An important line from this report for differing reasons....."Russia, which 15 years ago failed to deliver on promises to cut in tandem with OPEC, is expected to perform real output reductions this time. But analysts question whether many other non-OPEC producers are attempting to present a natural decline in output as their contribution to the deal"
Firstly Rosneft recent deal in which Qatar bought in to it. and secondly and more importantly the decline in natural output due to lack of investment over the last number of years in oil infrastructure in many countries......due to low oil prices....But and it is a big but at his point....if Saudia Arabia and Russia can cut production it will tighten the oil market significantly within a few months. But OPEC has all but admitted that they failed in their war against the USA frackers. While oil producing nations may gain short term from any spike in oil prices, they will lose out as the frackers will start up production quickly again. Such has been their innovations over this last few years, that they can still survive with oil prices down as low as $35 a barrel. Unthought of just a few years back when OPEC (Saudia Arabia) tried to drive them out of contention. SA had no choice but to start cutting production. They have screwed over smaller nations in their pursuit of the frackers....and ultimately put themselves over a barrel in doing so. They reaped what they sowed.....
Sold out at 3.5p old money with a huge loss....but good luck to any long termers still here and good luck to anybody really...:-)
“Implementation of the budget-sharing agreement with the Kurdistan Regional Government would put both the federal government and the Kurdistan Regional Government in a better position to address the shocks to the Iraqi economy.”
Iraqs stand-by arrangement As part of the completion of the first review, the Board also approved Iraq’s request for a waiver for the non-observance of the continuous ceiling on new external arrears, and request to modify performance criteria. The Board also approved the request for a waiver of applicability for end of September targets of four performance criteria on the floor on gross international reserves (GIR) of the Central Bank of Iraq (CBI), the ceiling on net domestic assets (NDA) of the CBI, the ceiling on the stock of outstanding arrears to international oil companies and the ceiling on the stock of gross public debt, as well as a request for the rephasing of the arrangement.
IMF 07Dec16: - IMF disburses about US$617.8 million following completion of first review of Iraq’s reform program - CHICKENFEED, BUT A START, HOW MUCH WILL ERBIL SEE ?, HOW MUCH WILL WE SEE ? - The Board also approved the ceiling on the stock of outstanding arrears to international oil companies - OK, SO THE PHANTOM DEBT DOES OFFICIALLY EXIST - HOPE YOU KEPT RECORDS OF OUR PORTION + INTEREST DUE SAMI. - Following the Executive Board’s decision, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair of the Board, issued the following statement: "Arrears need to be assessed and paid following verification, and expenditure commitment and cash management should be strengthened to prevent the accumulation of new arrears". DID YOU GET THAT, Dr. MNR - STUMP UP ARREARS and INITIATE FULL FUTURE PAYMENTS (Less your usual 'Signing Fees' of course) !
that "REMUNERATION" was the most prolific word in the AGM package ?
Exposes fully the underlying priority of our BoD that they would conciously divert hard-won PI contributions from the OO funds, and our erratic and dribbling monthly incomes - to squander several £M on a horrendously expensive External Consultants - to concoct a gushing justification of the fantasy that they will deserve ADDITIONAL rewards beyond their wildest dreams - for achieving WHAT ? exactly - (successfully) managing the Company they were hired to proffessionally manage on Our behalf ?
Get this disclosed to The Press - and give everyone another hearty Sunday Morning laugh at the antics within GKP.
Here's my tip for today Jon: Your Problem: How can I positively involve, motivate and retain the services of my dazzling BoD ? Rocket Science Solution: Why not Reward their remarkable past & future achievements ......... wait for it: WITH GKP SHARES !
There, that wasn't too difficult now - was it ? Oh - and it cost our Company NOTHING.
Pity about that External Consultant's fee now wasn't it - (thinks ......I could have had the Board spend SOME of their prolonged Remuneration discussions with the External Consultants, drafting that Letter of Intent for these badly needed Downhole pumps). Ho-Hum .... where's that book on Shorting Shares.
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