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High oil prices increase Kurdistan’s share of the budget
18/5/2021 12:21:00
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High oil prices increase Kurdistan’s share of the budget
A member of the Parliamentary Finance Committee confirmed that the Kurdistan Region has not yet set a date for a delegation from it to visit the federal capital, Baghdad.
The deputy of the Patriotic Union of Kurdistan, Shirwan Mirza, said in a special statement to PUKmedia , today, Tuesday, that a technical delegation from the Kurdistan region will visit Baghdad to discuss the mechanism for implementing Article (11) of the Federal Budget Law, indicating that the date of the delegation's visit has not yet been determined.
On the other hand, MP Shirwan Mirza confirmed that the increase in oil prices in global markets will affect the calculation of the Kurdistan Region’s share of the federal budget and increase the quantities of oil calculated in the budget law, indicating that the technical delegation that will visit Baghdad will also discuss the agreement on the price of a barrel of oil to calculate the region’s share. Is it according to what is in the budget law or according to its price in the markets?
It is noteworthy that oil prices in world markets recorded a rise today, Tuesday, not reported since last March, as Brent crude futures increased 19 cents, equivalent to 0.3 percent to 69.65 dollars a barrel, while West Texas Intermediate crude rose 18 cents, or 0.3 percent, to 66.45. Dollars per barrel.
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