STANBUL, Feb 14 (Reuters) - International oil companies will lose contracts at Iraq’s biggest producing oilfields if they fail to start operating in the country within six months of deals taking effect, an Iraqi oil official said on Saturday.
Iraq will brook no delays on deals to boost oil output by 1.5 million barrels per day despite oil company concerns on security, said Abdul Mahdy al-Ameedi, deputy director general at Iraq’s petroleum contracts and licensing directorate.
“If any company has been awarded a contract and it doesn’t mobilise and perform activities on the ground six months from the effective date, the contract will be terminated,” Ameedi told reporters on the sidelines of a workshop in Istanbul for firms interested in bidding for deals.
ROME -(Dow Jones)- U.S. Treasury Secretary Timothy Geithner returns from his first official Group of Seven meeting with a sense that his call for more aggressive action to address the economic crisis is being heard.
Geithner arrived urging bolder action from his counterparts, using the U.S. stimulus package now awaiting President Barack Obama’s signature and a revamped plan to revive the banking system to back up his argument.
Feb 14 (Reuters) - Iraq has proposed to sweeten the terms of the service contract it is offering to international oil firms to boost output at its biggest producing oilfields.
The following lists some of the changes in the 20-year contracts proposed during a three-day workshop Iraqi officials hosted for oil firms in Istanbul that ended on Saturday.
BIDDING
There will be three items for oil firms to bid:
- A short-term improved production target at the oilfield to be reached 18 months after the contract takes effect.
Setting a Forex trading business should come with a wise and strategic planning. It is important that you know what kind of business you are going into. Studying the business thoroughly is a very important strategy in order to gain success in his field. It needs good management because there are risks involved in this type of business.
Keeping your mind engaged in Forex trading means acquiring money in a progressive and truthful way. In such that you will be able to have the goal you are targeting.
In every item or device we use, they all have their own weaknesses and strengths. In using metatrader4 for trading, we find it useful though it also its limitations.
In using metatrader4 first, you will be able to check if there is still money available on your account. If there is not enough money on the account, the operation of opening a position will not be successful. It is for this reason that one need to have sufficient funds for investments.
With metatrader4, you can access history data by using the predefined arrays of Time, Open, Low, High, Close, and Volume. Due to historical reasons, index in these arrays increases from the end to the beginning. Another way of accessing history data is by using other time intervals and even using other currency pairs.
Forex trading started during the time of the Babylonians. This system was designed for the currencies and exchange. In the early times, the goods are being traded for another tangible item. When the metal age began, gold and silver became the tool of transaction. This idea became popular during that age.
The creation of coins started then as well as the political regimes. When gold became an important trading tool, its use became restricted; therefore; the result which has been brought about by this is that the value of money has diminished.
The New Capital Requirements Takes Its Toll on New Forex Brokers
There has been a state of unrest amongst new Forex brokers owing to the fact that the NFA has pushed through an increased entrance barrier. This requires a higher capital for new Forex brokers which can be a problem for most, if not all.
However, the move to raise entrance barriers has its benefits if better understood by Forex brokers, new and old alike. The increase in entrance barriers serves beneficial for the industry of foreign exchange. Despite the increase, the move ensures that those who newly enter the industry still have sufficient resources remaining and still be financially stable. This is helpful since the capital market tends to be unstable. The move also ensures that brokers receive sufficient expertise to manage the risks that may be encountered by Forex brokers, both new and old.
Given that there is in excess of $2 trillion a day being traded on the forex market, it’s easy to believe that there will always be enough liquidity in the market to do what needs doing. Sadly, belief doesn’t negate the truth that for each and every buyer in the market, there MUST also be a seller, otherwise no transaction can occur. If an order is too big to handle at the current price, then the price has to move to a point where there is enough open interest to cover the transaction. Each time you see a price move even a single pip, it’s an indication that an order was transacted or executed which “consumed” the open interest at its existing price. Prices can move in no other way.
We now know why the foreign exchange market exists, so let’s look at how a forex transaction is actually facilitated.
At the very top of the forex market are transactions which are collectively called Interbank transactions. The “Interbank” is not, as some people may believe, an exchange. Rather, it is a collection or compilation of agreements between and among the major money center banks in the world
The rationale behind this post is to break down the inner workings of the foreign exchange market and perhaps provide some enlightenment on the current situation, the forex market in general, the reason why we have and need forex brokers, and how forex brokers make their profit. More importantly, it aims to provide some understanding as to why we, as forex speculators, can and should, despite a very volatile market, continue to trade.
Rationale
Let’s start with a basic explanation of why the forex market came to be, and how it is used by its principal participants. We’ll continue the explanation into the structure of the market, and how it operates. In conclusion, we’ll look at the implications and how this affects speculators.
