Iraqi Oil and the Dinar’s Imminent Revaluation

The projected revaluation of the Iraqi dinar by November 2013 is three dinar per dollar. That's definitely a good improvement from 1176 dinars per dollar back in 2008. The value of the Iraqi dinar is expected to rise and this projection is backed by statistics, not mere speculation.

Iraqi Oil and the Dinar's Imminent Revaluation

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Iraq was a founding member of the OPEC (Organization of Petroleum Exporting Countries) and it only has around two thousand oil wells. The conservative estimate of the proved oil reserves of the Republic of Iraq is roughly 143.1 billion barrels.

Just the Kingdom of Saudi Arabia has more with 260 billion barrels or a fifth of the international reserves of oil.

As of December 2012, Iraq produces 3.4 million barrels per day compared to Saudi Arabia's daily production of 12 million barrels. The government is presently initiating changes in a variety of sectors to be able to improve the product to five million barrels per day by next year.

There are numerous arrangements to be made and legislation to be accepted, but the first steps are being taken.

 In a couple of years, Iraq would be joining the list of the top five oil-producing nations in the world which currently includes Russia, Saudi Arabia, the United States of America, China, and Iran. The boost in the nation's oil sector is expected to launch the dinar revaluation.

There's a whole lot of criticism with respect to present evidence on the dinar revaluation. Many groups and individuals in the finance community question the basis for the projected growth in value of the currency of a country that's yet to make inroads.  

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