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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    "Oil for gas".. Barter or maneuver to open the US dollar window between Iraq and Iran?

    Rocky
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    "Oil for gas".. Barter or maneuver to open the US dollar window between Iraq and Iran? Empty "Oil for gas".. Barter or maneuver to open the US dollar window between Iraq and Iran?

    Post by Rocky Thu 13 Jul 2023, 9:28 am

    "Oil for gas".. Barter or maneuver to open the US dollar window between Iraq and Iran?



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    2023-07-13 05:46
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    Shafaq News/ Prime Minister Muhammad Shia’a Al-Sudani’s announcement of an Iraqi-Iranian agreement to solve the electricity crisis by exchanging gas for black oil raised many questions among specialists, including: Did America give Iraq the green light, what is the price according to which it will be determined, and the method by which it will be determined? It will transport oil.



    "vague" agreement
    Oil expert Hamza Al-Jawahiri said in an interview with Shafaq News agency; "The announcement of the exchange of crude oil and black oil for Iranian gas raises ambiguity, as Iran has crude oil that it cannot export because of the sanctions, then it comes to take crude oil from Iraq, in addition to that crude oil is accounted for by OPEC and when it is given to Iran, it will be deducted from Iraq's share." .
    He continued, "Black oil has a platform in Dubai and has known international prices. America may not agree to such a barter because Iran takes oil money, meaning dollars, and whether it took it by selling black oil or transferring it is the same thing."
    He stressed that "it is not known to him that the agreement will pass because this agreement has obstacles because it is not supposed to include crude oil," hoping that "the agreement will be included so that we can pay to Iran." 
    American veto
    Economist Nabil Al-Marsoumi said in an interview with Shafaq News agency; "It is in the interest of Iraq that Iraq exchanges black oil for gas, and it can use Kurdistan's oil in this context and load it in tanks."
    He added, "The United States allowed Iraq to pay Iranian gas and electricity purchases in Iraqi dinars or a third currency, or by importing basic commodities for the Iranian people," noting that "it is not excluded that Iran will resort to selling and exporting black oil and obtaining dollars, and it is also not excluded that there will be a veto." American in agreement.
     
    I lingered Iraqi
    The economist, Haider Al-Moussawi, said in an interview with Shafaq News agency; That "the black oil-for-gas proposal was 3 months ago, and the government waited for fear of the American rejection, and after the peak of demand for processing hours, the government went to approve the proposal."
    Al-Moussawi described this agreement as "a sound step, noting that domestic gas, even if Total finishes investing in gas, will not fill the need, which means the continuation of imports."
    "Barter is the most important solution"
    A spokesman for the Iraqi Oil Ministry, Asim Jihad, says; "The agreement with Iran to barter Iranian gas for Iraqi black oil represents one of the most important solutions that the government and the Council of Ministers resorted to to pay dues for the supplied gas."
    He added, "The agreement will ensure the smooth flow of the supplied gas and end the previous stumbling block due to the US sanctions imposed on Iran, according to which it was agreed on the supply and pricing mechanism adopted in the oil markets."
    constant need
    Former Oil Minister Ihsan Abdul-Jabbar said in an interview with Shafaq News agency, "All of our gas projects, including Total's projects, will have 4,000 cubic meters of gas production, and we have 33 gigawatt power stations, so we need 7,000 cubic meters in the summer."
    He added, "The four thousand pumps producing gas will be closed for a period of 9 months, and 3 months remain in need of gas, which must be imported."
    On July 10, Prime Minister Muhammad Shia al-Sudani announced that an Iraqi-Iranian agreement had been reached to solve the electricity crisis by exchanging gas for black oil, and said that the US Treasury's measures prevented Baghdad from paying the money owed to Tehran.
    Several days ago, Iraq witnessed a noticeable decline in the supply of electricity due to the decrease in the supply of Iranian gas feeding power plants.
    This comes at a time when the governing coordinating framework in Iraq held the US administration responsible for the decline in the provision of electric power.
    Iraq relies on Iranian gas to operate electric power plants, while the Ministry of Electricity estimated that the period of Iraq's need for Iranian gas ranges between 5-10 years.
    According to preliminary estimates of the Ministry of Oil, Iraq has reserves estimated at 132 trillion cubic feet of gas, as about 70% of Iraqi gas is gas associated with oil extraction for treatment, and Iraq ranks 11th among the world's countries rich in natural gas.
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