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

Heres some recent news....

Major oil discovery in northern Iraq

http://www.kuna.net.kw/home/Story.as...en&DSNO=876330

PWR-IRAQ-KURDISTAN-OIL
Major oil discovery in northern Iraq

IRBIL, June 13 (KUNA) -- Norwegian oil company DNO, the first Western oil firm to begin exploration in post-war Iraq, has found commercial quantities of oil in the Kurdish area of northern Iraq.

The gross quantity derived from the oil reserves is estimated at 100 million barrels.

Oil was found during testing of two deeper reservoir zones, but reserve estimates have not yet been made for those parts of the structure, DNO said. A maximum flow rate of about 5,000 barrels per day of good quality oil was achieved, DNO said.

DNO has a 40 per cent interest in the field under a production sharing deal with the Kurdistan regional government. The Kurdistan regional government called it a "major discovery" and expected production to begin in early 2007. "We anticipate production by early 2007, which will allow for the export of oil along a completely secure route from the one fully secure part of Iraq," it said. Iraqi oil exports reached 1,900,000 barrels per day from the southern reservoirs. This came after the difficulty of exporting from the northern refineries due to insurgents' attacks on oil installations. (end) sbr.

I asked this yesterday but may be it was missed... Please give me your thoughts on this!
/Karin

Originally Posted by karinc

I have two questions:

1. Over at another "dinar forum" I read that the Arab countries aren't forgiving debt (in spite of the "rest of the world" doing it) because they are waiting for the reval. Then there will be a lot of speculation, and the Arab countries can start collecting their loans, which would lead to the economy in Iraq being devastated (and the dinar falling), which in turn would give the other Arab countries power over Iraq... The government would fall, and Iraq would be in the hands of these other countries. This person that wrote this, said that that's why the world is pressing the neighbouring countries to forgive the debts.
(Ok, I don't remember exactly whay he wrote, plus I may have misunderstood some of it...but I THINK this was the essence of it)

What is your opinion on this?

2. It has been speculated by some people (at least one in this forum) that the dinar will reval high, say 1$, and stay that way for a few weeks. Then it will DEvaluate and go down to maybe 30 cents...and THEN start climbing again to maybe reach 1$ in a year or so...

Adam and Mike, what is your opinion on this?
Karin

Originally Posted by robmccallum01

Hey everyone,

Just a quick thanks to adster, OSW and others for the superb info regarding the latest news. I do have a question however so any info would be appreciated.

I have read by some of you that the ISX is due to open on the world markets sometime in July, correct? Does anyone have any clue as to when in July this is supposed to happen and if it's for sure or is it just speculation (I hate that word lol)? The reason I ask is because if someone has a date as to when the ISX is due to open then that should give us all a very good idea to when the dinar should revalue correct? If what I read is true about needing a workable currency (0.0008668 is not workable lol) for the ISX to open then if someone has a date when the ISX is due to open then that should tell us when the dinar will/should be revalued right? If i'm way off base here just slap me in the face and give me another beer please . .

Cheers to you all....

Rob

This is very good question. I am reposting it so it dosen't get looked over. Please any expert advise to this.

Greetings,

Sorry, missed it, but the ISX was scheduled to have computerized system up and running by end of July, so nothing more than that is known at this time. Computers can be unpredictable, so figure on August to be safe.

Good luck to all, Mike

Originally Posted by karinc

I asked this yesterday but may be it was missed... Please give me your thoughts on this!
/Karin

Hi Karin,

I have read that, but for the life of me it makes no logical sense. What real purpose would it serve to start at $1.00 and then drop value? I can't think of any, in fact, it would create more troubles as repricing would already be well under way for goods and services. It makes logical sense to start with lessor peg and let it float up. What would other countries think if value of dinar dropped, less than stable in my opinion, and stable is the magic ingredient we are looking for.

Good luck to all, Mike

cont.

As to the first part, I have not heard that Arab neighbors will not forgive debt, just that they had not to this point. I am sure they are watching it more closely given the immediate impact of trade between these bordering countries, so maybe they are looking at barter for oil and food to make a better deal.

Good luck to all, Mike

I have a question and if it has been discussed I am sorry. What was the peg of the Kuwait dinar on the r/v. Mike, I believe you were involved in that as I read in one of the post.

Originally Posted by flygirl1

I have a question and if it has been discussed I am sorry. What was the peg of the Kuwait dinar on the r/v. Mike, I believe you were involved in that as I read in one of the post.

Greetings,

This was a unique situation and cannot be compared to what is happening in Iraq. It did not involve anthing more than a devaluation due to invasion by Saddam, and it took nearly two years for value to stabilize where it was before invasion, so there was no peg or takeover of government involved, just fear of Saddam, which drove down currency values.

Good luck to all, Mike

I see. As always you always have a great answer to my question, which are many. Thank you. Janet

Interesting,

Regarding tonights call with Free-Dinar with Dr. Q and there is very positive news coming out of Iraq. Not only have hundreds of insurgents been terminated and taken into custody, the insurgents are losing ground now that so many are known to US and Iraqi forces. This is a far cry from what we are hearing in the major media, which indicates same amount of killing and bombing going on. This is not true, a major round up of the most dangerous insurgents are being flushed out and turned in by citizens. This is indeed going to be the turning point against bombings as large stashes of explosives and weapons have also been seized. This is all good news.

Also, there are further confirmations the revalue is close at hand, expeically will all that is going on in Iraq this past couple weeks. Dr. Q who has a good deal of inside information has confirmed what I had been hearing from my contacts, and again, we are close. As to how much, the rumours are still strong that it will be lower to start, sorry, but this seems to be certain at this point. They are also confirming the smaller notes are being printed, and the currency is expected to rise quickly, so don't exchange it all at once, this too has been confirmed as in the plans.

Overall, Malaki has taken a stong position and he is earning the respect of all people, and this is critical to get everyone working together. Also, the ISX is on schedule, and this too depends on revalue, so all these major plans are on schedule. Dinars are indeed in short supply, and most are starting to hold out in Iraq, so supplies may dry up over night. As was reported finally, there is more oil reserves being confirmed in the north which was not disclosed publicly until recently, so as I had stated a few times before, Iraq will soon be the number one country with regards to oil reserves. This is all good news, so hang in there.

Good luck to all, Mike