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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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Established in 2006 as a Community of Reality

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    How was the decision to reduce oil production "positive" for Iraq? .. The Ministry of Oil answers

    Rocky
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    How was the decision to reduce oil production "positive" for Iraq? .. The Ministry of Oil answers Empty How was the decision to reduce oil production "positive" for Iraq? .. The Ministry of Oil answers

    Post by Rocky Tue 04 May 2021, 2:35 pm


    [size=30]How was the decision to reduce oil production "positive" for Iraq? .. The Ministry of Oil answers

    2021-05-04
    [/size]
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    Yes Iraq: Baghdad

    Today, Tuesday, the Ministry of Oil announced that the decision to reduce production has doubled Iraq's revenues to $ 6 billion, while indicating that it has not received any revenues so far from the Kurdistan region as part of the budget.
     
    Ministry spokesman Asim Jihad said, "The decision to reduce oil production, which was approved with the exporting countries, was aimed at controlling the price balance in global markets," indicating that "increasing production will cause an imbalance."
     
    He added that "the goal of Iraq is to increase financial revenues, not quantity," noting that "increasing the quantity may lead to lower oil prices."
     
    He explained that "Iraq is committed with other countries in specific quantities according to the schedules set by research centers in OPEC and OPEC Plus, which led to an increase in financial revenues," noting that "Iraq's revenues in the past were estimated at less than one billion dollars per month, but now in quantities Less production, the revenue amounted to 6 billion dollars. "
     
    He continued that "Iraq is the second largest producer in OPEC, and it is keen to adhere to the quotas established in order to control the balance of the oil market," explaining that "challenges still exist in the oil markets in the presence of the pandemic, and these are temporary measures that will disappear with the disappearance of the reasons, and therefore." There must be concerted efforts to achieve the goals. "
     
    Jihad stressed that "any exception may lead to a drop in oil prices in the global markets, and any exit from the agreement could collapse the agreement and oil prices will fall back to less than $ 10," noting that "revenues are good now compared to the current situation."
     
    Regarding Kurdistan's delivery of the exported oil quantities according to the budget, Jihad indicated that "the government submitted an objection to the budget paragraphs," indicating that "the Ministry of Oil has not yet received any quantities from the Kurdistan region as part of the budget items."
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