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[size=36]Oil: The decision to cut production doubled Iraq's revenues to $ 6 billion[/size]
Political| 01:14 - 05/04/2021
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Baghdad - Mawazine News
The Ministry of Oil announced, on Tuesday, that the decision to reduce production has doubled Iraq's revenues to $ 6 billion, while indicating that it has not received any revenues so far from the Kurdistan region as part of the budget.
The ministry’s spokesman, Asim Jihad, said, according to the official agency, that “the decision to reduce oil production, which was approved with the exporting countries, was aimed at controlling the price balance in global markets,” indicating that “increasing production will cause an imbalance.”
Jihad added, "The goal of Iraq is to increase financial revenues, not quantity," noting that "increasing the quantity may lead to lowering oil prices."
He explained that "Iraq is committed with other countries in specific quantities according to the schedules set by the research centers of the Organization of Petroleum Exporting Countries (OPEC) and OPEC Plus, which led to an increase in financial revenues," noting that "Iraq's revenues in the past were estimated at less than one billion dollars per month, but now in quantities." Less production, the revenue reached 6 billion dollars. "
He continued that "Iraq is the second largest producer in OPEC, and it is keen to adhere to the quotas established in order to control the balance of the oil market," explaining that "challenges still exist in the oil markets in the presence of the pandemic, and these are temporary measures that will disappear with the disappearance of the reasons, and therefore." A concerted effort must be made to achieve the goals. "
Jihad stressed that "any exception may lead to a drop in oil prices in the global markets, and any exit from the agreement could collapse the agreement and oil prices would fall back to less than $ 10," noting that "revenues are now good compared to the current situation."
Regarding Kurdistan's delivery of the quantities of exported oil according to the budget, Jihad indicated that "the government submitted an objection to the budget paragraphs," indicating that "the Ministry of Oil has not yet received any quantities from the Kurdistan region as part of the budget items."
The Ministry of Oil announced, on Tuesday, that the decision to reduce production has doubled Iraq's revenues to $ 6 billion, while indicating that it has not received any revenues so far from the Kurdistan region as part of the budget.
The ministry’s spokesman, Asim Jihad, said, according to the official agency, that “the decision to reduce oil production, which was approved with the exporting countries, was aimed at controlling the price balance in global markets,” indicating that “increasing production will cause an imbalance.”
Jihad added, "The goal of Iraq is to increase financial revenues, not quantity," noting that "increasing the quantity may lead to lowering oil prices."
He explained that "Iraq is committed with other countries in specific quantities according to the schedules set by the research centers of the Organization of Petroleum Exporting Countries (OPEC) and OPEC Plus, which led to an increase in financial revenues," noting that "Iraq's revenues in the past were estimated at less than one billion dollars per month, but now in quantities." Less production, the revenue reached 6 billion dollars. "
He continued that "Iraq is the second largest producer in OPEC, and it is keen to adhere to the quotas established in order to control the balance of the oil market," explaining that "challenges still exist in the oil markets in the presence of the pandemic, and these are temporary measures that will disappear with the disappearance of the reasons, and therefore." A concerted effort must be made to achieve the goals. "
Jihad stressed that "any exception may lead to a drop in oil prices in the global markets, and any exit from the agreement could collapse the agreement and oil prices would fall back to less than $ 10," noting that "revenues are now good compared to the current situation."
Regarding Kurdistan's delivery of the quantities of exported oil according to the budget, Jihad indicated that "the government submitted an objection to the budget paragraphs," indicating that "the Ministry of Oil has not yet received any quantities from the Kurdistan region as part of the budget items."
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