Dinar News
Osama bin Laden’s Death Paves Way for Stronger Iraqi Dinar
4th May 2011
The death of Osama bin Laden is a huge success for America in its fight against terror, and this will impact the situation in Iraq favorable over the coming year. The chances of Iraq emerging as a peaceful country with a strong economy are high, and this makes it extremely likely that the value of Iraqi dollars will increase in the coming year. ....to read the whole update click here - iraqi dinar news
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Iraq's prime minister welcomed the “peaceful change” in Egypt
Feb 17, 2011
Washington: According to White House, Iraq’s Prime Minister Nuri al-Maliki welcomed the peaceful change in Egypt from authoritarian rule, after he hailed talks with US Vice President Joe Biden on Sunday.
The White House also said in a statement that “Both leaders welcomed the peaceful change in Egypt and commended the Egyptian army for respecting the wishes of the Egyptian people."
Biden called the Prime Minister of Iraq, who himself experienced years-long transition from Saddam Hussein’s regime in 2003 to democracy as “part of his outreach to US allies and partners, "according to his statement.
Even, the US Vice-President complimented the Iraq’s Prime Minister for his role in the continuous progress of Iraq towards a democratic government.
Among other Arab countries, leaders from Iraq also carefully studied the revolutions in Tunisia and Egypt which could have potentially influenced other Arab nations.
Egypt’s president Hosni Mubarak and Tunisian president Zine El Abidine Ben Ali have bowed to the continuous waves of protests. Hosni Mubarak has just resigned on Friday, and Zine El Abidine Ben Ali had departed after 23 years long ruling on 14th January.
New Iraq may transform Global energy
Feb 16, 2011
According to Gulf News, Iraq has the capability to be one of the biggest oil producers in the world due to its enormous oil reserves. Recent news also suggests that this news is moving towards reality, and soon Iraq will strengthen its position in the world. The impact of rejuvenated or new Iraq oil industry may transform global energy needs and hence, Iraq.
In October 2012, Iraq sustained its oil growth upwards by 24% to 143 billion barrels, which is the third largest in the world. Iraq now produces the output of 2.5 million barrels per day, which has put Iraq on rank eight in the world. The massive outcome is resulting in massive oil revenues which Iraq badly requires for improving civic infrastructure.
This continued steep growth will put Iraq for the third place in the oil producer category till 2017 as it has the tendency to reach 12.5 million barrels oil per day. Ground problems may lower the assumptions to half as still there are some speculations whether Iraq will be able to make such announcement technically feasible.
Ground risks are other significant challenges, as an enormous amount of water is required for injection into Iraq’s mature reservoirs. Iraq faces enormous water crisis and hence, access to water is another significant disadvantage for Iraq to stabilize the current production levels and increase growth.
However, according to latest news, Eni and BP led consortia has hit the massive growth faster than expected at Zubair and Rumaila oilfields, which typically suggests that the transition from theory to practice will be feasible despite the ground risk challenges. If Iraq somehow reaches half of the targeted amount within a decade, it will be able to produce around 5 to 6 million barrels each day benefiting both global energy and Iraq.
Iraqi Government planning new oil and Gas Auction
Feb 15, 2011
Baghdad: A senior Iraqi oil official said, the Iraqi government plans to hold a gas and oil licensing auction this year while it gears up for a steep increase in oil output and capturing of natural gas for electricity generation.
Iraq holds 3 bidding rounds in past few years to auction off the 15 oil and gas fields. However, this oil-rich nation has numerous reserves, which is estimated around 143 billion barrels. But, this could sharply go down if the government doesn’t get serious about exploring new reserves, said Abdul Mahdy al-Ameedi, an oil ministry affiliate who is also head of the country’s petroleum contracts office.
The Iraqi government has started arrangements to hold a fourth bidding round in the last quarter of this year, Mr. Ameedi told Dow Jones Newswires in an interview on Monday, in his office at the oil ministry in Baghdad.