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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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    Mazhar Muhammad sets the optimal oil price to overcome the deficit in the 2023 budget

    Rocky
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    • Post n°1

    Mazhar Muhammad sets the optimal oil price to overcome the deficit in the 2023 budget Empty Mazhar Muhammad sets the optimal oil price to overcome the deficit in the 2023 budget

    Post by Rocky Fri 07 Apr 2023, 4:46 am

    [size=52]Mazhar Muhammad sets the optimal oil price to overcome the deficit in the 2023 budget[/size]
    • April 6 16:45




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    Information / Baghdad..
    The financial advisor to the government, Mazhar Muhammad Salih, expected that the continuation of oil prices at the level of 80 to 90 dollars will fill the fiscal deficit in the 2023 budget, presenting two assumptions in this regard. 
    Salih said in an article published by the Iraqi Economists Network website, which Al-Maalouma viewed, that "what (OPEC) + decided to reduce voluntary production of member countries throughout the year 2023 by about 1.5 million barrels per day and with different shares for member countries (as Iraq was one of the OPEC countries by A reduction of 220,000 barrels per day) undoubtedly comes as a result of the fluctuations in the geopolitical situation and its direct and indirect effects on the battlefields in Ukraine.
    He explained that this would be "in two directions, the first: that Russia, which is the second largest oil producer in the world after the United States (both of which currently possess 25% of global production of crude oil), is in great contradiction, as NATO decided earlier that it should not be sold." Russian oil with a ceiling of more than 60 dollars a barrel, which made Russia commit to reducing production also in (OPEC +) in order for the global price to rise and cover the loss of its revenues from selling its oil to China, India and Central Asian countries at prices that are still about 20 dollars less than the global average of world oil prices.
    And the second, that "the shortage of stocks in the United States, and the announcement of their imminent depletion, makes it maintain energy security in the United States strongly and in an accelerating manner, by providing maximum production capacities that compensate either for the lack of supplies or to compensate for the oil embargo on Russia and reach an average American daily production of about 17 million.” A barrel of its high-cost shale oil, as selling US crude oil for less than $75 per barrel, constitutes a loss and a significant decline in production, which threatens the economic interests of the United States.
    He pointed out that "in view of the contradiction in the rules of playing oil production between Russia and the United States and the voluntary reduction of OPEC production, as we mentioned, the predictions of (OPEC +) may be believed that the average oil prices In the year 2023 may not be less than 80 dollars per barrel.The decision of (OPEC +) It came in line with the geopolitics of controlling energy flows in the world, which is dominated by preparations for a continuous field war between East and West Papers in oil policies.
    In addition to the above, Saleh pointed out that "the energy consulting company, Rystad Energy, expects that the continuation of the voluntary reduction by Iraq, Russia and the Gulf countries in oil production by at least one million barrels per day will push crude oil prices this summer to reach $110 a barrel at the very least.It is expected that that sharp rise in energy/oil prices will increase inflationary pressure on the global economy and will push central banks to tighten monetary policies more.
    And he pointed out that "as far as the matter relates to the hypothetical price for calculating oil revenues in the draft federal budget in Iraq, which amounts to 70 dollars per barrel, the expectation that the annual average of crude oil prices will reach between 90 -80 dollars per barrel exported in the year 2023 may undoubtedly eliminate the hypothetical deficit gap in the estimated budget.” By about 63 trillion dinars and according to the following two assumptions: A- Using the accumulated financial savings for the year 2022, which may be estimated between 25-23 trillion dinars,Ended/25h
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