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Premium Content The Oil Deal That Could Break Up Iraq By Simon Watkins - Feb 09, 2021, 8:00 AM CST Since the formation of the new system of governance in Iraq in 2003 immediately after the fall of Saddam Hussein there have been a slew of problems between the Federal Government of Iraq (FGI), centred in Baghdad, and the semi-autonomous Kurdistan Region of Iraq (KRI), governed in large part by its government (the KRG) based in Erbil. Back then in 2003/4 it was broadly agreed that the KRG would export a certain volume of oil from its own fields and Kirkuk via the FGI’s State Oil Marketing Organization (SOMO) and would absolutely not independently sell oil from the fields on the international markets. In return, the FGI from Baghdad would disburse a certain level of payments to the KRG from Iraq’s central budget. From that point to this there has been near constant dispute over this arrangement but the latest one seriously threatens the decisive splitting of ....
- A federal court rejected a bid from Indigenous tribes to halt the construction of Enbridge’s (NYSE: ENB) Line 3 pipeline. - Tuesday, February 9, 2021 Brent topped $60 per barrel on Monday, hitting a fresh high. OPEC+ cuts combined with enhanced expectations of U.S. economic stimulus pushed crude oil up. The market continues to tighten. “Support seems robust and the narrative sees the oil market swiftly burning through the remaining crisis-surplus, potentially running into tightness later this year,” Norbert Rücker, an analyst at Swiss bank Julius Baer, told Reuters. Could oil hit $100? Oil prices could go as high as $100 a barrel next year on the back of “very easy monetary policy” and reflation trade, Amrita Sen, chief oil analyst at Energy Aspects, told Bloomberg in an interview. ....
DOW futures are higher this morning in an advance that would exceed the 30-stock average s closing record (SPY +0.4%). Bitcoin surges toward record levels above $43,000 after Tesla s disclosure. Here is the current market situation from CNN Money European markets are broadly higher today with shares in London leading the region. The FTSE 100 is up 1.12% while France s CAC 40 is up 0.90% and Germany s DAX is up 0.52%. What Is Moving the Markets Here are the headlines moving the markets. How U.S. Sanctions Against Venezuela Backfired Harsh U.S. sanctions, a crumbling economy, and near collapsed petroleum industry have done little, if anything, to loosen President Maduros grip on power in Venezuela. It appears that one of Latin Americas most reviled heads of state has not only outmaneuvered his domestic opponents but beaten U.S. sanctions designed to remove him from power. By December 2020, Maduro had taken control of Venezuelas National Assembly, the onl ....