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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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The global energy crisis..positive and negative sides to Iraq

rocky
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The global energy crisis..positive and negative sides to Iraq Empty The global energy crisis..positive and negative sides to Iraq

Post by rocky Sat 16 Oct 2021, 7:48 am


[size=30]The global energy crisis..positive and negative sides to Iraq


2021-10-16
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Yes Iraq: Baghdad

The government economic advisor, Mazhar Muhammad Salih, touched on two negative and positive aspects behind the rise in energy prices globally. While Iraq benefits from the rise in oil prices with the increase in demand for energy, he points to the increase in inflation and the rise in commodity prices globally due to the rise in energy prices.
Saleh said, "Adopting the spending ceiling in the 2022 budget will move the country into a financially comfortable position and will almost eliminate the deficit, especially since public finances depend on oil revenues by about 93%."
And he indicated that “there is an energy crisis in the world, with both positive and negative dimensions. The positive is the possibility that the price of a barrel of oil will reach $100, and this matter is not strange because Iraq has previously sold a barrel of oil for $143, while the negative aspect is the escalation of energy prices, which It generates inflation in the world, as the prices of food and other commodities are likely to rise dramatically, which may lead to a global recession, so the stability of the economic situation is very important.
He resumed saying that oil returns are good, and in the event that the expenditures of the general budget are adhered to and controlled with the improvement of crude prices, the financial situation of Iraq will be sustainable.
Saleh warned against being overly optimistic about the rise in oil prices, so this matter should be invested in an optimal manner, especially since Iraq has fixed consumption expenditures, which are the salaries of employees and retirees.
Counselor Saleh promised the Central Bank's initiative to support clean energy, as a project that reduces the waste of money spent on the electricity sector.
Saleh said that one of the big problems in Iraq is the electrical energy, which drained more than 120 billion dollars, indicating that the process of securing energy is still faltering due to mismanagement and waste.
He went on to say that Iraq's population is increasing and the demand for electricity is increasing doubly so entering clean energy needed an initiative, noting that the Central Bank had taken this important step by providing financing to companies producing solar energy units, which would contribute to securing that energy for isolated villages and buildings.
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