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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 is seeking to determine the price of a barrel avoids Iraq fluctuations and international experts

    Rocky
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    Oil is seeking to determine the price of a barrel avoids Iraq fluctuations and international experts Empty Oil is seeking to determine the price of a barrel avoids Iraq fluctuations and international experts

    Post by Rocky Sun 19 Oct 2014, 3:46 am

    Oil is seeking to determine the price of a barrel avoids Iraq fluctuations and international experts calling for austerity and an end to disputes with the Kurdistan


    Sat Oct 18 2014 18:32 | 

    Acknowledged the Iraqi Oil Ministry, said on Saturday that the government has not yet determined the price of a barrel of crude to be adopted as a basis for the preparation of budget 2015 next, indicating that efforts are ongoing in coordination with OPEC members, to determine the estimated take into account the challenges and fluctuations in world prices and spare the national economy, any negative impact, While experts called for the need to find alternatives to support the local economy and the adoption of the policy of austerity and an end to disputes with the Kurdistan region of re-exports from the northern fields.

    A spokesman for the Oil Ministry, Assem Jihad, said in an interview to the (long-Presse), "The Iraqi government has not yet determined the price of a barrel of oil to be adopted as a basis for the preparation of budget 2015 next", pointing out that there is a "study is now to determine the price of a barrel of oil takes into account challenges and expectations and fluctuations in world prices in preparation for adoption at that budget. "

    Jihad said that "concerned that the study will rely difference a price far less than the global outlook in order to spare the Iraqi economy, any negative impact that may result from the decline in oil prices," noting that "Iraq will depend a price between $ 70 to $ 60 per barrel if the likely global outlook and arrival 90 dollars. "

    The spokesman for the Ministry of Oil, "The Organization of Petroleum Exporting Countries (OPEC) will meet with its members to study the market and discuss the reasons for its decline and processors needed, including reducing production in order to maintain the rate of prices," stressing that "the Iraqi Oil Marketing Company (SOMO) monitors the global market and longer reports on developments, as well as the presence of deliberations with OPEC members on the subject, to reach a price which will be adopted in the 2015 budget next year. "

    He guessed Jihad, that "intentionally ministry to increase its exports over the next year to cope with lower prices," pointing out that "Iraq's oil exports affected by the stoppage of Ceyhan line, since it caused the loss of between $ 300-400 thousand barrels per day."

    For his part, the financial expert, the appearance of Mohammed Saleh, said in an interview to the (long-Presse), "The decline in world oil prices involves a significant risk to Iraq," noting that "the financial budget for Iraq by 95 percent dependent on oil exports, which means the impact of the decline Global oil prices, the financial sustainability of the country. "

    And saw the benefit, that the "Iraq expand and diversify its exports by about does not lead to a contraction of the economy," calling for "the formation of a crisis cell manages the country's economy, both in natural conditions or non-natural."

    Promised the former deputy governor of the Iraqi Central Bank, that "Iraq will also need to re-Tab balanced financial approximately true especially in light of the difficult conditions experienced by now," stressing the need to "do the government looks for alternatives to oil, and to find new resources, and to reduce non-essential expenditures and maximize exports the other, as well as develop plans to avoid the effects of low world prices. "

    Furthermore, said the economist, on behalf of Jamil Antoine, in an interview to the (long-Presse), "The decline in oil prices globally and stopped exports from Iraq's northern oilfields, the impact on imports and financial budget," calling on the government to "apply the policy of austerity and shorten their operating expenses with finding other sources of income. "

    He warned Antoine, that "the failure to adopt the policy of austerity will lead to a large deficit in the budget, especially with the rising costs of war and those needed for the displaced and displaced people," stressing the importance of "the next budget with dimensions of development also stop wasteful on operating expenses out of the current crisis."

    He called economic expert, the government also to "put restrictions on the import of certain consumer items is feasible and focus on expenditure productivity to compensate for the export of oil," stressing the need to "end the differences with the Kurdistan region to re-export from the northern fields and to increase exports from the southern fields to alleviate the decline World prices ".

    He suggested Antoine, that "the government is doing the tax and customs duties to fill a large part of the budget deficit and ensure that no dependence on oil only," adding that "the government will be forced to cut the budget due to a drop in global oil prices, which will lead to the kind of economic downturn and the impact on the local market and citizens" .

    The International Energy Agency, showed in (the 14th of October 2014 Current) that the world will grow "much weaker" than expected in the demand for oil next year 2015, and expects to record crude prices fall further.

    It is noteworthy that global oil prices continue falling from more than a hundred dollars to below 88 per barrel, due to an oversupply and slowing demand growth and the rise of the greenback, as London Brent crude fell more than 20 percent since last June when he was close to $ 116 a barrel, supported by unrest in Iraq.

    She explained the International Energy Agency, recently said it lowered its estimate for oil demand growth in 2014 by two hundred thousand barrels per day, to become up to 700 thousand barrels per day.

    The agency expects higher demand in 2015, the next by 1.1 million barrels to 93.5 million barrels per day, up 1.2 percent, but less than 300 thousand barrels from the previous forecast, usually that the sharp decline in oil prices since the second quarter of 2014, the current, may provide some support for the growth of global demand for crude, but probably prevail for the overall economic climate of the weak.

     
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