Thread: Iraq/Dinar News. 09/05 to 01/14/07

BAGHDAD - Iraq hopes to be producing three million barrels of oil per day by the end of the year and a massive 4.5 million by 2010, oil minister Hussein al-Shahristani said on Wednesday.

The minister told reporters that Iraq had produced an average of 2.3 million bpd in October and had exported between 1.6 and 1.7 million daily despite insurgent attacks on pipelines “at least two to three times a week”.

More than three years after the fall of Saddam Hussein and the end of United Nations sanctions, Iraq is still struggling to develop its key oil sector amid sectarian war and a rebellion against the US-backed government.

But Iraq has 112 billion barrels of proven reserves -- the second highest level in the world -- and Shahristani painted an optimistic picture of rapid expansion and modernisation thanks to investment from foreign partners.

The minister said he had recently returned from a tour of Asian countries and had returned with an agreement from the China National Petroleum Corporation (CNPC) to take over the Al-Ahdab field in southern Iraq.

“A joint Iraqi-Chinese committee is to hold series of meetings, the first of which shall be on November 11 in Baghdad to start talks over how to develop the oil field,” Shahristani said.

CNPC first agreed to develop the field in 1997, but Iraq’s contracts have had to be reviewed since a US-led invasion swept away the former regime. Now, the firm hopes to produce 90,000 barrels per day there.

Shahristani also said that during his visit to Japan, the government promised to give a soft loan of 3.5 billion dollars to help Iraq build a refinery and a floating loading platform in the southern city of Basra.

Khaleej Times Online - Iraq aims for 3 million barrels of oil per day by end 2006

Originally Posted by jedi17

I'm not sure how the R/V would effect the elections at this point....however I'm also not American.....that being said...the only thing that would make bush and his party look good is security in Iraq and their troops coming home.

Now if the ISX is open to foreign investors at some point this month, then I think that they had better R/V the Dinar or some people might invest a 100,000 american dollars and own companys in Iraq that are vital for economy. I wonder how much Canadian I would have to invest to be majority owner of a Hotel?

Believe me Iraqi citizens dancing in the street to a reval will get much better play on the television this week than them killing one another and our troops as well..it would show that huge positive things are happening over there..and i believ it would be a hell of a boost to the republicans..sad to say but alot of last min surprises help win elections just ask the dems about Carries comments lol

I too have often wondered how many Dinar Speculators there are. I would bet that world wide it is 250,000 plus. Think of all the Jordanians, and the rest of the middle easteners that are buying up the dinar as well as people here in the States. JMO

Hi everybody, I have been keeping up with reading all the important stuff and am grateful to everyone who searches for and posts all the news articles they can find concerning Iraq.
One thing though that has been plaquing me for some time now is the fact that hundreds of thousands of people have bought millions of IQD which most likely is now into the trillions of IQD for speculation. Now, when the IQD revalues as high as we all hope it to be, where is all the money going to come from to pay all of us as we trade in our IQD? We know that Iraq doesn't have the money to back up that amount. Sure they have the oil, but most of it is still in the ground and what they are pumping out right now is helping them to keep going economically, but thats about it. So am I to assume that the trillions of dollars that have to be paid out will come from the international banking community? I obviously don't have much understanding when it comes to the worlds monetary systems. Is anyone able to please put my mind at ease since I have put some of my last money (I lost big time with PIPS) into buying a few millon IQD's to hopefully see better financial times ahead.
Thanks for anyone bringing forth factual, logical information to put my mind at ease,

gogreen (sorry for being so long winded )

I posted this over at the "go crazy thread" first but all the action seems to be over here, so sorry Neno for causing more work for you!

Originally Posted by Socata 850

I too have often wondered how many Dinar Speculators there are. I would bet that world wide it is 250,000 plus. Think of all the Jordanians, and the rest of the middle easteners that are buying up the dinar as well as people here in the States. JMO

250k+. now That is a big plus. yes, if they buy them up and it revals...they could buy a country. no problem here.

Originally Posted by smcquiller1

Very good read. Thank you so much for posting. Looks like we are moving in the right direction....let's rv this thing already

Man...how can we say thank you enough?

Originally Posted by gogreen

Hi everybody, I have been keeping up with reading all the important stuff and am grateful to everyone who searches for and posts all the news articles they can find concerning Iraq.
One thing though that has been plaquing me for some time now is the fact that hundreds of thousands of people have bought millions of IQD which most likely is now into the trillions of IQD for speculation. Now, when the IQD revalues as high as we all hope it to be, where is all the money going to come from to pay all of us as we trade in our IQD? We know that Iraq doesn't have the money to back up that amount. Sure they have the oil, but most of it is still in the ground and what they are pumping out right now is helping them to keep going economically, but thats about it. So am I to assume that the trillions of dollars that have to be paid out will come from the international banking community? I obviously don't have much understanding when it comes to the worlds monetary systems. Is anyone able to please put my mind at ease since I have put some of my last money (I lost big time with PIPS) into buying a few millon IQD's to hopefully see better financial times ahead.
Thanks for anyone bringing forth factual, logical information to put my mind at ease,

gogreen (sorry for being so long winded )

I posted this over at the "go crazy thread" first but all the action seems to be over here, so sorry Neno for causing more work for you!

Like a casino...a country must maintain reserves to equal to or surpass the amount of money outside of the banks. That being said...they hold enough currency and gold to support a large R/V as stated by the WTO.

Originally Posted by Socata 850

I too have often wondered how many Dinar Speculators there are. I would bet that world wide it is 250,000 plus. Think of all the Jordanians, and the rest of the middle easteners that are buying up the dinar as well as people here in the States. JMO

I recently stumbled onto a forum where many Iraqi's posted. It's interesting that nothing is discussed about the dinar or a revalue. I would think that this would be somehting that would be foremost on their minds along with the security of their country. One of the members here asked in their forum about the dinar and they shrugged it off without responding much. Any thoughts on this from anyone?

Originally Posted by AlwaysDreaming

I recently stumbled onto a forum where many Iraqi's posted. It's interesting that nothing is discussed about the dinar or a revalue. I would think that this would be somehting that would be foremost on their minds along with the security of their country. One of the members here asked in their forum about the dinar and they shrugged it off without responding much. Any thoughts on this from anyone?

"Keep it within the community" perhaps? No outsiders.

Originally Posted by gogreen

Hi everybody, I have been keeping up with reading all the important stuff and am grateful to everyone who searches for and posts all the news articles they can find concerning Iraq.
One thing though that has been plaquing me for some time now is the fact that hundreds of thousands of people have bought millions of IQD which most likely is now into the trillions of IQD for speculation. Now, when the IQD revalues as high as we all hope it to be, where is all the money going to come from to pay all of us as we trade in our IQD? We know that Iraq doesn't have the money to back up that amount. Sure they have the oil, but most of it is still in the ground and what they are pumping out right now is helping them to keep going economically, but thats about it. So am I to assume that the trillions of dollars that have to be paid out will come from the international banking community? I obviously don't have much understanding when it comes to the worlds monetary systems. Is anyone able to please put my mind at ease since I have put some of my last money (I lost big time with PIPS) into buying a few millon IQD's to hopefully see better financial times ahead.
Thanks for anyone bringing forth factual, logical information to put my mind at ease,

gogreen (sorry for being so long winded )

I posted this over at the "go crazy thread" first but all the action seems to be over here, so sorry Neno for causing more work for you!

Probably not 100% correct but I will take a stab at it. Much of this money is spread out throught the globe, so it won't be just one country taking a hit. Also much of this money will not get back to Iraq for quite some time due to banks holding it for possible further increase. Another thing to consider is this, if go into a bank and cash in 1mil dinar = 1mil us you will not walk out of there with a suitcase full of cash. The term fiat money somewhat comes into play here. It's all just #'s on a computer screen anyway. And probably the biggest is this, if in fact there are trillions out there (and I'm not sure there is) the vast majority of that is held by governments here and abroad, they will most likley be using that monety in exchange for oil. Of course as usual I it all figured out in my head, and once I start typing it all goes bye-bye. I'm sure some of our resident experts can add to this much better than I can


John