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Parliamentary Oil: The drop in oil is emergency and there is no risk in the budget price
- Time: 03/16/2023 13:52:38
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{Economic: Al Furat News} The Parliamentary Oil, Gas and Natural Resources Committee considered the drop in oil prices in global markets to $74 a barrel as an "emergency decline."
Committee member Adnan Al-Jabri told {Euphrates News} agency: "The adoption of a price of 70 dollars per barrel of oil cannot be called a risk, but it is a price that has a kind of justice, given that previous years witnessed the adoption of 45 dollars per barrel, while oil prices exceeded 110 dollars."
He added, "There are no major concerns about the decline in oil prices, as it is emergency and non-continuous."
Al-Jabri expected, "There will be an opinion of the relevant parliamentary committees towards reducing the price of oil that is fixed in the budget, and it will be in the presence of the government representative."
And crude oil prices fell yesterday, Wednesday, to their lowest levels since December 2021, after falling for three consecutive days.
Brent has lost nearly 10% since Friday's close, while US crude has fallen about 11%, according to Reuters.
But today, it returned to the rise in early Asian trading today, Thursday, to compensate for some of its losses, after it recorded its lowest level in more than a year in the previous session, as the markets calmed down somewhat after the decision of the Swiss regulators to provide a financial rescue to the Credit Suisse bank.
Raghad Daham
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{Economic: Al Furat News} The Parliamentary Oil, Gas and Natural Resources Committee considered the drop in oil prices in global markets to $74 a barrel as an "emergency decline."
Committee member Adnan Al-Jabri told {Euphrates News} agency: "The adoption of a price of 70 dollars per barrel of oil cannot be called a risk, but it is a price that has a kind of justice, given that previous years witnessed the adoption of 45 dollars per barrel, while oil prices exceeded 110 dollars."
He added, "There are no major concerns about the decline in oil prices, as it is emergency and non-continuous."
Al-Jabri expected, "There will be an opinion of the relevant parliamentary committees towards reducing the price of oil that is fixed in the budget, and it will be in the presence of the government representative."
And crude oil prices fell yesterday, Wednesday, to their lowest levels since December 2021, after falling for three consecutive days.
Brent has lost nearly 10% since Friday's close, while US crude has fallen about 11%, according to Reuters.
But today, it returned to the rise in early Asian trading today, Thursday, to compensate for some of its losses, after it recorded its lowest level in more than a year in the previous session, as the markets calmed down somewhat after the decision of the Swiss regulators to provide a financial rescue to the Credit Suisse bank.
Raghad Daham
[You must be registered and logged in to see this link.]
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