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Decline in oil prices threatens to decrease Iraqi revenues


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Decline in oil prices threatens to decrease Iraqi revenues

Post by rocky on Sun 18 Jun 2017, 3:01 am

Decline in oil prices threatens to decrease Iraqi revenues

 Baghdad / term

Warns an expert on the oil issue of significant negative effects on Iraq and its economy , the decline in oil prices in recent days despite the OPEC decision to reduce production, the fact that Iraq is totally dependent on oil revenues , which make up 95% of the total income of hard currency, considering that the correct action to be taken by OPEC and contribute to raise prices is to be reduced to three million barrels per day from inside and outside the organization.

Saw oil prices the end of the week , down by about $ 6 a barrel higher than in the past few weeks, with the growing US drilling activities amid doubts about the extension of the agreement led OPEC to cut production, which is scheduled for completion by initially in the middle of the year, as the global London Brent crude 33 dropped cents , or the equivalent of 0.65 percent to $ 50.47 a barrel by 0653 GMT, and in the United States futures contracts for WTI fell 41 cents , or median is equivalent to 0.85 per cent to $ 47.56 a barrel. Oil expert Hamza jeweler says in an interview (range), said: Iraq being Rieia countries depends based on oil revenues, any increase or decrease in prices , which directly affect, so the decline is not in the interest of Iraq , but will have a very big impact on it , adding: On the other hand, the decline in oil prices is very surprising , especially since the reasons were context not convincing, knowing that OPEC reports confirm that all are committed to the issue of reduced production and even continue with this reduction, which means that the reason may be that one of these countries does not disclose the fact that dumping, however, there is no interest of any of the parties OPEC brigade inside or outside of this dumping.
And sees the jeweler, the decline in the price of oil up to $ 7 per barrel is a large and influential figure in Iraq, and with the price of oil is still close to the default price in the Iraqi state budget, but we still sell our oil around $ 43 a barrel , which means that the decline or a drop in prices up this moment did not exceed the speculative price in the budget, but we hope to be much more than the default number you put in the budget the highest price, persisting as saying: in all cases, the decline in oil prices makes the impact on the Iraqi economy is very large, the fact that all other countries are not rentier economy , Iran depends in reprise Ladha on oil by only 25%, and Russia is also not more than 20%, and the Gulf states collectively adopt 40 or 45% only on the oil, and with Nigeria and Libya were Aafaahma cuts being the living and security situation exceptional because of terrorism , they may realize today sales oil, but tomorrow will be doubtful it, Iraq engaged in the same circumstances in those countries, but included the fact that Iraq 's oil reduction is all in the south and it would be easy for him to control its production and export.
The jeweler confirms: Iraq was committed to reducing export. It may be greatly increased production due to development processes, so these operations are not significantly affected by the decision of reduction or extension of the cut. Expects jeweler, to deliberately OPEC after the drop to cut more production if oil prices continued to decline, especially as it agreed on the duration of the extension recently, but even the reduction conducted by the organization now by 1.8 million barrels per day is not feasible, it is best according to his opinion: that the reduction to three million barrels per day from inside and outside OPEC countries, it is the right move as it would raise prices, and even reap a rapid rise in prices, have significant positive results compensate for what has been lost.
While criticizing analysts OPEC 's failure in the largest reduction in the volume of production, see traders in this area, the prices have fallen as a result of growing drilling and production activities in the United States, as well as uncertainty over whether the Organization of the Petroleum Exporting Countries (OPEC) and other producers Samddon production cuts after mid - year, where he confirmed Sokret Vijayakar director Travicta energy consultancy "there is no shortage of crude oil at the present time, oil shale will recover, which may make it difficult to reach an agreement on the extension of production cuts.
the Organization of OPEC in may, to extend oil production cuts nine months Other to March 2018 at a time when the organization is facing a global glut in crude supply, having seen lower prices halved and declining revenues fell sharply in the last three years, while Oil Minister Jabbar Ali Allaibi, said that the extension of the reduction of the current supply led OPEC to nine months It is the perfect choice to restore the balance of crude market.

    Current date/time is Sat 21 Apr 2018, 6:18 pm