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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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    It may drop to 40%.. Al-Kanani warns of a sharp drop in oil and directs an urgent call to the govern

    Rocky
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    It may drop to 40%.. Al-Kanani warns of a sharp drop in oil and directs an urgent call to the govern Empty It may drop to 40%.. Al-Kanani warns of a sharp drop in oil and directs an urgent call to the govern

    Post by Rocky Thu 14 Nov 2024, 4:21 am

    It may drop to 40%.. Al-Kanani warns of a sharp drop in oil and directs an urgent call to the government

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    Baghdad Today - Baghdad
    The head of the Parliamentary Committee on Economy, Trade and Industry, Ahmed Salim Al-Kanani, warned today, Wednesday, November 13, 2024, of economic consequences for Iraq due to an expected significant decline in oil prices during the coming year 2025.
    Al-Kanani said in a statement received by Baghdad Today: “OPEC+’s insistence on not reducing current oil production has major economic consequences for producing countries such as Iraq, which depends on most of its revenues on oil revenues, according to the latest analyses issued by economic experts or institutions specializing in energy affairs, with prices falling to ($30 or $40) per barrel during the coming year 2025.”
    He added, "This may lead to additional significant pressures on the state budget and negatively affect the development and economic reform plans adopted by the government in its strategic plans."
    Al-Kanani called on "the government to adopt alternative and urgent economic plans to ensure financial stability and reduce dependence on oil as a primary source of revenue, by supporting the private sector and diversifying the economy to ensure economic sustainability and protect the interests of the Iraqi people."
    Market analysts expect oil prices to fall significantly if the OPEC+ alliance cancels its current production cuts, noting that 2025 could be a bearish year for the oil market.
    “There is growing concern about oil prices going into 2025, something we haven’t seen for many years, perhaps since the Arab Spring,” said Tom Kloza, head of global energy analysis at oil price watchdog OPIS. “If OPEC abandons production cuts without actually reaching an agreement to control production, the price could fall to $30 to $40 a barrel.”
    A drop in oil prices to $40 would cause a loss of about 40% of its current value, as the global benchmark Brent crude is currently trading at $72 per barrel, while US West Texas Intermediate (WTI) crude futures are trading at $68 per barrel.
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