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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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Oil: The rise in the price of a barrel will reduce the budget deficit next year and increase fiscal

rocky
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budget - Oil: The rise in the price of a barrel will reduce the budget deficit next year and increase fiscal  Empty Oil: The rise in the price of a barrel will reduce the budget deficit next year and increase fiscal

Post by rocky Tue 19 Oct 2021, 6:56 am

Oil: The rise in the price of a barrel will reduce the budget deficit next year and increase fiscal revenues

  •  Time: 10/19/2021 08:21:11
     
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{Economic: Al Furat News} The Ministry of Oil expected, on Tuesday, that the rise in the price of a barrel will contribute to reducing the budget deficit next year and increasing financial revenues.
The global crude oil exchanges continue to record successive gains, driven by the scarcity of supply, to touch the barrier of 85 dollars per barrel, which raises the hopes of the Iraqis to witness a budget that is free or low in financial deficit, in contrast to recent years.
The qualitative leap in oil prices would reduce the proportion of the budget deficit next year and increase the volume of financial revenues, according to the Ministry of Oil, which revealed the importance of this rise, which if it continues according to what was planned by the members of OPEC and OPEC Plus, will contribute to the return of oil markets to their normal position After the accumulation and hardships caused by the coronavirus (Corona) pandemic.
A spokesman for the Ministry of Oil, Assem Jihad, explained in a press statement, "The rise in the price of a barrel to more than eighty dollars is a good indicator to provide the federal treasury with more financial revenues in hard currency, which reduces the percentage of the deficit in this budget," adding, "But that It requires more stability in the current prices in order to generate more additional revenue.” 
He added, "OPEC and OPEC Plus are making great efforts in order to achieve balance and stability in the oil market."
Jihad pointed out, "Iraq played a very important role in achieving the agreement to reduce oil production, and showed great understanding to curb the saturated market despite our country's critical situation and the difficulties the government faced during the past two years."
Experts in the field of energy talked about the reasons for this rise, which is due to the increase in the gas price bill in some countries with the approach of the winter season, as well as the reduction in oil production and the reduction in quantities prepared for global export, and what came out of the ongoing meetings of the Organizations of Petroleum Exporting Countries and OPEC Plus, as they seek to set the pace Prices are in the interest of all producers.
The expert and economic analyst, Majed Abu Kell, said in a press statement, "The prices rose at a pace consistent with the significant rise in the prices of liquefied gas to Western Europe in particular and other countries in North America with the approach of the harsh winter." 
He added, "The rise in the liquefied gas bill was in itself a fundamental factor in pushing oil prices to rise as well, which earns us about one billion dollars annually for every dollar that rises in the price of one barrel." However, Abu Kell added, "However, this rise in crude prices will not be valuable if it is not invested in development or sovereign funds for future generations."
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