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Parliamentary Finance: continued high oil prices will enable Iraq to overcome the financial crunch
23-06-2016 10:10 AM
Parliamentary Finance Committee expressed its hope that Iraq can overcome the financial Dhaigueth for this year if oil prices continued on the $ 50 a barrel. He said the decision of the 'Brent different from the Iraqi price of seven dollars to the lack of light and heavy , where light is different from five dollars and heavy type about nine dollars and average seven dollars' noting 'if it has reached the price of oil to $ 52 for Brent or $ 51 for crude Texas Visttia Iraq to sell as set by the budget of $ 45'.
He added that 'the month of May exports totaled 2.9 million to 3 million barrels per day at an average price of $ 37 a barrel. "
He noted that 'in the case of Iraq remained on this export will pass peacefully this year of financial distress' noting that 'Iraq needs to increase Erdath through taxes and other sources.'
The Oil Ministry announced on Tuesday reduced Iraq's oil exports during the month of May, reaching 99 million and 200,000 barrels less than the 1.716 million barrels from the total exports for the month of April the previous year and amounted quantities 100.916 million barrels.
But revenue in May was the highest since the beginning of 2016, according to the ministry reaching 3 billion and 748 million dollars' noting that 'the price per barrel averaged $ 37.'
Iraq is going through a financial crisis due to falling oil prices, which constitutes 90% of the public budget is paid to borrow from the International Monetary Fund and the World Bank and earned them about $ 15 billion received by over three years.
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