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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


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wciappetta
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    Iraq to set oil price at $32 in 2016 budget

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    • Post n°1

    Iraq to set oil price at $32 in 2016 budget Empty Iraq to set oil price at $32 in 2016 budget

    Post by Rocky Thu 07 Apr 2016, 7:53 am

    Iraq to set oil price at $32 in 2016 budget



    BAGHDAD, 0 hours, 44 minutes ago

     
    Iraq plans to lower the oil price forecast in its 2016 budget to about $32 a barrel from $45, widening its fiscal deficit by several billion dollars, the International Monetary Fund (IMF) and a senior government official told Reuters.

    The new price estimate is based on the continued low level of global oil prices in recent months, said Marwa al-Nasaa, Amman-based IMF resident representative for Iraq.

    "We're setting it closer to $30 based on the climate of international futures prices since November," she told Reuters on Thursday.

    The adjustment is expected to add about $6 billion to the OPEC producer's budget deficit unless offsetting measures are taken, said the Iraqi official, who requested anonymity to speak about ongoing government deliberations.

    Iraq's current budget, which projects oil exports of 3.6 million barrels per day, predicts a deficit of 24 trillion Iraqi dinars ($20.56 billion).

    The drop in oil prices over the past two years has battered Baghdad's finances as it wages a battle against Islamic State militants in the north and west and confronts a political crisis that threatens to bring down the government.

    Iraq, which relies on oil for more than 90 percent of its revenue and sells at a discount to global benchmark crudes, earned an average of $24 a barrel in the first two months of the year and $28 in March, the Iraqi official said late on Wednesday. "We have to rebuild the budget taking this into consideration."

    The revised budget, which has not been finalised, is part of Iraq's negotiations for a standby agreement (SBA) with the IMF, the official added. The SBA financing could be approved as early as June, unlocking $15 billion in international assistance over the next three years.

    "If an SBA is reached, part of that financing gap will be met by IMF and other donor financing, but it will not close the entire gap," Nasaa said.

    "A number of measures are going to have to come from the government itself to increase revenues and bring expenditure in line with the new revenue reality. It has to be a combination of both."

    The Iraqi official declined to specify what measures Baghdad would take to reduce the deficit, but said: "It is a must, otherwise we will have to borrow more and more." – Reuters
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    wciappetta
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    • Post n°2

    Iraq to set oil price at $32 in 2016 budget Empty Re: Iraq to set oil price at $32 in 2016 budget

    Post by wciappetta Thu 07 Apr 2016, 9:20 pm

    Exciting move.... rebudget lower oil price, mandated by IMF; might actually begin to profit month to month... sounds like they're righting the ship....Tip your hat to the IMF


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    • Post n°3

    Iraq to set oil price at $32 in 2016 budget Empty Re: Iraq to set oil price at $32 in 2016 budget

    Post by mochasmom Fri 08 Apr 2016, 8:33 am

    Wow...so maybe the goal for june market economy is attainable, with rv?
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    • Post n°4

    Iraq to set oil price at $32 in 2016 budget Empty Re: Iraq to set oil price at $32 in 2016 budget

    Post by weslin3 Fri 08 Apr 2016, 8:51 am

    It's a start...
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    notazbad2000
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    • Post n°5

    Iraq to set oil price at $32 in 2016 budget Empty Re: Iraq to set oil price at $32 in 2016 budget

    Post by notazbad2000 Fri 08 Apr 2016, 9:24 pm

    I'm with you MM!!!


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    • Post n°6

    Iraq to set oil price at $32 in 2016 budget Empty Iraq to cut the price of oil in the budget of 2016

    Post by Rocky Sat 09 Apr 2016, 6:35 am

    Iraq to cut the price of oil in the budget of 2016
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    15:10 
    08/04/2016
    The International Monetary Fund and the senior government official, that Iraq intends to reduce the price of oil is expected in the 2016 budget to around $ 32 a barrel from $ 45, which would increase the deficit by several billion dollars.
    It quoted "Reuters", for "Marwa Alencah," Resident Mission of the International Monetary Fund Representative for Iraq, saying that the new price estimate is based on the continuation of the low level of world oil prices in recent months.
    And it showed "Alencah" resident in Amman, "might make it closer to $ 30 based on the climate of global futures prices since November."
    It is expected that the amendment increases the country's budget deficit OPEC member about six billion dollars in the case of failure to take compensatory measures, according to the Iraqi official, who requested anonymity, "Reuters," in order to talk about the ongoing intergovernmental consultations.
    The current budget expects oil exports of 3.6 million barrels per day and a deficit of 24 trillion Iraqi dinars (20.56 billion dollars).
    The decline in oil prices over the last two years, the financial situation of Baghdad that fights to organize Daash in the north, west and facing a political crisis that threatens to topple the government has been devastated.
    The Iraqi official, said that "Iraq, which relies on oil for more than 90 percent of its revenues and sells for less than the global measurement ore prices had made an average of $ 24 a barrel in the first two months of the year and $ 28 in March.
    And "re-build the budget, taking this into account."
    The official added that the revised budget is not final yet are part of Iraq's negotiations for a loan under the demand of the International Monetary Fund. The funding gets approved by June, which would allow international aid worth $ 15 billion for the next three years.
    She Alencah "in the case to reach a loan agreement under the demand Vsasd Monetary Fund and other donors, part of the financing gap but it will not fill the entire gap, and should be a number of actions from the government itself comes to increase revenue and control spending on the basis of the new reality of revenue. Should blend between the two." .
    He declined to Iraq responsible for the actions they would take Baghdad to reduce the deficit, but said "it is inevitable. Otherwise we will be forced to borrow increasingly."




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    • Post n°7

    Iraq to set oil price at $32 in 2016 budget Empty Re: Iraq to set oil price at $32 in 2016 budget

    Post by Neno Sat 09 Apr 2016, 6:44 am

    So wouldn't this mean the goal of 45 a barrel for 30 days would now be 32?
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    • Post n°8

    Iraq to set oil price at $32 in 2016 budget Empty Abadi surprised "attack" its candidates for government technocrats and surprised by converting reshu

    Post by Rocky Sat 09 Apr 2016, 6:46 am






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    NEW YORK (Reuters) - Oil prices jumped more than 6 percent on Friday registered the biggest weekly increase in the month supported by a fall in US crude stocks raised hopes that the glut of global supplies may start to subside. 
    And received crude prices support this week from closing pipeline Keystone line that transports oil to Mrkztzlam US crude futures in Cushing , Oklahoma. 
    and derived market also support when Russia said that oil production declined as he prepares the key oil producers to meet in Doha on the seventeenth of April to freeze production. 
    the completed International benchmark Brent crude contracts for the nearest high trading session maturity US $ 2.51 , or 6.37 percent , to a record at 41.94 dollars settlement of the barrel after exceeded the level of $ 42 earlier in the session. 
    the stepped up US crude futures to $ 2.46 , or 6.60 per cent to settle at US $ 39.72 a barrel. 
    and end Van Alkiesaan week on gains of about 8 percent is the largest weekly increase since the week ended on the fourth of March. 
    government data on Thursday showed that commercial crude stocks in the United States fell about five million barrels last week while analysts ' forecasts point to anincrease of 3.2 million barrels. 
    the Baker Hughes oil services company on Friday that US energy companies continued to reduce the number of oil rigs for the third consecutive week , which contributes to the support of the fundamentals of the market.
     
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    • Post n°9

    Iraq to set oil price at $32 in 2016 budget Empty Re: Iraq to set oil price at $32 in 2016 budget

    Post by Neno Sat 09 Apr 2016, 6:52 am

    So then after Rocky's post above, does this mean then Iraq is $10 a barrel ahead of the game now? duck
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    • Post n°10

    Iraq to set oil price at $32 in 2016 budget Empty Re: Iraq to set oil price at $32 in 2016 budget

    Post by wciappetta Sat 09 Apr 2016, 9:49 pm

    still need an approved budget....but it's promising....yes it would mean today if approved a$7.72 profit per barrel...


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    Iraq to set oil price at $32 in 2016 budget Empty Re: Iraq to set oil price at $32 in 2016 budget

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