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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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    The Washington-Tehran agreement lowers oil prices and puts the Iraqi budget in critical condition

    Rocky
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    • Post n°1

    The Washington-Tehran agreement lowers oil prices and puts the Iraqi budget in critical condition Empty The Washington-Tehran agreement lowers oil prices and puts the Iraqi budget in critical condition

    Post by Rocky Sun 18 Jun 2023, 8:35 am

    [size=38]The Washington-Tehran agreement lowers oil prices and puts the Iraqi budget in critical condition[/size]


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    June 18, 2023[You must be registered and logged in to see this link.]
    Baghdad / Obelisk Al-Hadath: Analyzes suggest that any new nuclear agreement between Washington and Tehran will have repercussions on the Iraqi situation due to the drop in oil prices, which may exacerbate the problem of the deficit in the Iraqi budget.
    And cause low oil prices to increase the Iraqi budget deficit and debt accumulation. And Iraq will find itself in need of more debt to cover the deficit, which could lead to an increase in public debt and exacerbation of financial problems.
    A few days ago, US State Department spokesman Matthew Miller confirmed, in a press briefing posted on the ministry's website, that Iraq's transfer of nearly $3 billion to Tehran is conditional.
    The drop in oil prices is a major challenge to Iraq's budget, as the Iraqi government relies heavily on oil revenues to finance its public expenditures and implement development projects, and about 90% of the budget relies on oil exports.
    Economic expert Nabil Al-Marsoumi says that any US-Iranian agreement would lead to an increase in Iranian oil production and exports between half a million and one million barrels per day, which would result in a drop in global oil prices and would negatively affect oil revenues in OPEC countries, including Iraq.
    When the price of oil falls, Iraq's oil revenues drop dramatically. This leads to a shortage of financial resources for the Iraqi government and difficulty in financing development programs and public services such as health, education and infrastructure.
    And members of the Parliamentary Finance Committee warned earlier of the possibility of adding another deficit between 6 to 9 billion to the budget (I passed a deficit of 64 trillion dinars) in the event that the price of a barrel of oil became 70 dollars, while it is now sold for 75.
    Concern about the fluctuation of oil prices appears behind the plan to invest gas in Iraq, and to find an alternative to Iranian gas by relying on Qatar.
    To overcome the challenge of low oil prices, the Iraqi government must diversify revenue sources and promote other non-oil sectors such as agriculture, industry, and tourism. Iraq should also work to improve the efficiency of managing financial resources, rely on innovation, and promote investments in the private sector.
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