Iraq Ministry Of Oil Set To Be Leading Oil Producer
If you are like me you like to take the good Dinar news with the bad. Ad Melkert with the United Nations is Iraq’s leading UN official.
“I’d like to tell everybody that seven years is not a lot. You see enormous changes in a country that actually has never seen different centres of power competing in a peaceful way,” Melkert speaks out, in a ‘Reuters’ interview.
Progress does not only exist in curbing the violence in Iraq. The Iraq Ministry of Oil is signing deals pending full force with the new profit sharing Hydrocarbon Law that will put Iraq on top as a world leader in oil production. But, Melkert warns that world expectations are too high for a substantial oil based recovery when in fact the fruits of the labour will take a little longer than some are hoping for.
Delay in the Iraq Parliamentary Elections is a prime example of how a revaluation of the Dinar will take longer than a few weeks or a few months. The elections are now set for March 7 from it’s original end of January date.
“I do not believe a revaluation will be used to harness elections there is simply too much chest beating and slamming doors from Iraq blocs over money as it is. The elections need to be dealt with using massive UN security, not CBI revaluation revenue. It would just add fuel to the fire at this point.” – Darren Chabluk, DrDinar.com
UN will use some 250,000 observers to watch over about 50,000 voting stations in Iraq for the pre-spring elections in 2010. The worst of the insurgency from 2006 to 2007 is over but not yet fully defeated.
Iraq’s Maliki’s shot at the title for a second term as Iraq’s leader is under heavy fire, were talking bombings and such, against his own Government buildings.
US President Obama has been keeping pressure on coalition leaders in Iraq to reduce troops from a current 115,000 to some 50,000 in Iraq by late summer 2010. This movement has prompted Iraqi leadership to come out of the woodwork hell or high water.
Iraq’s new 2010 leadership team will be the Dinar revaluation team leading the country into it’s maximum oil production alongside oil rich Dinar banknotes. As for a definitive time line, one could expect 1 or 2 political terms for next years elected Iraqi Prime Minister which overlaps with a 2009 forecast of 5 years or less prediction for a revaluation.
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Written by Darren Chabluk for http://DrDinar.com
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I have always said it won’t RV until US troops are out of Iraq.I do wish it to happen sooner,times are tight for all it seems.Thank you.
A little disappointing forecast but it was to be expected. However, the revaluation WILL happen – we just have to bide our time. Hopefully the elections will take place peacefully after which we should see Iraq moving forward in many different areas.
Darren could you summarize the Hydrocarbon Law for us? Is it neccessary for this to pass before a reval can occur and what will it take to get it passed?
The Hydrocarbon law was going to pass before elections now they are going to wait till elections are done. The law details how foriegn oil companies in Iraq will share profits, like a royalty, and who gets what field to look after.
hi darren, i was surprised with your prediction of no rv before the election. i believe much of the violence going on in iraq is due to poor economic conditions. i think many of these insurgents are paid to be insurgents and do this because they have limited or no other options. given the opportunity i am sure an insurgent would pick a safe, good paying job over what he or she is doing now. i would think that a rv would dramatically improve the economic conditions in iraq giving the insurgents other options. why wouldn’t the iraqi president use a rv to improve his popularity with the iraqi people? this would greatly improve the iraqi citizens buying power, standard of living and give the president his reelection.
It would be nice if the RV ended the insurgents.Happy New Year
All this talk of an RV before the elections is a pigment of the ‘reval of the month club’ and has no evidence that fit into the catalyst(s) of an immediate RV.
The economy in Iraq is not poor anymore, nothing comparible to 2004.
The insurgants are from other countries as well as the Saddam ‘rejects’ who will fight no matter what the conditions.
I know that whole part of the world is always fighting and that will never end.I would like to see the RV soon but my personal feelings are it won’t happen for another year.We need our troops out first.
the iraqi government has stated that the country has high unemployment, inflation at 7% or more, and a very small business sector (that’s why they recently held the iraqi business investment exposition in washington d.c.). i realize it’s in better shape than 2004 but still sounds like a poor economy to me. i still don’t understand why the iraqi president wouldn’t rv to get reelected. most politicians would do just about anything to get reelected.