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[size=36]Economist: The recent meeting of OPEC Plus resulted in a great loss for Iraq[/size]
Economy | 11:22 - 04/14/2020
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Baghdad - Mawazine News
, the Iraqi economist and academic Nabil Al-Marsoumi revealed that the recent meeting of OPEC Plus resulted in a great loss for Iraq, but that Iraq was the biggest loser in it, because of what he called the lack of the Iraqi negotiating delegation that managed to negotiate with OPEC member countries sufficient skills And necessary to defend the interests of Iraq.
In a radio interview, he indicated that "the meeting came out with a recommendation to reduce production by up to ten million barrels, and that the agreement be implemented in three phases, where the reduction in the months of May and June is up to ten million barrels, while the reduction in July to December will be around four million barrels, and also There is a reduction of 4 million barrels in 2022. "
He pointed out that "the criteria that were adopted to reduce the shares were not fair, and the Iraqi delegation did not have sufficient skills necessary to defend the rights of Iraq, as the reduction should be in the month before the crisis, and therefore the Russian request was that the reduction be carried out before the price collapse, where Depends on the production of last February, but Saudi Arabia did not agree to this proposal, and it was approved to adopt the production of October 2018 for all countries except Saudi Arabia and Russia, and here Russia and Saudi Arabia obtained a great advantage, as production of 11 million barrels for Saudi Arabia was approved instead of 9 million seven hundred thousand barrels. Therefore, the Saudis did not reduce their share A very small part, and the Russians got the same advantage while keeping condensate production. "
And the decree asked about "the reason for the absence of this fact from the Iraqi negotiating delegation, and why it was not used as a card for pressure as Mexico did, and therefore Iraq had the right to use it at least not to account for the share of Kurdistan in the total share of Iraq."
He believed that "the approval of the Iraqi delegation to reduce the limits of 23% of its production will rise after calculating the share of Kurdistan to 30%, which will lose Iraq a third of its financial revenues, which is a great adventure, and even a great gamble, the supply markets may not respond to this reduction because the supply gap rises to more than Ten million barrels, with a third of Iraq's production lost in the reduction, and Iraq will be the biggest loser in this meeting (..). This is why the oil minister avoided talking about Iraq’s share in the reduction and made the matter floating because the issue is very dangerous. ”
The decree promised that "Iraq will be the biggest loser due to what is happening, and he saw that Iraq will decline its production to about 2400 thousand barrels, which means its loss of one million barrels of its production, and this will cause a clear economic crisis, criticizing the Iraqi financial policy, stressing that Iraq does not have a sovereign fund To prevent the crises he faces. "
The decree called for the preparation of a crisis budget for the current year, and an estimate of the price of a barrel of oil in the range of $ 25, and that the exchange will take place according to the achieved revenue, expecting that the salaries of employees will not be fully disbursed during the next two months, and that large deductions will take place on them, due to poor financial policy Tired in Iraq, "he asked about the" secret of the decline in non-oil revenues to less than seven billion dollars in the budget, even though it might reach 30 billion dollars if the state agencies did and stop corruption. "
The decree criticized "contracts for oil licensing rounds that did not achieve a production increase except for one million barrels of oil, even though Iraq spent nearly ninety billion dollars on it, stressing the decline in levels of production increase during the years from 2018 to now, indicating that the first quarter of this year witnessed a decline It is clear from what was in the first quarter of 2019, even though the budget of the Ministry of Oil is the largest among the Iraqi ministries. ”Ended 29 / A 43
, the Iraqi economist and academic Nabil Al-Marsoumi revealed that the recent meeting of OPEC Plus resulted in a great loss for Iraq, but that Iraq was the biggest loser in it, because of what he called the lack of the Iraqi negotiating delegation that managed to negotiate with OPEC member countries sufficient skills And necessary to defend the interests of Iraq.
In a radio interview, he indicated that "the meeting came out with a recommendation to reduce production by up to ten million barrels, and that the agreement be implemented in three phases, where the reduction in the months of May and June is up to ten million barrels, while the reduction in July to December will be around four million barrels, and also There is a reduction of 4 million barrels in 2022. "
He pointed out that "the criteria that were adopted to reduce the shares were not fair, and the Iraqi delegation did not have sufficient skills necessary to defend the rights of Iraq, as the reduction should be in the month before the crisis, and therefore the Russian request was that the reduction be carried out before the price collapse, where Depends on the production of last February, but Saudi Arabia did not agree to this proposal, and it was approved to adopt the production of October 2018 for all countries except Saudi Arabia and Russia, and here Russia and Saudi Arabia obtained a great advantage, as production of 11 million barrels for Saudi Arabia was approved instead of 9 million seven hundred thousand barrels. Therefore, the Saudis did not reduce their share A very small part, and the Russians got the same advantage while keeping condensate production. "
And the decree asked about "the reason for the absence of this fact from the Iraqi negotiating delegation, and why it was not used as a card for pressure as Mexico did, and therefore Iraq had the right to use it at least not to account for the share of Kurdistan in the total share of Iraq."
He believed that "the approval of the Iraqi delegation to reduce the limits of 23% of its production will rise after calculating the share of Kurdistan to 30%, which will lose Iraq a third of its financial revenues, which is a great adventure, and even a great gamble, the supply markets may not respond to this reduction because the supply gap rises to more than Ten million barrels, with a third of Iraq's production lost in the reduction, and Iraq will be the biggest loser in this meeting (..). This is why the oil minister avoided talking about Iraq’s share in the reduction and made the matter floating because the issue is very dangerous. ”
The decree promised that "Iraq will be the biggest loser due to what is happening, and he saw that Iraq will decline its production to about 2400 thousand barrels, which means its loss of one million barrels of its production, and this will cause a clear economic crisis, criticizing the Iraqi financial policy, stressing that Iraq does not have a sovereign fund To prevent the crises he faces. "
The decree called for the preparation of a crisis budget for the current year, and an estimate of the price of a barrel of oil in the range of $ 25, and that the exchange will take place according to the achieved revenue, expecting that the salaries of employees will not be fully disbursed during the next two months, and that large deductions will take place on them, due to poor financial policy Tired in Iraq, "he asked about the" secret of the decline in non-oil revenues to less than seven billion dollars in the budget, even though it might reach 30 billion dollars if the state agencies did and stop corruption. "
The decree criticized "contracts for oil licensing rounds that did not achieve a production increase except for one million barrels of oil, even though Iraq spent nearly ninety billion dollars on it, stressing the decline in levels of production increase during the years from 2018 to now, indicating that the first quarter of this year witnessed a decline It is clear from what was in the first quarter of 2019, even though the budget of the Ministry of Oil is the largest among the Iraqi ministries. ”Ended 29 / A 43
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