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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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Adviser to the Prime Minister explains the reasons for the rise in oil and warns of "serious collaps

rocky
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Adviser to the Prime Minister explains the reasons for the rise in oil and warns of "serious collaps Empty Adviser to the Prime Minister explains the reasons for the rise in oil and warns of "serious collaps

Post by rocky Sun 17 Oct 2021, 6:54 am

Adviser to the Prime Minister explains the reasons for the rise in oil and warns of "serious collapses"

  •  Time: 10/17/2021 09:23:29
     
  •  Reading: 1,963 times

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{Economic: Al Furat News} The Prime Minister's Advisor for Economic Affairs, Mazhar Muhammad Salih, explained the reasons and factors for the rise in oil prices.
Saleh said in a press statement that the "spikes occurring in crude oil prices are subject to three factors; the first price averages over the fiscal year, and the second quantities exported, and the third factor hedge against fluctuations in the oil market because the asset cycle where risky, as soon as the high supply over demand gets The so-called (oil glut), which leads to serious collapses in crude oil prices." 
And he indicated that, according to the enforceable (Financial Management Law), which urges the adoption of an average price per barrel of oil for the purposes of calculating the budget in a rational manner and oil revenues.
Saleh pointed out: "the general budget of the Republic of Iraq are designed to lower than the market price of oil prices and generate a probabilistic deficit or default surrounded by a financial bumper shall assemble oil revenues that exceed the price of a barrel of oil specified in the budget to feed expenses without resorting to borrowing in the event that the deficit actually."
He pointed out that "the problem with the budget is always (non-oil) revenues that do not reach the ceiling of the targeted expectations."
And he indicated, "If we expect, for example, (50 dollars) as a price per barrel for next year's budget 2022, then we must get an average annual return from oil exports, with the export of more than three million barrels, with an average annual surplus price of less than 75 dollars per barrel. Because of the rise in the average price of a barrel to more than 75 dollars as an annual average during the fiscal year, it must be employed for the investment budget and the operation of projects in the subsequent budget 2023.

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