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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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    Oil expert: The West has started a war on oil prices, and the default price in the Iraqi budget is d

    Rocky
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    • Post n°1

    Oil expert: The West has started a war on oil prices, and the default price in the Iraqi budget is d Empty Oil expert: The West has started a war on oil prices, and the default price in the Iraqi budget is d

    Post by Rocky Fri 17 Mar 2023, 5:28 am

    [size=45][size=41]Oil expert: The West has started a war on oil prices, and the default price in the Iraqi budget is disappointing[/size]
     17 hours ago
    516
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    Oil expert, Hamza Al-Jawahiry, confirmed on Thursday that the West has started a war on oil prices, indicating that the hypothetical price of oil that was put in the budget is disappointing.
    Al-Jawahiri said in a press interview seen by “Takadam” that “the collapse of oil prices so quickly, which the West spoke of, came after the collapse of some banks in America and another in Europe. It is, in fact, a war against oil and prices in the world,” noting that “the days have proven that The economies of the West cannot stand without cheap oil prices at less than $60.”
    And he continued, “The West’s endeavor to reduce oil prices is not a condition, but rather a goal for these countries, and this matter is the beginning of this strong attack on oil prices and OPEC, despite the reassurances of OPEC and despite the recovery of the Chinese economy, but the issue is related to the West’s economy in general, which cannot resist prices higher than 60.” a dollar.”
    Al-Jawahiry pointed out that “the budget was disappointing when it set the default price of oil at $70, while today we sell our oil for less than that, let alone if Europe and America succeed in bringing prices to $60 and less,” pointing out that “this matter will greatly affect On Iraq, especially because there is about 34 percent of the budget deficit after the operating budget has greatly inflated, while the investment budget has diminished, which has become less than a quarter.
    Al-Jawahiri demanded that “the price of oil be in the budget not to exceed 50 dollars, and if it was 45 dollars, it would be much better and more secure, and the operational budget should be split in half or more because the latter is a fatal budget for Iraq, the economy and the future of Iraq, especially since it is for three years.” He stressed, “The House of Representatives must rectify these issues before approving the budget and returning it to the government, and demands that it be streamlined and set a price of $50 for oil.”
    He pointed out that “the development funds that the budget came with are nothing but a joke because the development funds are large financial institutions that have their own law and are not just a small paragraph placed in the budget for three years,” stressing that “these funds remain for future generations and special laws must be established for them.” It works with it and behaves as it does in the West, which spends on development projects, because in this existing situation, which came in the budget in this way, it will be subject to corruption and theft from day one.”
    It is noteworthy that oil prices fell significantly, to record Brent 74 dollars a barrel, and US crude less than 70 dollars, while Iraq put in Iraq's general budget the default price of a barrel for the budget of the current year 2023, the price of 70 dollars a barrel.
    Iraq's economy is considered rentier, and the Iraqi state's continued dependence on oil as the sole source of the general budget puts Iraq in danger from global crises that occur from time to time due to the impact of oil on it, which makes Iraq tend every time to cover the deficit by borrowing from abroad or internally, and thus he refers to The inability to effectively manage state funds, and the inability to find alternative financing solutions.
    On Monday (March 13), the Iraqi Council of Ministers approved the draft budget law for the years 2023, 2024, and 2025.
    The total budget amounted to 197 trillion and 828 billion dinars, with operating expenses of 150 trillion and 293 billion dinars, and investment expenditures of 47 trillion and 555 billion dinars.
    The fiscal deficit in the 2023 budget amounted to 63 trillion and 275 billion dinars.
    The financial revenue for the budget amounted to 134 trillion and 553 billion dinars, of which oil revenues amounted to 117 trillion and 252 billion dinars, and non-oil revenues amounted to 17 trillion dinars.
    The price of oil in the budget was estimated at $70, according to the export of 3 million barrels and 500 thousand per day, of which 400 barrels are from the Kurdistan region.
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