Iraq: Lower oil prices could affect budget operating revenue

Iraq: Lower oil prices could affect budget operating revenue



Baghdad (newsletter). Commission decision ruled out oil and energy Deputy/Kurdistan blocs Coalition/Kassim Mohamed Kassim, affecting oil prices in OPEC revenue budget, saying its impact on the abundance of financial income and reliable projects.

Kassim (News Agency): budget (2013) developed on the basis of the price of a barrel of oil (90), world oil prices drop below the 90 dollar unlikely, due to the increasing world petroleum needed.

He added: the announcement by OPEC to reduce oil prices, came as a result of the economic crisis that hit the verbosity some European countries as well as improving the climate for some States which made them lean consumption of fuel.

Explained: that this reduction will not affect public revenues to the federal budget but would affect financial abundance to be achieved from the proceeds of the sale to oil and reliable to implement some of the projects within budget.

Oil prices fell, in the OPEC basket to less than $ 100 a barrel. The OPEC basket is made up of 12 Khama, a mixture of the Algerian Sahara, Angolan and girassol crude ore Iranian heavy and Basra light and export of Libyan and Kuwaiti Sidr Bonnie Nigerian maritime country light, Saudi Arabian Light wemrban and Mary waurint of Ecuador, Venezuelan.

The Organization of petroleum exporting countries (OPEC), which was founded in Baghdad in 1960 by agreement between the five States are Saudi Arabia, Iran, Iraq, Kuwait and Venezuela, based in Vienna, is one of the largest global organizations overseeing the regulation of the export of petroleum and fixing prices, and now groups 12 oil exporter, has a total of between two-thirds and three quarters of the world’s oil reserves.