backdoc » January 19th, 2015, IMO YES,YES,YES, JJ !!! (See Article Below)
AS THIS BLACK GOLD CURRENCY WAR CONTINUES IRAQ WILL BECOME THE #1 WORLD PRODUCER AS I'VE SAID.
THIS IS WHAT THAT BEGINS TO LOOK LIKE! THE LOWEST EXTRACTION COST WINS!
THE WAY THEY BALANCE THEIR BUDGET IS TO INCREASE PRODUCTION AT LOWER COSTS, CUT BUDGETS, BORROW FROM THE IMF, AND HOPEFULLY VERY SOON THEY WILL BE ALLOWED TO DIVERSIFY THEIR ECONOMY!
THIS WEEK IS GOING TO BE A SHOCKER FOR THE WORLD MARKETS AS OIL TAKES ANOTHER LEG LOWER!
ON TUES.CHINA REPORTS 4TH QUARTER GDP WITH THE NAHB SURVEY FOR STARTERS!
WED. WE WILL HEAR HOW DOMESTIC HOUSING STARTS LOOK IN THE U.S., LOOK FOR THIS TO BE DOWN!!
ALSO IN IRAQ WE HOPE A VOTE WILL FINALLY OCCUR ON THE BUDGET AND REMAINING LAWS,"ONE BASKET" !!
THURS.WE WILL HEAR FROM THE ECB (FEDERAL RESERVE OF EUROPE), ON ITS QE (QUANTITATIVE EASING PROGRAM) BOND BUYING PROGRAM TO CREATE STIMULUS AND DEVALUATION OF THE EUROPEAN CURRENCIES!
DEPENDING ON HOW BIG THE PROGRAM THEY ANNOUNCE DEPENDS ON HOW THE MARKET REACTS!
THEN ON FRIDAY WE GET EXISTING HOME SALES IN THE U.S.! LOOK FOR IT TO BE DOWN!
AND ON FRIDAY THE GREEK ELECTION WHICH WILL HELP DETERMINE THE FATE OF THE GREEK ECONOMY! BOND HOLDERS HERE HAVE ALREADY TAKEN A 60% LOSS ON A RECENT RESTRUCTURE!
THESE ARE ALL CATALYSTS TO MOVE MARKETS, I SENSE A BIG CONFLUENCE OF EVENTS THIS WEEK TO POTENTIALLY GIVE US A CHANCE AT A RATE SOON FROM OZ! DOC
JJONESMX :Iraqi Oil Minister offers two proposals to address the decline in world prices
Twilight News / ft Iraqi Oil Minister Adel Abdul-Mahdi said they were proposing to deal with falling oil prices in global markets.
He wrote Abdul-Mahdi on his page in the "Facebook", "to address the decline in oil prices, there are two proposals: the first to leave prices fall to an end with him out of the market every marginal producers who need to price oil high to continue their production, and thus get rid of (OPEC) of surplus without loss of one barrel of market share. The second is that the (OPEC) to reduce the 5 per cent of its production, equivalent to about 1.5 million barrels per day. "
The Mahdi said during a joint press conference with Turkish Energy Minister Taner Yildiz in Baghdad yesterday that "Iraq's oil exports last month close to three million barrels per day, including the source through Sumo from the port of Ceyhan," adding that "production will reach four million barrels per day during the current year after the recent agreement with Kurdistan. "
Abdul-Mahdi said that "This is a historic figure and is happening for the first time," adding that "Iraq has made great efforts and invested large sums of money to get to this number."
It is said that global oil prices have seen a significant decrease is the first of its kind in five years, causing damage to many countries, including Iraq.