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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    A parliamentarian sounds the alarm about the decline in the price of oil and its impact on the budge

    Rocky
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    A parliamentarian sounds the alarm about the decline in the price of oil and its impact on the budge Empty A parliamentarian sounds the alarm about the decline in the price of oil and its impact on the budge

    Post by Rocky Wed 04 Jan 2023, 5:07 am

    A parliamentarian sounds the alarm about the decline in the price of oil and its impact on the budget and salaries



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    2023-01-04 01:07
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    Shafaq News/ Representative Amer Abdul-Jabbar Ismail stated, on Wednesday, that the average price of a barrel of Iraqi oil for the year 2022 was approximately 95.5 dollars, and the rate of export is about 3.320 million barrels per day (except for the region), and that the current price of a barrel is about 77 dollars, a difference of 18.5 dollars. per barrel over the average price of last year.
    Abdul-Jabbar said in a statement today, that the experts’ expectations indicate a decrease in export prices for the year 2023. This raises concerns about the possibility of the government adopting an exaggerated speculative price without a realistic and extensive study, as it estimated the price of a barrel at an amount ranging from 65 to 70 dollars, indicating that this is not consistent with With government measures to expand its job bases by increasing appointments, without this being accompanied by a realistic and planned activation to raise the proportions of non-oil revenues.



    In order to prevent the government from facing an additional unplanned deficit, Representative Amer Abdul-Jabbar called for adopting an estimated price ranging between 55 and 60 dollars per barrel, with the need to consider the mechanism of pricing Iraqi oil according to a national equation without relying on the pricing of another country, as is happening now.
    Abdul-Jabbar concluded his statement by inviting the Iraqi government to focus on activating non-oil revenues and addressing the unforeseen economic waste by establishing an applied working group to implement the strategic plans.
    Abdul-Jabbar also warned against sounding the alarm bell for possible risks that might threaten the stability of the country or the continuation of the government if the oil price fell below $55 per barrel and the government's inability to pay salaries and loan obligations owed by Iraq.

    And Finance Minister Taif Sami had revealed, at the end of last year 2022, that “the general budget will focus primarily on the health sector, supporting hospitals, reducing the conduct of operations abroad, supporting vulnerable classes, social care, and people with disabilities, and raising the loan capital ceiling for small projects in Ministry of Labor".
    She added, "The price of a barrel of oil, which has been set so far in the general budget, amounted to 65 dollars, and it may reach 70 dollars, and it has not yet set the total amount of the budget, while the dollar exchange rate has been fixed at 1450."
    And the Minister of Finance indicated that "the draft general budget law may include a study to impose some taxes on the oil derivatives sector, if approved by the House of Representatives, which would enhance revenues."
    It is noteworthy that the financial budget for the past year 2022 was not approved by the Council of Ministers and the House of Representatives due to the turmoil that Iraq witnessed after the early elections in October 2021, which escalated to dangerous levels that ended with the events of the Green Zone, with armed confrontations between supporters of the Sadrist movement and the security forces, which claimed lives. Dozens and hundreds injured.
    After the end of the crisis, with the agreement of the political blocs to elect the President of the Republic and to grant confidence to the government of Prime Minister Muhammad Shia’a al-Sudani, the latter pledged that he would present the draft federal budget law for the year 2023 as soon as possible.
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