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Oil Minister: It is not possible to present the 2014 budget due to changes in oil prices and the end of the current year
Thursday, 30 October, 2014
BAGHDAD / NINA / Oil Minister Adel Abdul Mahdi said on Thursday it is not possible to present the 2014 budget due to changes in oil prices and being useless with the end of this year, pointing to the existence of a large exaggeration in spending that requires treatment.
He said while hosted in the House of Representatives that Iraq does not need for foreign debt because what it has is equivalent to the budgets of four neighboring Arab countries, but the problem is the fact that the unilateral Iraqi economy depends on oil resources, which imposes on everyone to understand that the issue of continuing in this way would lead to bankruptcy.
Abdul-Mahdi said that the ministry can increase oil production by effort of the government and the House of Representatives, especially with the presence of obvious problems after the licensing rounds, stressing the need for effort with OPEC to meet the global oil market situation and lower global growth rates for some importing countries for Iraqi oil.
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Thursday, 30 October, 2014
BAGHDAD / NINA / Oil Minister Adel Abdul Mahdi said on Thursday it is not possible to present the 2014 budget due to changes in oil prices and being useless with the end of this year, pointing to the existence of a large exaggeration in spending that requires treatment.
He said while hosted in the House of Representatives that Iraq does not need for foreign debt because what it has is equivalent to the budgets of four neighboring Arab countries, but the problem is the fact that the unilateral Iraqi economy depends on oil resources, which imposes on everyone to understand that the issue of continuing in this way would lead to bankruptcy.
Abdul-Mahdi said that the ministry can increase oil production by effort of the government and the House of Representatives, especially with the presence of obvious problems after the licensing rounds, stressing the need for effort with OPEC to meet the global oil market situation and lower global growth rates for some importing countries for Iraqi oil.
LINK [You must be registered and logged in to see this link.]
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