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BUSINESS NEWS | Tue May 23, 2017 | 3:31pm EDT
U.S. plan to sell oil reserve shows declining import needs

President Donald Trump's proposal to sell half of the U.S. strategic oil reserve highlights a decline in the biggest oil user's reliance on imports - and a weaning off OPEC crude - as its domestic production soars.

The U.S. Strategic Petroleum Reserve (SPR) SPR-STK-T-EIA, the world's largest, holds about 688 million barrels of crude in heavily guarded underground caverns in Louisiana and Texas.

President Donald Trump's proposal to sell half of the U.S. strategic oil reserve highlights a decline in the biggest oil user's reliance on imports - and a weaning off OPEC crude - as its domestic production soars.

The U.S. Strategic Petroleum Reserve (SPR) SPR-STK-T-EIA, the world's largest, holds about 688 million barrels of crude in heavily guarded underground caverns in Louisiana and Texas.

Congress created it in 1975 after the Arab oil embargo caused fears of long-term spikes in motor fuel prices that would harm the U.S. economy.

The White House budget, delivered to Congress on Tuesday, proposes to start selling SPR oil in fiscal 2018, which begins on Oct. 1. Under the proposal, the sales would generate $500 million in the first year and gradually rise over the following years.

A release of half the SPR over 10 years equals about 95,000 barrels per day (bpd), or 1 percent of current U.S. output.

The drive to reduce the SPR started under former President Barack Obama, and several sales were approved in legislation from 2015 and 2016.

In December, Congress approved the sale of $2 billion of crude over three years from the SPR for maintenance and repairs. The U.S. Department of Energy sold 6.4 million barrels in January and another 10 million in February.

The United States has more leeway to release SPR crude now, as its production C-OUT-T-EIA has risen 49 percent over the past five years.

Although the figure is equivalent only to the output of a mid-sized field, it sends a powerful signal about the United States' decreasing need for imports as its own production reaches new highs.

The International Energy Agency, which counts the United States as a member, requires member countries to keep strategic stocks equal to 90 days of the previous year’s net oil and product imports.

As of October 2016, the United States had about 145 days worth of import coverage, according to the U.S. Energy Information Administration.

Since the U.S. shale oil boom began at the start of this decade, imports have fallen sharply - sometimes dropping to as low as 7 million bpd from as high as 10 million bpd in the middle of the last decade.

"The United States definitely doesn't need as much SPR as they have now lower imports," said Amrita Sen of the consultancy Energy Aspects.

"While the headlines may be bearish, not only is this just a proposal that is unlikely to make it past Congress, it is also phased over 10 years ... So we do not see this as bearish for fundamentals even though the headlines won't help," she added.


White House says plan to reduce oil stockpile would not harm U.S. oil prices
Under the proposal, sales would peak at $3.9 billion in 2027, and total nearly $16.6 billion from 2018 to 2027, the administration said.

PVM brokerage said the plan, if implemented, would not add dramatically to global oversupply.

Benchmark Brent LCOc1 and U.S. light crude CLc1 prices settled about 0.5 percent higher on Tuesday, having recouped earlier losses of around 1 percent on the news of Trump's proposal.

The Organization of the Petroleum Exporting Countries, of which the United States is not a member, meets this week, and is widely expected to extend production cuts by nine months to March 2018 to help the market rebalance.

The United States released supplies from the SPR at the start of the Gulf War in 1991 and after Hurricane Katrina disrupted Gulf of Mexico output in 2005, and again in 2011 amid concerns about lost Libyan supply.

The White House proposal would also open areas of Alaska's arctic region to exploration, potentially helping the United States further boost production.

Guru Phillyman   Article: "U.S. plan to sell oil reserves undermines OPEC supply management efforts"   Quote:  "U.S. President Donald Trump's proposal to sell half of the United States' strategic oil reserve surprised energy markets on Tuesday since it counters OPEC's efforts to control supply in order to boost prices."   If this goes through it will clearly keep the pressure on for Iraq to diversify their economy.


5/24/2017  Parliament will hold its meetings and tomorrow another Astonfea after Eid al-Fitr >>> >>>  {Baghdad: Euphrates News} is scheduled to hold the House of Representatives, on Thursday, its last session of the second legislative term of the third legislative year of the current parliamentary session, which ends in 2018.    According to a parliamentary source told {Euphrates News}, the "legislative recess will begin to parliament after tomorrow 's meeting, which is supposed to be one month, and since it will coincide with the holy month of Ramadan, the new legislative term will begin after the Eid al - Fitr holiday."     He explained that the "table session on Thursday , will work for the rest of the session on Wednesday , which did not complete paragraphs of the agenda."     The House of Representatives has voted in its meeting on 29 April to approve the extension of the current legislative term for a period of one month after the end of the legislative term in order to accomplish the mission and oversight of legislative tasks for interrogations.
 5/24/2017 Abadi: We discussed with the Saudi side mechanisms to control oil prices in the global market  >>>  >>> 
Announced Prime Minister Haider al-Abadi, he discussed with Saudi Oil Minister Khaled al-Faleh mechanisms to control oil prices in the world market, as he emphasized that Iraq's relations with all neighboring countries, "good."
Ebadi said in his weekly press conference followed the "Economy News," "We discussed with the Saudi side mechanisms to control oil prices in the global market."
The Saudi Oil Minister Khaled Al-Faleh arrived, the first on Monday (May 22, 2017), to the capital Baghdad on an official visit during which he met Prime Minister Haider al-Abadi and Oil Minister Jabbar Allaibi.
IRAQ (IQD) News Update / 5/24/2017 Dollar drops today to 1247 dinars
« Last post by arizona49 on Today at 04:40:53 AM »
 5/24/2017   5/24/2017  Dollar drops today to 1247 dinars  >>>  >>> 
[Oan- Baghdad]
recorded the foreign exchange markets in Iraq on Wednesday morning, down to the dollar exchange rate against the Iraqi dinar.
The record market price in the fight in Baghdad Stock Exchange 1247 dinars per dollar, ie , 124 thousand and 700 dinars for one hundred dollars.
The buying and selling of the dollar in the prices of banking companies were:
sales per dollar rate by 1252.5 dinars, ie , 125 thousand and 250 dinars, for one hundred dollars.
The purchase price of the dollar B1242.5 dinars, ie 124 thousand and 250 dinars, for one hundred dollars.
Foreign exchange rates:
Euro Global Price: 100 EUR = 111.78 USD
GBP Global Price: 100 pounds = 129.65 dollars
Turkish Lira Global Price: $ 100 = 357.17 Turkish Lira
100 USD = 134.05 AUD $
100 USD = 135.25 C $
100 USD = US $ 142.71 NZD
5/24/2017  Mr. Ammar al-Hakim to bless the popular crowd and the liberation of Kairouan aspiration for full victory  >>>  >>>  {Baghdad: Euphrates News} Park head of the Iraqi National Alliance, Mr. Ammar al-Hakim, the crowd popular editing the hand of Kairouan west of Mosul Daesh terrorist gangs.   A statement from his office received by the agency {Euphrates News} a copy of it, Mr. Ammar al - Hakim said , "was all Jawarhna over the past few days , accompanied by heroes blessed men popular crowd and they are engaged in the splendor and dignity to liberate hand Kairouan strategic battles' Today , as liberation of this dear part of our national territory ".     " We look forward to completing the full victory is close to the authorization of the Almighty at the hands of our armed forces in all its formations; mercy and Jinan mole to our martyrs and speedy recovery Jrahana quick return to Nazhana to their homes, all praise and thanks for the achievement of this victory Afrah Iraqis and infuriated their enemies."    Popular crowd forces, in terms of Kairouan far western district of Tal Afar , west of Mosul and freed completely from the terrorist gangs Daesh process quality night began ten o'clock Monday evening and ended at dawn yesterday the fifth Althelathae.anthy
5/24/2017  Industry Minister of the UAE: the diversification of Iraq has entered a strategic choice, not progress  >>>  >>>  {Baghdad: Euphrates News} The Minister of Industry and Minerals Agency, Mohammed Xiaa Sudanese, that "the Iraqi government is serious about diversifying sources of income and support the private sector as an option strategic rather than a tactical or progress."      This came during an expanded meeting held by Sudan on Tuesday in Abu Dhabi Chamber of Commerce and Industry in the presence of members of the official Iraqi delegation, including the head of the investment and economic adviser to the Prime Minister, government officials and Iraqi businessmen to discuss ways of strengthening joint investments to implement the strategic and vital projects that serve the two countries.      A statement by the ministry , said Minister of Industry "stressed during the meeting that Iraq has many opportunities for natural and human resources large and that the Iraqi government is serious about diversifying sources of income and support the private sector as an option strategic rather than a tactical or progress , despite the challenges and difficult circumstances and crises experienced by the country and its impact on the overall life public infrastructure projects in Iraq. "      Sudanese referred to " the government directed towards genuine reforms through a review of all laws and decisions that would offer benefits and facilities for businessmen and investors."      He pointed out that "one of the objectives of this meeting is to review the problems and obstacles faced by businessmen and investors from the UAE, pointing at the same time to prepare an investment map shows most of the projects in all governorates of Iraq," stressing the importance of commercial visits continued participation in international exhibitions as well as the importance of creating a state organizational among businessmen in Iraq and the UAE through a joint council of Iraqi businessmen and the UAE. "      He stressed" the need to take into consideration and study of all the observations and issues raised during the meeting and follow - up. "     For his part , head of the investment duct War , Sami al - Araji , investment opportunities in 2017 and distributed to ten economic sectors such as oil, gas, industry, agriculture, housing, infrastructure, transport, health, education, electricity, telecommunications and tourism. "     Araji pointed out that "each one of these sectors include large strategic projects , small and medium in coordination with sectoral ministries and provinces as well as the preparation of the Second Amendment to the Investment Law provides Iraqi Investment Guide," pointing to "exerted great efforts with the US Department of Commerce regarding the International Trade and Investment Law in Iraq".    For his part , expressed Director General of the Abu Dhabi Chamber of Commerce and Industry , according to the statement , "his country 's desire to develop joint economic action and its keenness to make every possible effort to establish economic and investment partnerships serving sustainable economic and social development between the two countries , " stressing "full readiness to support companies wishing to work and invest in the UAE and the interest and desire national companies to invest and implement projects in Iraq ".anthy
 5/23/2017  Guru Breitling  Is it [liberating Mosul] going to move anything forward for the Iraqi Dinar?  NO.  The Iraq Dinar is on a schedule the way it is.  The Iraqi Dinar is based on oil prices…So what is it they’re looking at?  How long does oil prices have to be in a certain range or it going up or is it going down?  I don’t have those answers.  Nobody does.  I don’t even know anyone who’s able to give an educated guess at it.  What they are looking at is the trend.  They are not afraid if the price of oil goes down.  What they are afraid of and all countries are afraid of is that it goes up and down and it’s very volatile…you guys don’t need to worry about Mosul and if they are going to take it over and if that’s the key for it going to change the value of the Iraqi Dinar.  They are not looking at that…they could sell oil in the middle of a war.  It’s obvious they can do that.  So it’s not going to change oil sales.      [PLEASE TAKE COMMENTS POSTED FROM OTHER DINAR SITES AS RUMOR, SPECULATION AND/OR OPINION]
5/23/2017 Parliament postpones vote on the amnesty law, and to raise its next Thursday   >>>  AGHDAD - The Journal News to raise the Iraqi parliament to its next Thursday after the vote on a number of important laws.    The correspondent said «News Journal», the parliament decided to lift the parliament session on Thursday after reading and vote on a number of laws.    She added, "The Presidency of the parliament dropped during the meeting a statement on the liberation of Kairouan west of the city of Mosul area, and congratulated the Iraqi people and the security forces."     Parliament also decided to postpone the vote on the amnesty law at the request of the representative of the Government, for the purpose of discussion within the Cabinet meeting and make some adjustments to it.
She also noted that " as well as the parliament voted on a draft annexation of the Judicial Institute to the Supreme Judicial Council Act."     The Iraqi Council of Representatives held its meeting on Tuesday, headed by Salim al - Jubouri , and the presence of 170 deputies.
5/23/2017  Party Talabani and Barzani discuss choosing an alternative to the President of the Kurdistan Parliament  >>>  >>>  BAGHDAD - The Journal News
MP for the "Kurdistan Alliance" Shirzad Qassem on Tuesday for talks took place between the party "National Union" , led by Jalal Talabani and the "Kurdistan Democratic" led by Massoud Barzani , to activate the work of the Kurdistan region 's parliament and choose a President.     Kassem said in a statement «News Journal» that "strenuous efforts are being made by all parties in order to activate the regional parliament, and the talks are still under way to resolve this file."   He added, "The Patriotic Union of Kurdistan presented a working paper during the meeting with the Democratic Party, on Monday included a set of the most important points of activating the work of the Kurdistan parliament, with the participation of all parties without exception."    The subsidiary of the Kurdistan Democratic Party force banned in the twelfth of October 2015, the President of the Kurdistan Parliament Yusuf Mohamed from entering Arbil because of disagreements problems related to the draft amendment to the Presidency of the law of the province, which led to the removal of the parliament for the exercise of his functions and disrupt the work of Parliament in the region .
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