OPEC Monthly Oil Market Report – July 2015 The OPEC Reference Basket averaged $60.21/b in June, representing a decline of $1.95. Crude oil futures prices saw mixed movement with ICE Brent falling by $1.86 to average $63.75/b, while Nymex WTI gained 46¢ to reach $59.83/b. This caused the Brent-WTI spread to narrow to around $3.90/b for the month. Money managers further reduced n
Read More
Erbil-Baghdad oil relations swing between deal, no deal ERBIL, Iraq — Encouraged by more international interest in purchasing its oil, coupled with the apparent failure of the federal Iraqi government to provide agreed-upon budget handouts, the autonomous Kurdistan Regional Government (KRG) has embarked on a new policy of unilateral independent oil sales. Since the b
Read More
IMF Executive Board Approves US$1.24 Billion in Financial Support for Iraq Press Release No.15/363 July 30, 2015 On July 29, 2015, the Executive Board of the International Monetary Fund (IMF) approved SDR 891.3 million (about US$1.24 billion or 75 percent of quota) for Iraq under the Rapid Financing Instrument (RFI)1. The purpose of this financial assistance is to help Iraq
Read More
Mesopotamia (mostly the present-day Iraq) is rich with archeological sites. Over a million tablets were excavated so far. These were the Mesopotamian’s CDs. Cuneiform scripts are engraved on those tablets, conveying things about every aspect of the Mesopotamian culture. The book, in spite of its title, is neither a pure historical exposition nor a mathematical presentation. It
Read More
Low oil prices haven't been great for countries that heavily rely on the commodity. Governments in oil-producing states need oil's price to stay above a certain price so that they can meet their spending commitments. In a note to clients, Deutsche Bank's strategist Michael Hsueh shared a chart that shows the fiscal break-even price per barrel for major OPEC and non-OPEC count
Read More