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Activating the productive sectors to cope with lower oil prices
9/5/2016 0:00
[rtl]BAGHDAD / Shokran Fatlawi
represents a diversification of revenue from non - oil exports arm dolly economy and bumper protective of the budget of the decline in oil revenues and avoid impacts on theeconomies of countries that depend on it, which requires immediate action, to reduce the negative effects on the unilateral economies effects as in Iraq, as well as the need toreduce production, especially the major producers in the market not to mention the need to try to freeze production quotas for members of «OPEC» others
oligopoly academics and experts participated in the talk show economic symposium organized by the Al - Mustansiriya University and attended by «morning» Wednesday stressed the need to be brought under control on the big slides in oil prices by reducing production, especially the major producers in the market, namely Saudi Arabia and Russia, trying to freeze production quotas for members (OPEC) and other work on thediversification of exports and production base to avoid repercussions on the single economies side as well as the need to reduce spending, accompanied by work on activating the industrial and agricultural sectors and Gaza Tourism in particular. promised academic from the Faculty of administration and economy d. Faleh Ngemc Mattar al -Zubaidi with a group of academics and experts of oil and the economy, as a commodity strategy can no country can do without them, indicating that the oil producers of the key walk in the world within the so - called market monopoly of a few. Zubaidi said that theoligopoly, meaning the production of a small number of producers, commodity homogeneous in terms of type, explaining the advantage of this market as if a producer wants to raise the price of this item will be the reactions of the other producers either keep pace with this rise and raise the price, or still retains low price levels in order toachieve superior price reached its rival , which raise the price. supply and demandhovering oil prices crude is currently on the level of 40-50 dollars per barrel, having tumbled from above $ 115 in June 2014 to less than $ 30 a barrel last January, due to a glut global supply and not to freeze production , as expected , in one of the meetings «OPEC» the latest. with regard to lower oil prices Zubaidi said that oil, like any other commodity control was worth the supply and demand forces, pointing out that the gap between these two forces sometimes increased with increasing demand for oil and reduce production or supply of it in the market, and vice versa shrinking gap increased supply and slowing demand, indicating that oil companies , monopolistic big they are controlling the price of oil during the period before the seventies of the last century , but the situation changed a lot after the second decade of the founding of «OPEC» (ie since the seventies) , the United States and the shift from oil exporter to importer and thelargest and richest country in the the world from the economic. alternative energy and added that the factors affecting the price of oil and the demand for it, summed up in therate of economic growth in the world Whenever there was an economic boom increased demand for oil and therefore prices rose, as well as population growth rates , which isproportional to the price of oil, not to mention the political situation in the exporting and consuming countries, and the trend towards alternative energy sources. Russia supports determine the crude oil production in an attempt to install the prices at acceptable levels in all producing and consuming sides. great Depression Iraq seeks to take measures that will mitigate the decline in world oil prices the budget by working on activating the role of the private sector and relying on local produce and increase non - oil exports and activating the agricultural and industrial production and interest in the tourism sector «religious, recreational and archaeological» which would reduce dependence on oil as aresource unilateral budget and contribute to maximize the fiscal revenue of the country.[/rtl]
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