Chat and News Friday September 08, 2023
Butterfly Be prepared to pay higher price for your gasoline: A recent report highlighted the control of the OPEC+ coalition over the oil market, after the decision to extend the Saudi voluntary reduction in production, as well as Russia extending the reduction of its supplies to global markets.
The report – a copy of which was obtained by the Specialized Energy Platform – explained that the cuts by the two countries are reviewed on a monthly basis to determine whether they will be deepened or reduced depending on market conditions. This policy flexibility allows Saudi Arabia to maintain control of the oil market, according to the report issued by the Swiss investment bank UBS.
The report stressed the importance of Russia’s participation, as it is the second largest producer in the OPEC+ alliance, and the agreement ensures close coordination between the producers.
The Swiss investment bank UBS report forecasts a market deficit of more than 1.
Therefore, the report expected that Brent crude oil would rise to US$95 per barrel by the end of this year (2023), with oil inventories expected to decline further in the coming months.
Giovanni Stanovo, a commodity analyst at the Swiss investment bank UBS, who prepared the report, said, “We still believe that Saudi Arabia will not reduce the size of the cut, except when it believes that the oil market is stable enough to justify it,” that is, when oil stocks are Universality is less than it is now.
With OPEC+ focusing on a “cautious, proactive and precautionary” approach, the alliance is likely to closely monitor data from China, whose economic recovery remains a source of concern, and the impact that aggressive monetary policy tightening may have on economic activity in Europe and the United States, according to a report. UPS.” https://www.ninanews.com/Website/News/Details?key=1076116
A report suggests that oil prices will rise to $95 after the decision of Saudi Arabia and Russia
butterfly Gold prices rose after trimming its gains for a short period, Thursday, as data showed tightness in the labor market in the United States, with focus on getting signals regarding raising interest rates by the Federal Reserve (the US central bank).
Gold rose in spot transactions by 0.1 percent to $1,918.68 per ounce after touching its lowest level during the first week yesterday, Wednesday, while US gold futures contracts fell at settlement by 0.1 percent to $1,942.50.
Gold prices rose despite the rise in the dollar, but the decline in 10-year US Treasury bond yields below the two-week peak that was recorded in the previous session provided some support for bullion.”
As for other precious metals, silver fell in spot transactions by about one percent to $22.95 per ounce, platinum by 0.3 percent to $905.75, and palladium by 0.1 percent to $1,214.11. https://www.ninanews.com/Website/News/Details?key=1076168
Gold prices rise with anticipation of indicators from the US Central Bank
Chattels The Central Bank of Iraq continues to struggle with trying to reduce the market rate spread. Dinar is priced around 1540, which is about 18%. – Kaperoni
Chattels I applaud those who can be discerning about Iraqi news which I find to be more inscrutable than US News.
Chattels I was fairly well acquainted with the Iraqi Constitution at one time.
Chattels Not sure why. Prolly in an effort to inform myself against the guru rumor mill.
Sah Chattels Good evening. I did a lot of research a long time ago. I knew it was not going to be over night but it had possibilities. It’s kind of like a lotto ticket that you do not have to buy over and over again, it just keeps on giving. Stimulation to keep an eye on it.
Sah I would of never thought I would be posting in a chat room. I just visited a bunch of them over the years and stayed anonymous and read a lot of different views on the subject. It made me explore what is fact and what is not. Haggling seems to be the key to getting somewhere for an agreement in Iraq. It is like a right of passage over there. It is hard to teach these people that some things are set in stone and can not be haggled.
Sah A constitution with a good foundation and structure that everyone can abide by would be a dream come true. Can you imagine a world like that. In your dreams! Lol
Butterfly The dollar is heading for its longest streak of weekly gains since 2014
The US dollar swept the currencies of emerging countries this week, as it fell by about one percent since the beginning of this week, recording losses for the fifth consecutive session against the dollar.
This paves the way for it to erase all the gains it has achieved since the beginning of this year, under pressure from the strong gains of the dollar, which rose towards its highest level in six months with increasing expectations of an additional interest rate hike this year. The emerging currency market was also exposed to strong pressure from the decline in the value of the Chinese yuan, which… It fell to its lowest level in 16 years against the dollar
Despite the dollar’s decline on Friday, it is still heading towards achieving the longest series of weekly gains in 9 years, supported by a set of strong data on the US economy that also made the prospects of the Federal Reserve (the US central bank) ending the cycle of raising interest rates in doubt.
The Chinese yuan also declined in local trading to its lowest level since 2007, as it was exposed to pressure from capital outflow and the widening gap in returns with major economies.
The dollar index, which measures the performance of the US currency against a basket of major currencies, fell 0.1 percent to 104.93 points, but remained close to the highest level in 6 months recorded in the previous session at 105.15 points.
The index is heading to expand its gains for the eighth consecutive week, with an increase of 0.6 percent so far.
The euro witnessed losses for eight consecutive weeks, but in the latest trading it rose 0.1 percent to $1.0709 after falling to its lowest level in three months at $1.0686 yesterday, Thursday.
butterfly “The relative divergence between the US and European economies is becoming a major topic again and the story of the dollar’s decline has recently faded,” said Dean Sikov, chief macroeconomist and foreign exchange economist at Nordea Markets.
Data released this week showed that the US services sector unexpectedly gained momentum in August, and that unemployment claims reached their lowest level since February last week.
As for the euro zone, industrial production in Germany, the largest economy in Europe, fell slightly more than expected in July.
The pound sterling rose from its lowest level recorded in three months yesterday, Thursday, and reached $1.2496 in the latest transactions, although it is still heading to incur a weekly loss of more than 0.7 percent.
The yuan in trading inside China reached 7.3400 against the dollar at the opening today, Friday, and reached its lowest level since December 2007 at 7.3510 against the dollar. It also declined in foreign trading and fell to its lowest level in ten months at 7.3621 against the dollar.
The value of the Chinese currency has declined steadily since February as the faltering economic recovery after the Covid-19 pandemic and the widening yield gap with other economies, especially the United States, affected capital flows and trade.
The yen settled at 147.37 against the dollar.
The Australian dollar rose 0.2 percent to $0.6392 in the latest trading, but it is heading for a weekly loss of one percent.
Likewise, the New Zealand dollar is heading to record a loss approaching 0.7 percent during the week, and was traded in the latest transactions at $0.59.
butterfly this is good news: Economist: The elimination of the dollar is on the horizon
20 hours ago Economist Peter Schiff, famous for his dire economic forecasts that also lead him to hold on to gold, once again warned of the looming risks for the US economy in a recent interview with NTD News.
Commenting on Commerce Secretary Gina Raimondo’s recent statement that “decoupling (from China) is not part of our economic goals or national security goals,” Schiff asserted that the United States cannot “afford the costs of decoupling because we have to realize that China is our largest supplier.” “And our biggest banker.”
He added: “The Chinese lend us money to buy the products they produce that we cannot produce, and our entire standard of living depends on China’s support.”
The economist explained: “If we lose this support, everything will collapse.” We will lose, whether we like it or not. I also think that the Chinese realize that it is in their interest to push separation, and this is what is happening.”
He also touched on the issue of BRICS expansion and the possibilities of creating a common currency for the bloc in the future.
He said: “Look at what is happening with the BRICS countries. “They had a summit, they are growing, they are looking to get rid of the dollar, the praise of dependence on the US dollar and eventually eliminating it.” https://takadum-news.com/archives/182032
butterfly Why did Erdogan postpone his visit to Iraq? An American newspaper reveals the reason
The American newspaper The Cradle revealed in a report the reasons it said were behind “postponing the visit” of Turkish President Recep Tayyip Erdogan to Iraq, which was scheduled for last month, noting that there were “disagreements in which Washington intervened.”
The newspaper said, “Sources from within Ankara confirmed to it that Erdogan “decided” to postpone his visit to Baghdad as a result of a request submitted by the latter to Washington to intervene and force the Turkish government to implement the decision of the International Disputes Court to impose a fine of one and a half billion dollars on Turkey as a result of its export of oil from the Kurdistan region without Her approval.”
She added, “Despite the continuation of the discussions, it is clear that the Turkish President will not visit the Iraqi capital, Baghdad, until obtaining a written agreement that he requested that guarantees Baghdad’s abandonment of compensation in addition to stopping the procedures for another lawsuit that it had filed against Ankara years ago and is still continuing.” the moment”.
The newspaper also indicated that the news that the Turkish President postponed his visit until next month is “inaccurate,” confirming, quoting an Iraqi government official, that the Turkish authorities have not yet officially informed Baghdad of an exact date for Erdogan’s visit, indicating that the visit It is hoped that it will be held after resolving “a group of thorny problems, the most important of which is cooperation in the field of energy and resolving the dilemma of exporting oil from the region,” according to his description. https://takadum-news.com/archives/182151
Sah butterfly I knew Turkey would be a pain about the $1.5 billion fine for selling illegal oil from Kurdistan. They could of been fined a lot larger fine. They are trying to haggle to remove the fine when the verdict has already been decided by an international court. Watch what is next, maybe Iraq will start shipping through a different country’s port and go around Turkey. Turkey is holding Iraq hostage for shipping any oil through their country. Billions of dollars are being lost not shipping oil thru Turkey for Kurdistan with oil companies shutting down or already shut down. This is not helping for the oil and gas law to get passed. IMO Kurdistan is holding out for a resolution. These countries are so backward and petty. They do not want to pay the price for doing something illegal.
Dave Sah Article 140 Article 140 of the 2005 Iraqi constitution vowed to place disputed areas under the jurisdiction of the Kurdistan Regional Government (KRG) by the end of 2007. The three phases that were going to aid this process were normalization, census, and referendum. The normalization phase was supposed to undo the ‘Arabization’ policies Kurds faced from 1968 to 2003 that were designed to alter the demographic in the city of Kirkuk and other disputed areas to favor the Arab population.
These policies included deportation, displacement, house demolition, and property confiscation. Institutionalized boundaries as a result of past gerrymandering were also to be reversed. After this normalization process, a census would talk place and the populous would choose to be governed by either the KRG or Baghdad.
Dave Article 140 of the 2005 Iraqi constitution vowed to place disputed areas under the jurisdiction of the Kurdistan Regional Government!
Dave what is a vow?
butterfly IOCs urge oil and gas bill in Iraq include production sharing contracts 13 Aug 2023 | 11:06 The Association of the Petroleum Industry of Kurdistan, which represents companies including DNO, Genel Energy, Gulf Keystone Petroleum, HKN Energy and ShaMaran Petroleum, have called on Baghdad and Erbil governments to honor their contractual rights amid talks to draft a new oil and gas bill. The APIKUR also urged that their rights be incorporated into Iraq’s budget and any future laws governing oil and gas in federal Iraq and Kurdistan, according to a statement issued by the association.
“It is essential to the future of the industry in these regions, and the many jobs it supports, that the outcome of the negotiations include the cost recovery and profit to which the (international oil companies) are entitled under existing production sharing contracts,” it said.
The KRG and Iraqi government held a meeting on Aug. 5 to discuss drafting a new oil and gas bill. Since 2005, the Iraqi parliament has not been able to pass the bill and the Kurdistan region passed its own law and started its own independent exports through Turkey.
During the meeting they agreed to set up a committee to draft an oil and gas bill to help resolve a dispute over the Kurdistan’ region’s constitutional rights on oil and revenue.
A dispute between Baghdad and Erbil over oil exports escalated in March, when an arbitration court in Paris ruled against Kurdistan’s independent oil exports under its own 2007 law, prompting Turkey to halt oil exports through the Iraq-Turkey Pipeline (ITP).
So far, talks between Baghdad, Erbil and Ankara have failed to find a solution to resume the oil exports. Moreover, according to Iraq’s budget law, the Kurdistan region has to hand over 400,000 barrels of oil per day.
Contractual rights more in the article: https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/081323-iocs-urge-oil-and-gas-bill-in-iraq-include-production-sharing-con
Dave Agreed…..no consensus…..what was supposed to happen never did……Same story another day
Dave Peshmerga forces defeat ISIS……never get paid…..;bc the kurds skimming oil to turkey
Dave Kurds skim to Turkey…..Baghdad disavows Constitutional agreements and Arabicizes disputed territories to alter census……near war as a result
Dave Recollect the good ole days of the HCL/140 being DONE DONE or soon to be done….
Dave I have been waiting 15 yrs fer these Kurds to agree to the Budget…….still nodda…..Now Sudani going ….hmmm?????
butterfly Dave The Kurds have been the problem from day one.
Dave Used to be Maliki was the hold up and now the Kurds being Crooks
Dave butterfly 140 was promised to the Kurds when they FRAMED this constitution?
butterfly Dave both are crooks ie Maliki and Kurds
Dave Prior there was a Shah followed by Saddam……followed by Maliki who Arabicized the region at the expense of the Kurdish population there
butterfly Dave like I’ve said, it is going to take sometime b4 we see anything of value for our investment….but eliminating the dollar is a big hint, I was told.
Dave butterfly Maliki net 64 billion…Talibani only 35 billion
Dave butterfly TOLD…????
Dave Big oil investments not going there now thats fer sure
Dave I be ole school .. Economic, political and social stabity……. stability oops
butterfly Dave there you go again, one word then a lot of question marks.
butterfly I am not a mind reader.
Dave Ch7 HCI/art140,banking laws general amnesty,wto..etc my benchmarks
butterfly my benchmarks are………going to the bank!
Dave butterfly I suppose we will await until the Gurus tell us when, and dismiss all that same ole same we have been waiting to actually occur……We got NODDA yet
Dave lots of yadda yadda — Ch7 HCI/art140,banking laws general amnesty,wto..etc could all be tied together and all go down in a heartbeat
Dave I am not getting remotely excited until my Govt webpage informs me UNSC sanctions been dropped
butterfly Dave I still go by what Abraham told me years ago, if or when the dinar benefits everyone, it will go international and everyone will know at the same time. He stressed, strongly, stop listening to the gurus bc they don’t know and have no clue. What I have enjoyed, is watching how they are trying their best to get out from under the dictator mindset.
Dave unless sanctioned nations can have globally traded currency
Dave butterfly AGAIN CBI my only Guru
butterfly Dave CBI hasn’t posted anything since August 24.
Dave mentioned dropping 3 zeros not long ago too still on their agenda
Sah Dave he answer to your question is in the last sentence. After this normalization process, a census would talk place and the populous would choose to be governed by either the KRG or Baghdad.. Kirkuk people that live their want to be governed by Baghdad.
Dave After Saddam’s and Maliki’s Arabization which almost resulted in war………YES.no doubt that!
Sah butterfly This says it all, nice article. Since 2005, the Iraqi parliament has not been able to pass the bill and the Kurdistan region passed its own law and started its own independent exports through Turkey.. See it even says that Kurdistan passed its own law without the rest of Iraq. They started their own illegal export through Turkey which was deemed illegal to Iraq’s constitution by Iraq’s federal court.
butterfly Sah It amazes me the connection Turkey and Kurdistan. Turkey bombs part of Kurdistan, and they are like buddy buddy.
Dave Yeah……After Baghdad changes their agreement in their favour
Dave butterfly Them OTTOMANS sure lost alot of their territory too….
Sah Dave Drop it. Kirkuk and Nineveh are with Baghdad. Get over it. They do not want to be funded or controled by Kurdistan.
Dave To this day some of these Kurds think that part of Tukkey belong to Kurdisan
butterfly Remember this: The clashes at the Turkish Ambassador’s Residence in Washington, D.C. broke out on May 16, 2017, between Turkey’s Police Counter Attack Team and a crowd of protesters, some of whom carried flags of a Kurdish political party. According to Turkey, Turkish bodyguards were acting in self-defense and the protesters were tied to a terrorist group.
However, according to US officials the Turkish bodyguards attacked the protesters unprovoked. A protest leader denied that any participants had ties to any terrorist group. Turkish President Recep Tayyip Erdoğan was in Washington that day to meet with U.S. President Donald Trump and observed the clashes from a distance.
The clashes were decried as a Turkish attack on American protesters exercising their First Amendment rights, which guarantees freedom of speech and assembly. Turkey declined to apologize for the incident, blaming the protestors for provoking the response.
Of the 24 men who were filmed attacking protesters, nearly a month passed before any were charged with a crime. However, on June 6, a U.S. House resolution unanimously passed calling for all Turkish security guards involved to be charged and prosecuted under United States law.
On June 14, two men were arrested for assault in connection to the attacks, while arrest warrants were issued for the bodyguards. The charges were dropped in March 2018, days before high level meetings between US Secretary of State Rex Tillerson and Erdoğan. https://en.wikipedia.org/wiki/Clashes_at_the_Turkish_Ambassador%27s_Residence_in_Washington,_D.C.
Dave Sah Just posting what the Kurds are feeling……Their grievances currently and what they have been arguing currently…….
Dave and from way previously…….
Dave You wish me to Drop it….Kurds are NOT! LOL
Sah Dave You keep bringing the subject up and repeating it over and over. I heard you the first time but the Kurds are wrong to move in a few days ago to take back Kirkuk. The citizens their even bombed their building and warned them get out now and they ran out the building so no body was killed.
The protester from Kirkuk that blocked the road leading into Kirkuk to stop the military from Kurdistan were opened fire on. 15 injured and I think it was 4 dead. This is when Iraq federal military stepped in to protect Kirkuk and sent them back to Kurdistan. Iraq will leave military there to protect Kirkuk citizens.
Sah Kurdistan needs to go by constitutional law with the oil and gas law and stop trying to take over other districts for their own. They do not care about the people in Kirkuk they only care about pumping oil out of it for themselves.