Iraq's oil exports are back above 3.4 million barrels a day, close to where they stood before the war.
The same weekend the IMF and Washington both moved toward Baghdad, and the street dollar went the other way.
The oil
Iraq's Oil Minister said on Monday that exports this month have averaged more than 3.4 million barrels a day, up from about 3 million in September. The oil is leaving through the Strait of Hormuz, through Turkey's port at Ceyhan, and by tanker truck across Syria. When Baghdad cut the dinar to 1,500 this month, the reason it gave was oil that could not get out.
What moved this weekend
- The IMF — on Saturday the Fund's managing director said it will support Iraq “very firmly” with money and policy through the loan programme Baghdad asked for. No amount or terms yet.
- Exchange companies — on Sunday Iraq's Central Bank said the US Treasury had lifted restrictions on a number of Iraqi exchange companies, so they can sell dollars to travellers again.
- The street — Baghdad closed Monday at 168,350 IQD for $100, against the bank's 152,000 and the government's target of 155,000.
- The court — a member of parliament has asked the Federal Supreme Court to rule on the vote that added three deputy prime ministers and three new ministries.
The question
The oil that was stuck is moving again. What does that do to the reason the dinar was cut, and which two numbers tell you whether it is working?
Credit: Written by Reset Intelligence — David E. Atterton, author of Head of the Snake (@EXIT_FIAT). Read the full briefing: Iraq's Oil Exports Are Back
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