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Experts call for the establishment of strategic oil windfall projects
14/12/2016 0:00
[rtl]Iraqi optimism agreement {OPEC} historical
BAGHDAD / Hussein Tgb / Farah pumice
After discussions and meetings marathon witnessed by the member states of the Organization of Petroleum Exporting Countries (OPEC), with countries from outside, which yielded positive results, expressed Economists Iraqi optimism, the historic agreement that may bring additional financial gains to Iraq to support the economy. This comes at a time, they called to the importance of investment and abundant revenues in the strategic national projects to support the productive sectors in the country, and that will contribute to move the economic cycle and to achieve real sustainable development over the coming years, especially with the volatility of crude oil prices in world markets.
The recent agreement
economic member of the Baghdad forum Jassim Al Aradi said: "The recent agreement of the producers included in the important field and expected, after reaching the negative effects to the scary limits to most countries, especially those that rely on fiscal revenue to cover their own countries the expenses."
He said the "morning" to "The recent agreement leads in all cases to raise oil prices in world markets, calling for the need that all oil -producing countries have committed tospecific quantities to reach an acceptable price for the parties concerned producers and consumers."
He pointed out that the challenges of determining output and expectations aimed at that will lead to the development of bemused in some producing countries , which have adevelopment agreements oil fields that adhere to contracts in this area which may enter new problems that could lead to re - oil agreements that lead to the result of fines financial obligations penalty for violation of the terms of the
contract. Financial distress either competent in economic affairs Mahmoud Mehdi Hassoun has said , "that the higher oil prices lead to Iraq out of financial distress circle, moving to a better stage, noting that the best solution , which must be adopted by Iraq in the coming period is planning to build manufacturing industries invest crude oil and its transformation into different products needed by the local market and global markets and raise the value of crude oil to the highest degree of economic viability of the country check the levels. " Hassoun urged in his speech for the "morning" on the need tocommunicate with international companies that have worked with Iraq over the past decades to build manufacturing industries in the oil producing areas that can be described the current time job experience. He stressed that "derived through financial abundance resulting from oil price difference compared with the price fixed by thegeneral federal budget and the $ 42 must be employed in strategic projects implementation will begin quickly and this requires specialized committees for planning and implementation of field and follow - up by the Integrity Commission and the Council of Ministers and committees Other the reality of spending allocations sequence to create real projects contribute to implementing the real private sector. " Determine the prices in the oil affairs specialist Mustafa Basri described the latest agreement as significant and which has kept the (OPEC) from disintegration , which was threatening its existence, and saw that this historic decision is up to them to determine the possibility of moving in crude oil prices in the global market. Basri said the "morning": that " the fear of a glut in the global markets due to the abundance of shale oil production is limited because of thehigh cost of production in this type of oil. The experience of the oil wells , drilling rigs in the United States fluctuated in preparation between now and then, and this affects oil prices slightly. With the signing of the agreement after nearly a year of controversy within the Organization of Petroleum exporting countries (OPEC) and the lack of confidence in the desire of Russia is not a member of the organization to participate now turn attention to the producers commitment to the agreement. the said Iranian oil Minister Bijan Zanganeh yesterday Tuesday: it is likely that oil prices will stabilize in a range between $ 50 and $ 55 a barrel , indicating that the market reaction to the agreement (OPEC) , thelatter on the Reduction of production was positive. the news media sources for Zanganeh as saying: "All indications suggest that oil prices will rise from difficult topredict, but certainly I can say that prices will stabilize between $ 50 and $ 55 a barrel. "came Zanganeh 's remarks followed a meeting with his Russian counterpart Alexander Novak. he said that Iran will put the finishing touches in two days on a deal to sell 100 thousand barrels per day of crude oil to Russia. Oversupply and oil prices jumped to their highest levels since mid - 2015 after it reached "OPEC" Producers and others to the first agreement since the year 2001 as a joint to reduce production in order to curb oversupply and support markets. However , the prices back down slightly on Tuesday, where he scored World London Brent crude 55.65 dollars a barrel in overseas trading , a decline of four cents from the previous close, while futures for WTI fell US mediator eight cents to $ 52.75 a barrel in light of the lack of participation US producers to cut production. The expert said Goldman Sachs: "We believe that the commitment of 11 members of the (OPEC) and 11 products from outside the organization to cut production is necessary to continue to support oil prices up to our expectations for the price ofcrude (West Texas) American mediator in the first half of 2017 at $ 55 a barrel ". He continued , "This expectation reflects the actual cut of one million barrels per day compared to the declared value of the cut 1.6 million barrels per day, so the stated commitment to the larger cuts represents a risk to the upside to our expectations." A barrel of oil amid these data, predicted expert Rahim Al Shammari higher selling a barrel of crude oil prices globally during the first quarter of next year. Al - Shammari said the"morning": If committed (OPEC) and the 11 countries outside the Organization reduction, prices may range between 60 - 65 dollars per barrel (Brent) and 55 - $ 60 from thebasket of crudes (OPEC). The Al - Shammari said " the importance of the agreements (OPEC, and beyond) and Anekasathma on the global oil market, as Staidan market stability," and urged " the Iraqi government to benefit from the recovery in the markets after the two agreements and reduce the fiscal deficit for the budget year 2017". The obligation of States , in turn, saw oil expert Aqil al - Saadi said " the commitment ofStates 22 reduction is the most prominent challenges." But al - Saadi were upbeat about it, saying: " The data confirm the commitment of the major countries such as Russia, Saudi Arabia, Iraq and Kuwait reduction, and this will be reflected positively on themarket." He said the "morning": that " the price of 50 - $ 55 for the OPEC basket is agood thing for Iraq as a first step." He stressed " the importance of investing this line upward trend of oil prices in addressing the financial gap (deficit) and revive the Iraqi economy and directing the surplus from the sale of oil money to support capital projects."It is said that the government price of $ 42 for a barrel of crude oil was adopted during the next budget year 2017, which means that if the price of oil continued to rise will save money is huge. On the other hand exhorted economic member of the Baghdad forum Jaafar Yassin government on the development of oil and manufacturing industries in thecountry to the presence of infrastructures her, what supports the general budget of thecountry, without the total oil revenue dependence, especially as the price of crude oil saw a sharp fluctuation in the global market. He said Yassin's "morning" that "Iraq has the ingredients of oil and manufacturing industries in which it is possible to witness aglobal high turnout, especially in light of the growing demand for its entry in a major key industries in the world, as well as fill a need of national industries of raw materials without the need to Astaraha and oust foreign currency out of Iraq. " [/rtl]
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