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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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Established in 2006 as a Community of Reality

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    'It exacerbates the deficit and increases the debt'.. An expert lists the effects of low oil prices

    Rocky
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    • Post n°1

    'It exacerbates the deficit and increases the debt'.. An expert lists the effects of low oil prices Empty 'It exacerbates the deficit and increases the debt'.. An expert lists the effects of low oil prices

    Post by Rocky Wed 15 Mar 2023, 3:55 pm

    [size=30]'It exacerbates the deficit and increases the debt'.. An expert lists the effects of low oil prices on Iraq's budget
    [ltr]2023.03.15 - 19:44[/ltr]
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    Baghdad - people  
    On Wednesday, Professor of Economics at the University of Basra, Nabil Al-Marsoumi, spoke about the impact of low oil prices on the Iraqi budget.  
      
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    Al-Marsoumi said in a post, followed by "NAS", (March 15, 2023), that the price of Brent crude fell to $73 a barrel due to the collapse of the American banks Silicon Valley and Signature, which reinforced concerns about the risks faced by other banks from sharp increases in interest rates by the central bank. The American over the past year, which led to a sharp decline in fuel demand caused by the downsizing of technology companies on a large scale, in addition to reducing travel expenses for their employees, as many startups in the technology sector were seen as potential consumers of oil and gas in the Middle East. In the future, its collapse led to a decrease in expectations related to the growth of oil demand in the future, and it reinforced the fears of the failure of Credit Suisse, which is the second largest bank in Switzerland, fears about the outbreak of a new global financial crisis, such as the one that occurred in 2007-2008, which was reflected negatively on stocks. European and American.  
      
    He added, "In addition to the repercussions of the Silicon Valley Bank crisis, oil prices are also under pressure due to signs of a slower-than-expected recovery in the Chinese economy despite the lifting of its strict restrictions related to the pandemic, as well as US statements about the possibility of setting a higher ceiling for the price of Saudi oil and the rise in US oil stocks. These repercussions on global oil prices have a clear impact on the Iraqi budget, which has adopted an unconserved price, which is 70 dollars per barrel, which is the highest among Gulf budgets. It will exacerbate the budget deficit and increase internal and external debts, especially since Iraq, without all the oil countries, lacks a sovereign fund that can be a buffer in cases of oil prices falling below their normal levels.  
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