Specialists call for support of non-oil resources to avoid economic crises

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[size=52]Specialists call for support of non-oil resources to avoid economic crises[/size]

[size=45]Baghdad / Hussein Hatem[/size]
[size=45]In light of fluctuating oil prices, specialists believe that prices are still appropriate to cover all costs, while stressing the need to enhance non-oil resources and not rely on the rentier economy alone.[/size]
[size=45]On the other hand, the Organization of Petroleum Exporting Countries (OPEC) announced, yesterday evening, Monday, that global demand for oil will grow until 2035, driven by developing countries, especially Africa, India and other Asian countries to secure fuel for transportation and petrochemicals.[/size]
[size=45]Economic expert Hussein al-Khaqani says, "Oil prices fluctuate because they are not completely controlled by producers, but fall under the control of the global market and the issue of supply and demand and political events that occur here and there and affect oil production."[/size]
[size=45]Al-Khaqani added, "The new government must work diligently to support and enhance other non-oil resources in order to be supportive revenues for the state treasury and not to fall into a stifling economic crisis in the event of a drop in oil prices."[/size]
[size=45]In turn, economic and financial expert Safwan Qusay says, "Oil prices are still appropriate to cover all costs and achieve a surplus of $100 million during the coming period."[/size]
[size=45]He added that "prices began to decline as a result of the increase in the interest rate by the US Treasury," noting that "the US Treasury is trying to withdraw the surplus liquidity in Europe and the rest of the countries to reduce the effects of inflation."[/size]
[size=45]Qusay continued, "The higher the interest rates, the lower the sales rates for international companies, and thus the need for oil decreases."[/size]
[size=45]For his part, economic expert Diaa Al-Mohsen says, "The citizen is not a key player in oil prices, whether they rise or fall," noting that "the rise and fall in oil prices is subject to many variables, including political, economic and climatic ones." Al-Mohsen added, "Oil prices, even with their decline, are higher than the number specified during the public financial budget, and this is what keeps the economy away from danger and deterioration."[/size]
[size=45]He stressed, "the necessity of investing the money generated from oil revenues in the industrial and agricultural sectors and not relying on the rentier economy."[/size]
[size=45]To that, economic expert Raad Twij says, “The process of monitoring the volume of production by OPEC and Russia is a historic process in managing the oil market, especially the recent reduction in the volume of production by two million barrels per day,” stressing that “the last reduction transforms / OPEC + / To a major oil monopoly, and no other power will be able after today to manipulate the price of oil, whether the United States of America or the International Energy Agency, with shale oil or strategic reserves.[/size]
[size=45]Twig added, "Oil prices will rise to $150 per barrel, especially as we are on the cusp of the cold season. This will increase Iraq's financial savings."[/size]
[size=45]Yesterday, Tuesday, the Ministry of Oil announced that the revenues of last October amounted to more than 9 billion dollars, while noting that the average price per barrel amounted to more than (88.31) dollars.[/size]
[size=45]The ministry stated in a statement, that "the total exports and revenues achieved for the month of last October, according to the preliminary statistics issued by the Iraqi Oil Marketing Company" SOMO, where the total amount of exports of crude oil reached (104) million (831) thousand and (120). barrels, with revenues of (9.258) billion dollars.”[/size]
[size=45]She added that "the total quantities exported of crude oil for the month of last October from oil fields in central and southern Iraq amounted to (102) million and (70) thousand and (427) barrels, while from the Kirkuk fields through Ceyhan port, the exported quantities amounted to (2). One million (417) thousand (893) barrels. And she continued, "The average daily quantities amounted to (3) million and (382) thousand barrels per day," explaining that "the average price of one barrel amounted to more than (88.31) dollars."[/size]
[size=45]According to the statement, “Basra Oil Company achieved the highest export rate during the past three years, as the export rate from the southern sea ports for the month of October reached (3.293) million barrels per day, with a total revenue of (102,083,000) barrels,” noting that “the company should increase Export energies during the next phase in support of the national economy.[/size]
[size=45]The Minister of Oil, Hayan Abdel-Ghani, had stressed the keenness to expedite the implementation of the government program's terms. And the Ministry of Oil said in a statement received by (Al-Mada), that "Oil Minister Hayan Abdel-Ghani received in his office yesterday, the head of the Oil, Energy and Natural Resources Committee in the House of Representatives, Yahya Ahmed Al-Ithawi, and MP Bahaa Al-Nouri."[/size]
[size=45]According to the statement, Abdul Ghani stressed, "The ministry's keenness to expedite the implementation of the government program's vocabulary with regard to the oil and energy sector."[/size]
[size=45]He pointed out, "The importance of strengthening the relationship, cooperation and partnership with the Chairman and members of the Energy Committee in the House of Representatives."[/size]
[size=45]Abdul-Ghani stressed the importance of the cooperation of the legislative and executive authorities in the advancement and development of the oil sector.[/size]
[size=45]Abdul-Ghani went on to say that "this is through the legislation of the necessary laws that achieve the goals and development plans that support the national economy, leading to the optimal investment of the national wealth."[/size]
[size=45]For his part, Al-Ithawi affirmed, "The committee's support for the ministry's efforts in implementing projects to increase production and export capacity, investing in gas, developing the filtration sector and infrastructure, and working to legislate the necessary laws." The Minister of Oil had said in a previous statement that "there are many aspirations to address the existing problems and develop the oil sector."[/size]
[size=45]He added, "The work will focus on increasing crude oil production and increasing reserves," explaining that "the oil reserves are linked to Iraq's position in OPEC." And Abdul Ghani, that "there are many activities that will reflect positively on the Iraqi citizen."[/size]
[size=45]And he spoke about "opening many areas in order to provide job opportunities in oil companies and to absorb the Iraqi cadre in implementing projects according to specialization."[/size]
[size=45]Abdul-Ghani stressed, "Our work will also focus on developing the field of work and reducing gas burning rates," noting that "gas projects need large financial liquidity with some time to be completed."[/size]
[size=45]Abdel-Ghani went on to say that "Prime Minister Muhammad Shia Al-Sudani will be a title for us," noting that "the ministerial curriculum developed by Al-Sudani included gas investment and the development of natural wealth and the oil sector in all its joints."[/size]
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