iraqi Dinar (IQD) against the USD in late December, ending February with a bang! The market, as measured by the Rabee Securities RSISX USD Index, ended the month up 25.7%, and is up 14.1% for the year.
February saw a resumption of the trends that drove the index’s rally of 8.7% (in local currency terms) in the immediate aftermath of the currency’s devaluation, in which both daily turnover and foreign buying increased meaningfully month-on-month.
However, the crucial difference this time is that these trends lasted the whole month, and their momentum was sustained throughout. Average daily turnover, excluding block transactions, increased 189% over the prior month and 145% over the average of the prior 12 months (first chart below).
A similar pattern, but less dramatic, was the resumption of foreign buying in both absolute terms and as a percentage of total buying (second chart belo ).
butterfly The article is way tooooo long to post, so you know what to do…..
butterfly Pope to visit Iraq in Historic First
Sheila Hearing this is our weekend. Anything’s possible. Nicks Intel Update — https://nicksintel.wordpress.com/2021/03/05/03-05-2021-update/
butterfly Pope’s pilgrimage to Iraq and land of Abraham begins
The first-ever papal visit to Iraq starts as Pope Francis lands in Baghdad.
Butterfly The Muslim Council: Pope’s visit gives hope for a better tomorrow
butterfly 2021-03-05 14:58 Shafaq News / The Muslim Council of Elders considered, on Friday the Pope’s visit to Iraq “a great opportunity to promote peace and to send a message of solidarity with all victims of violence in the region and the world.”
The Council said in a statement, the historic visit comes to heal the wounds of the Iraqi people who suffered many years of wars and destruction. It gives Iraq and the region hope for a better tomorrow based on tolerance and acceptance of others.”
“The Pope’s keenness to visit Iraq -despite the challenges- reflects his belief in the spirit of human brotherhood … away from calls for hatred, sectarianism and strife.” The statement added.
The Council of Muslim Elders affirmed that the papal visit to Iraq and the efforts made by the Pope of the Vatican to promote peace “are correspondent with the council’s vision and objectives of promoting peace and coexistence … and building a human relationship based on love and mutual respect.”
Meanwhile, Secretary-General of the Council, Sultan Al-Rumaithi, said Pope Francis’ visits to the Islamic world “strengthened bridges of dialogue between East and West,… the visits support the efforts of his older brother, Imam Ahmed Al-Tayeb, Sheikh of Al-Azhar, Chairman of the Council of Muslim Elders.”
This common work reflected in a joint visit of the two religious symbols to the UAE signing a document on human fraternity for world peace and living together in Abu Dhabi in February 2019.
butterfly President and people of Kurdistan to participate in the Pope’s reception
butterfly 2021-03-05 03:06 Shafaq News/ the President and the people of Kurdistan will receive Pope Francis during his historic visit to Iraq, Barzani said.
“I hope that the historic visit of Pope Francis to Iraq will strengthen peaceful coexistence and harmony among different religions and ethnicities of the country and will result in a better future for all. The people of Kurdistan and I are eager to receive His Holiness in Erbil.” Kurdistan’s Nechirvan Barzani said on Twitter.
Pope Francis will make an Apostolic Journey to Iraq on 5-8 March 2021, visiting Baghdad, the plain of Ur, Mosul, and Qaraqosh.
Pope Francis will arrive today at Baghdad International Airport within hours, where an official reception will take place in presence of Iraq’ PM Mustafa Al-Kadhimi.
During his visit to the Country, the Pope will will head to Najaf, where he will meet Grand Ayatollah Ali Al-Sistani. Later, he will visit “Ur” Archaeological City in Dhi Qar Governorate.
The Pope will be received officially in Erbil Airport on March 7 where he will meet the Kurdish President Nechirvan Barzani and the civil and religious authorities.
Then head to Mosul where he will pray for the war victims in Hosh Al-Baya.
This will be the first-ever visit by a pope to Iraq.
Pope Francis has long expressed his desire to visit Iraq.
butterfly The World This Week: Papal Visit To Iraq, Terrorist Attacks And News From The QAnon Shaman
butterfly Interesting in this article should give all hope…..a sarcasm put in that post:
butterfly The planet’s oldest known wild bird, an albatross named Wisdom, has had a chick at the age of at least 70!
butterfly Here is something else to fill the “wait time”………………………… https://www.newsweek.com/fact-check-was-pope-francis-once-nightclub-bouncer-1574178?piano_t=1 Fact Check: Was Pope Francis Once a Nightclub Bouncer?
butterfly Have a good evening nothing really different from what I posted this AM. You will have to scroll up to see/read the articles.
Sparky … maybe Sistani and the Pope can work out a deal to get us 86 cents a pop …. in the coming days …… no shortage of rockets from Iran … on our bases … not sure they realize there is a new sheriff in town … Suadi does
Dave .86cents………fingers crossed…..satisfied with a nickle…….Mr. Sparky…….
Sparky Dave … my hair on fire to the bank … all out ! Cash me in …
Dave would keep a few pink ones just in case
Sparky ..yup, me too, but only a few …
Dave wait fer that 3,86
Sparky … have to be young enough to spend it …
Dave turned 60 today……ouch
Dave April 6 we be rich……… sheila !
Sparky … apparently yesterday wasn’t another insurrection day …
Sparky … me thinks Sheila was a hopin’ …
Dave our fellow Qanonians been silent…..
sheila @Dave Thinking it really could be this weekend. So yea, we be rich or wealthy by April 6 of this Year, 2021. dang straight to the bank we go!!!
Sparky Q is the new stupid …
Dave beat you there!!!!!! Sparky yeah…. missing that”I”
Sparky … better late than stupid …IQ…..tried a pun….failed
Sparky.. only good news I see, is that Iraq paid down the debt to Kuwait, leaving a 3.5 B balance … pocket change ..place, zig's /