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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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    After the agreement, "OPEC" .. Will Iraq achieve a financial surplus in the budget of 2018?

    Rocky
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    After the agreement, "OPEC" .. Will Iraq achieve a financial surplus in the budget of 2018? Empty After the agreement, "OPEC" .. Will Iraq achieve a financial surplus in the budget of 2018?

    Post by Rocky Mon 25 Jun 2018, 6:14 pm

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    2018/6/25 12:28:48 PM 
    OPEC member countries are moving to increase production by about 1 million barrels per day to meet the need of world markets of crude oil in order to maintain the stability of oil prices, amid the weights of high oil prices to more than 75 dollars a barrel, which specialists considered a decision to revive the rent-dependent economies Oil sales, including the Iraqi economy.
    Iraq currently has the capacity to produce five million barrels, but it produces 4.7 million barrels per day, and plans to increase production rates to about 7 million barrels per day in 2022.
    The budget for 2018 was set at an oil price estimated at $ 46 per barrel and a production rate of about 3.3 million barrels per day.
    According to this, the federal budget for 2018 will achieve a large financial surplus through which the Iraqi government can fill the financial deficit estimated at 21 billion dollars.
    OPEC members at a meeting of oil ministers last Friday succeeded in reaching an agreement to increase crude output after Iran's threats to veto a proposal that included an increase in production were overtaken.
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    This came after Moscow and Riyadh sought to adjust production cuts imposed since the beginning of 2017, which led to oil prices rising to more than $ 70 in the second half of 2018, from below $ 30 in early 2016.
    OPEC and OPEC countries have been involved in OPEC output cuts of 1.8 million bpd since last year, but unexpected production delays in Venezuela, Libya and Angola have cut supply to 2.8 million bpd in recent months.
    "According to the OPEC agreement to increase production with the increase in demand for oil will rise prices and thus will achieve a fiscal surplus in the federal budget for 2018," says member of the Finance Committee MP Masoud Haider told (One News) that "the federal government is responsible for fiscal policy and therefore Will determine how to use this money. "
    He added that "the price of Iraqi oil will amount to about $ 65 per barrel and therefore will achieve a surplus of about 20 to 25 billion dollars during this year at a rate of selling 3 million and 300 thousand barrels per day."
    He pointed out that "the current government after July 1 next will become a caretaker government and when the formation of the new government will take a long time, especially in light of the problems experienced by the political process in Iraq, perhaps at the end of this year, making it difficult to prepare a supplementary budget this year, Surplus to the central bank's treasury, which will contribute to an increase in cash reserves. "
    "It can be used in future projects or recycled in the next budget."
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    As for the economic expert Hammam al-Shamma, he explained that "in fact comes the OPEC agreement to maintain prices in the world markets. If there is a shortage in the markets and prices have risen, this rise may be temporary, while when production increases outside OPEC, especially on the increase of drilling for the United States and the production of rock oil Prices are going down again. "
    "If OPEC can maintain a reasonable level of prices so as not to allow the number of drilling rigs and production in the United States will ensure the price stability between 60 to 70 dollars this year, and perhaps next year prices will rise as a result of increasing demand Expected to oil, "adding that" Iraq agreed to this increase for reasons related to increasing Iraqi oil production and thus increase financial revenues and achieve a financial surplus. "
    He stressed that "the surplus will be achieved from the availability of an increase in prices by more than 46 dollars, and may be $ 20 is hit in the production rate of 3 million and 300 thousand and also hit in 360 days will be the result of the rate of financial surplus achieved by the state during the current year," noting that " Is not a supplementary budget for the fiscal surplus because Iraq has faced a financial deficit since 2014 as a result of the increase in domestic debt, it is necessary to take advantage of this surplus to meet the financial deficits.
    For his part, predicted oil expert Hamzah al-Jawahri, exceeded the world oil price of 80 dollars after the recent oil agreement among OPEC members, which will revive the Iraqi economy.
    "The price of oil will rise to about $ 80 per barrel after the agreement among OPEC members on the increase of oil production conditional that the increase will not affect the global production a lot, especially the oil reserves of the United States."
    He added that "the agreement provides for the compensation of the market need million barrels can not be increased, and if the share of any country as expected with Iran in the event of the imposition of the embargo can not be exceeded by other countries, the actual increase will not exceed 600 thousand barrels."
    He added that "talk about the loss of Iraq as a result of increased OPEC production is not true that Iraq is one of the beneficiaries of the high prices that will lead to the revival of the local economy and reduce the fiscal deficit in the budget."
    The oil minister announced the agreement of the Organization of the Petroleum Exporting Countries (OPEC) to increase oil production from next July.
    Oil Minister Jabbar al-Allaibi said after the end of the fourth ministerial meeting of producers from the Organization of Petroleum Exporting Countries (OPEC) and producers from outside, that "the planned increase accounts for 1 % of global supplies of crude oil, equivalent to 700-800 thousand barrels per day After forcing producers to return to the reduction rates set in the previous agreement at one million and 800 thousand barrels, after the past period exceeded some producers of the reduction rates, which exceeded 100 %, which generated the need to strengthen the market in new quantities after the return to the commitment.
    The oil minister expected that this decision will contribute to the stability of world oil markets.
    The ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) had decided in Friday's meeting on the commitment of member states by 100 % of the reduction, and this does not mean adding an additional 1 million new barrels at the level of the previous reduction of the total Producing countries, which is at one million and 800 thousand barrels per day, but will be compensated from the return to the commitment of 100%.
    Jihad said that the decision was presented at the fourth producer meeting on Saturday, which includes producers from within the Organization of Petroleum Exporting Countries (OPEC) and abroad, adding that this decision will give more confidence to consumers, and strengthens the unity and strength of the Organization and producers from outside in achieving the balance and stability required Of the world oil markets.    [/ltr]
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