HOW CLOSE is IRAQI DINAR to REVALUE to FORMER VALUE
Interesting,
The best part of these current issues remaining before the restoration is they are at least being actively discussed, and as for chapter VII, this was not the case before a few months ago, so this is progress, just slow as usual.
Look at the bright side, we know there are only two remaining supposed obstacles in the way, and as we now know, with an additional oil find in Kurdistan, this is the kind of news I have always been most interested in given it all comes down to one thing, the country with the largest oil reserves wins.
All of the sectarian fighting has been in place for centuries, and it is inbred, this will never change, but going forward, there is nothing that will stop the fact that Iraq will be the wealthiest country in the region, and certainly more wealthy than the U.S. given our trillions in debt and total banking collapse bringing down the economy to levels never thought possible a few years ago.
As I have ofter thought, U.S. bailed out Kuwait and at least we know they still hold that over them, so I would hope the remaining issue of what Iraq still owes Kuwait is resolved, and this is being discussed, this we know, and I suspect U.S. is so desperate for Iraq to get past this remaining debt obligation that they are pushing Kuwait to agree to a less amount and be done with it. If this holdup is ended, that is one more piece of the puzzle completed.
With the oil law held up for over a year, and this new reserve confirmed in Kurdistan, and knowing several more are about to be announced, this is going to push the approval of oil law now that the Kurds have even more proven reserves in their own backyard which wasn't the case before, so personally, I think we will see the oil law go through finally. Barstani now feels comfortable with his own territory reserves, so he is less concerned with fair share issues than he was a month ago, so both of these issues holding up restoration are certainly nearing, so we have to be thankful for this as I see it.
It has been a long time coming, but think about it, there are no more excuses to hold up this event. When we go back and evaluate every painfully slow decision, we have to be seeing the light at the end of the tunnel by now, and as I see it, we are. Can you even imagine a country with the largest oil reserves in the world having a worthless currency. Can't happen, never could, and this is why I have been involved since start, you cannot ignore a country with trillions of dollars in oil reserves, even if they can only pump currently a coupl million a day, the fact remains that this issue can be resolved quickly once oil law is passed. There are dozens of major companies already working in Kurdistan region, and dozens more lined up once oil law is done, and this will double output in less than a year is what I am hearing. With oil prices edging up again, and given the fact the sweet crude found in Iraq, all shallow well reserves, nothing is better in the oil industry than this, so this adds to the bottom line of Iraq, so don't worry gang, it is going to happen, and soon.
Success to all, Mike