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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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    "SOMO" announces its oil exports, and an economist monitors a new deficit in the Iraqi budget

    Rocky
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    "SOMO" announces its oil exports, and an economist monitors a new deficit in the Iraqi budget Empty "SOMO" announces its oil exports, and an economist monitors a new deficit in the Iraqi budget

    Post by Rocky Sat 01 Jul 2023, 11:58 am

    "SOMO" announces its oil exports, and an economist monitors a new deficit in the Iraqi budget



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    2023-07-01 08:47
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    Shafaq News / The Iraqi Oil Marketing Company "SOMO" announced, on Saturday, the financial revenues for exporting crude during the first half of this year, while an economist warned of "dark economic shadows" and a new deficit in the 2023 budget.




    Shafaq News Agency viewed the company's tables, which showed that "the total oil exports for the first half of this year amounted to 595,571,118 barrels of oil, at a monthly export rate of 99,261,000 barrels, at a rate of 3,308,000 barrels per day."

    According to those tables, "the revenues generated from its sales of crude oil amounted to 44,371,808,000 dollars, at a rate of 7,395,301,000 dollars per month."

    He pointed out that "the average monthly selling price of crude oil for the first half of this year amounted to 74 dollars and 548 cents."

    According to the company's schedules, "the rate of oil exports from the ports of Basra amounted to 586 million and 43 thousand and 170 barrels, at a rate of 97 million and 673 thousand barrels per month, at a rate of 3 million and 255 thousand barrels per day, while the rates of oil exports through Kirkuk and through the basins to Jordan were two million and 120 thousand And 359 barrels, at a rate of 353 thousand and 393 barrels of oil per month.

    And the tables of the "SOMO" company showed that "the number of companies that bought Iraqi crude oil amounted to 36 international companies."

    In turn, economist Nabil Al-Marsoumi said, in a statement received by Shafaq News agency, that "the oil revenues achieved until June of this year amounted to 44.337 billion dollars, while it was 61.5 billion dollars in the same period last year."

    And he indicated that "the decline in oil revenues during these two periods is 17.163 billion dollars, meaning that the decline rate is 39%."

    He pointed out that "the oil revenues achieved in the first half of 2023 are equivalent to 57.6 trillion dinars, which is one trillion dinars less than the oil revenues estimated in the 2023 budget. This means an increase in the budget deficit by one trillion dinars."

    Al-Marsoumi attributed this to "the significant decline in Iraqi oil revenues in 2023, largely due to the decline in global oil prices and to a lesser extent, the decrease in oil production and exports due to the (OPEC Plus) restrictions that reduced the production share of Iraqi oil by about 430,000 barrels per day, in addition to the suspension of field exports." Kurdistan Region and Kirkuk since last March 25, which amounts to 470,000 barrels per day.

    Al-Marsoumi warned that this "will reflect negatively on the total oil revenues achieved in 2023 compared to the revenues achieved in 2022, which amounted to $115 billion, which casts a dark shadow over the 2023 budget, which is burdened with a large deficit, which mainly depends in its public revenues on oil revenues."
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