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Recruiting the return from high oil prices
28/7/2018 12:00 am [rtl]Sadiq Kazem Iraq is one of the largest producers and exporters of oil in the world and depends on this commodity in securing its financial imports significantly and suffered during 2014 from the decline in oil prices, which fell and fell significantly, affecting the financial revenues, which led to a near cessation of projects Reconstruction and government investment, as well as the cost of a national war against terrorist gangs. Since the last quarter of 2017, oil prices have risen again as a result of the historic agreement between OPEC members and Russia to cut production in line with the offer and work to withdraw excess supply from the supply market, which is certainly the happiest OPEC country that has recovered its losses and earned profits. Iraq's oil exports reach three and a half million barrels per day if added to the full production of Kirkuk fields could increase production to 4 million barrels per day and this will certainly raise the material revenues to the amounts of up to $ 7 billion per month, which can provide Iraq with financial savings Especially since Iraq has prepared its budget for the current year based on the price of a barrel of $ 45, which will make the surplus up to 24 - 25 dollars per barrel, which makes the expected profit up to 87 million dollars a day and the rate of 2.7 billion dollars per month, that the savings can reach 32.4 Billion dollars annually The oil prices are expected to remain at their current level and revenues could rise further, especially as there are expectations of higher oil prices due to lower oil production in both Venezuela and Libya and the possibility of a halt in Iranian oil sales due to US sanctions, Per barrel. The important thing in the matter is how to maintain this surplus in the budget and employment in a way that contributes to the recovery of the Iraqi economy, in addition to the possibility of establishing a sovereign fund for investment that the government can invest outside the country in projects guaranteed profit in order to raise rates of return and assets of this fund as did the countries of the UAE and Kuwait Qatar, which has used its surplus oil budgets in projects worth more than $ 100 billion. Iraq needs to employ these surpluses and to benefit from the experience of the painful price drop experienced during 2014 when the country was threatened with bankruptcy and almost unable to secure the salaries of employees and not having to spend in the items and doors of exchange leads to loss and waste and not to benefit from them. The sovereign fund for investment and the proper employment of surplus financial revenues is a necessary step for the development and diversification of financial resources and not to rely on previous failed experiments that caused the loss and waste of huge amounts of money because of the open spending policies and the waste of money without account, in addition to the failed development projects that have caused a budget State large sums of money. Oil is a volatile commodity, and the Iraqi economy depends on it very much. [/rtl] [rtl][You must be registered and logged in to see this link.] [/rtl] |
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