Home
OPEC production cut to spare Iraqi budget US$14 bn: PM adviser
Baghdad (IraqiNews.com) A recent decision by OPEC to cut oil production to drive up oil prices will cut Iraq’s 2017 budget deficit by US$14 billion (65%), according to a financial adviser to Prime Minister Haider al-Abadi.
The decision by the Organization of the Petroleum Exporting Countries to cut production from January by nearly 1.2 million barrels per day (3%) to 32.5 million barrels will nourish Iraq’s local economy and reduce the need for domestic and foreign loans, according to Mazhar Mohamed Saleh.
After initial reluctance citing impact from war against terrorism on its economy, Iraq agreed with OPEC last week to reduce its oil production by 200.000 bpd.
Saleh told Almada Press that the decision will have a positive effect on the Iraqi economy through reducing the budget deficit. “One dollar added to oil prices yields an additional annual revenue worth one billion dollars, besides,” he said. “That’s beside halting spending on investments in new oil wells in light of commitment to the OPEC-prescribed production share, which means saving at least 3-4 billion dollars from the investment plan in the 2017 budget.”
The deficit in the proposed Iraq’s 100-trillion-dinar budget for 2017 stands at more than 21 trillion dinars.
The OPEC deal, the first since 2008, goes into force starting January and lasts for six months. OPEC will meet with non-member producers this week in Vienna to reach a final deal on production cut.
World petroleum rates had fallen down by more than 60 percent since 2014, to the dismay of oil-reliant economies, including Iraq, OPEC’s second biggest producer.
WP QUADS Content Ad Plugin v. 1.3.6
Baghdad (IraqiNews.com) A recent decision by OPEC to cut oil production to drive up oil prices will cut Iraq’s 2017 budget deficit by US$14 billion (65%), according to a financial adviser to Prime Minister Haider al-Abadi.
The decision by the Organization of the Petroleum Exporting Countries to cut production from January by nearly 1.2 million barrels per day (3%) to 32.5 million barrels will nourish Iraq’s local economy and reduce the need for domestic and foreign loans, according to Mazhar Mohamed Saleh.
After initial reluctance citing impact from war against terrorism on its economy, Iraq agreed with OPEC last week to reduce its oil production by 200.000 bpd.
Saleh told Almada Press that the decision will have a positive effect on the Iraqi economy through reducing the budget deficit. “One dollar added to oil prices yields an additional annual revenue worth one billion dollars, besides,” he said. “That’s beside halting spending on investments in new oil wells in light of commitment to the OPEC-prescribed production share, which means saving at least 3-4 billion dollars from the investment plan in the 2017 budget.”
The deficit in the proposed Iraq’s 100-trillion-dinar budget for 2017 stands at more than 21 trillion dinars.
The OPEC deal, the first since 2008, goes into force starting January and lasts for six months. OPEC will meet with non-member producers this week in Vienna to reach a final deal on production cut.
World petroleum rates had fallen down by more than 60 percent since 2014, to the dismay of oil-reliant economies, including Iraq, OPEC’s second biggest producer.
WP QUADS Content Ad Plugin v. 1.3.6
» utube 6/23/24 MM&C Iraq Dinar- IQD Update -Iraq Reap Beneifits Artificial Inteligence-Global Econo
» utube 6/22/24 MM&C IQD Update - Iraq Dinar - Investment Law - Implementation Tripartite Budget - Ra
» Central Bank: Explains the mechanism for imposing fines on private banks and money changers
» Wasted billions and continuous interruptions.. Calls for an investigation into the corruption of the
» Can the Iraqi government maintain neutrality after factional statements about readiness to participa
» Intensive US aircraft flights in the areas of the Iraqi-Syrian border strip
» An economist expects the dollar exchange rate to approach the 140,000 threshold
» The President of the Republic calls for amending laws related to investment
» More than $274 million...Central Bank sales today
» The fact that oil and gas production in Iraq was affected by the peak of the heat wave...an expert e
» The President of the Republic: The necessity of overco ming obstacles facing investors, as well as s
» The President of the Republic stresses the need to continue efforts to preserve public money and com
» The Central Bank publishes the mechanism for imposing fines on private banks
» Electricity: We are determined to provide “stable energy” to citizens
» An Emirati company is implementing the third solar energy project in Anbar
» Al-Sudani directs the payment of a reward for every research published in international journals
» Babylon.. The head of the procurement committee was arrested in a government laboratory
» Oil continues its losses as commodity markets are affected by the rise of the dollar
» The Ministry of Oil announces the completion of the reclamation of two oil wells in Salah al-Din
» The President of the Republic stresses the need to overcome obstacles facing investors and support I
» Health calls for maintaining food safety
» Securities warns against trading digital currencies
» Anbar adds two new sites to invest the sun in generating electricity
» Delaying the legislative elections puts the region into a tunnel of constitutional vacuum
» Calls to support the trend towards clean energy
» The 2024 budget is safe with government controls
» To end the European embargo, the Sudanese are directed to keep pace with developments and meet inter
» Parliamentary rights demand the Minister of Oil regarding the priorities of the Basra Pipeline - Had
» A deputy "shocked" by the 15-year-long looting of real estate in an Iraqi governorate
» The Poor People’s Association warns against removing violations: a legal violation, but humanity is
» Al-Sudani confirms the continuation of the five stages of the rehabilitation project for the histori
» A political movement to hold an extraordinary session to elect the new Speaker of Parliament - urgen
» Iraq forms an operations room to speed up the reverse transfer of pilgrims and increase flights
» Al-Sudani abolishes the position of head of the Council of Advisors in Kirkuk and reorganizes it
» Laundering corruption money raises Baghdad’s real estate... Questions about the source of purchasing
» The dollar rises again against the Iraqi dinar after declining for two consecutive days
» A leader in the Al-Halbousi Party: The defection of figures from Taqadum pushes the Sunni component
» China details its largest projects in the region “and extends a helping hand to Iraq”
» Al-Sudani: We have allocated approximately 5 trillion dinars to arm our various types of forces
» Air Defense: The new command operations center will control the entire Iraqi airspace
» State of Law: Two projects competing for the “Presidency of Parliament” led by Al-Sudani and Al-Mali
» The Kurdistan Union expects to resolve the issue of the local government in Kirkuk within ten days
» Establishment of the Commercial Arbitration Center in Iraq
» Encroachments on the Tigris River...a struggle between investment and environmental dangers
» The Ministry of Planning empties its employees for the purposes of the population census
» Details of the Sudanese meeting regarding Sadr City
» New statistics on the number of foreigners holding Iraqi citizenship
» Al-Sudani inaugurates the second phase of the Old Baghdad project
» Directive from Al-Sudani: 4 million dinars for everyone who publishes research in reputable internat
» Al-Sudani directs the formation of an operations room to speed up the reverse transfer of Iraqi pilg
» Warning against trading digital currencies in Iraq
» utube 6/18/24 MM&C Iraq Dinar - IQD Update - Liberation of Economy - 6.5 Billion Dinars ($4.9 Bill
» Ministers' statements evaporate in the electricity sky... bright promises that do not touch reality,
» Ministry of Oil: The government is working to convert 40 percent of crude oil into oil derivatives
» Popular Movement: We have sufficient lines to export oil and we do not need a normalization pipeline
» Al-Sudani discusses the work of Dutch companies in Iraq
» America's continued violation of Iraq's sovereignty...what is its purpose?
» Anbar tribes demand the removal of American forces
» Al-Maliki's coalition: Iraq can submit an international request to remove American forces
» Revealing an Iraqi request to America that includes the withdrawal of its forces
» A leader in the framework: Washington exploited 5 points in the strategic agreement to harm Iraq’s s
» The Human Rights Parliament criticizes the silence of the international community regarding what is
» I asked Iraq to stay for 3 years... The information publishes important details about the American f
» The US Army responds to the joint attack by the Houthis and the "Iraqi Resistance"
» Dozens of Iraqi companies participate in an investment summit in America
» Iraq.. Water storage is less than half of the need and a bleak fate awaits the marshes
» The Central Bank of Iraq sells $273 million at auction today
» Parliamentary Economy explains...Does the fluctuation of oil prices affect the economy of Iraq?
» Parliamentary law resolves the matter: salaries cannot be affected in the 2024 budget
» Integrity arrests employees in the Ministries of Finance and Trade red-handed in bribery in Anbar
» Government advisor: Sovereign guarantees to the private sector will contribute to the industrial ren
» Iraq's oil exports to America decreased in a week
» Applying for care stipends is “available at any time” for 5 categories of women
» Advisor to the Association of Banks: The Central Bank's third strategy is a new methodology for fina
» Parliamentary Electricity calls for obligating state departments to adopt solar energy
» Kurdish approval of the agreement between oil companies and SOMO
» Health warning to shop owners regarding the safety of food products
» After the decline in inflation rates... economic calls to improve financial policy management in Ira
» Transport reveals the latest developments in Al-Faw Port: We have completed 5 berths, and this is th
» The environment threatens violating factories: penalties reach fines and closure
» The World Bank expects economic growth in Iraq to reach more than 5% in 2026
» A parliamentary call to hold an extraordinary session of Parliament to discuss the reality of electr
» The Cabinet Secretariat details to Al-Iqtisad News the decision to reduce working hours: Governors a
» Directives from Sudanese regarding the issue of lifting the ban on Iraqi Airlines
» The Prime Minister stresses the necessity of keeping pace with developments in the field of air tran
» Adviser to the Prime Minister to Nina: The government is seeking new, more effective mechanisms to r
» Al-Sudani receives the Dutch ambassador to Iraq on the occasion of the end of his work
» Iraq's oil exports to America declined last week
» Sudanese inaugurates the new Air Defense Command operations center
» A plan to increase and develop oil pipelines
» {Seismic code} for Iraq
» Al-Emaar: New residential cities will reduce real estate prices
» Kurdistan receives 400,000 tourists on Eid al-Adha
» Experts praise government support for higher education
» Government advisor: The budget imposed discipline in expenditures and diversification of revenues
» Basra crude achieves gains of more than 3% in a week
» Absorptive capacity
» Establishment of the Commercial Arbitration Center in Iraq