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Neno's Place Established in 2006 as a Community of Reality


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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


    OPEC production cut to spare Iraqi budget US$14 bn: PM adviser

    jedi17
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    OPEC production cut to spare Iraqi budget US$14 bn: PM adviser Empty OPEC production cut to spare Iraqi budget US$14 bn: PM adviser

    Post by jedi17 Wed 07 Dec 2016, 8:11 pm

    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.

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