Oil Ministry expects to identify $ 90 per barrel as the price of imports in 2015 budget

Oil Ministry expects to identify $ 90 per barrel as the price of imports in 2015 budget

Wednesday, November 5 / November 05, 2014 17:36

Oil Ministry expects to identify 90 dollars per barrel as the price of imports in 2015 budget[Baghdad-where]

Iraqi Oil Ministry predicted determine the price of US $ 90 per Berlmal imports in the federal budget for the next year 2015.

Economists warned Iraqis of a significant shortfall in the fiscal budget for Iraq through 2015 if it continues to fall in oil prices, which reached $ 85 without, especially with the country’s dependence on oil rents by more than 90% in the annual financial allocations’s balance.

He said ministry spokesman Assem Jihad told all of Iraq [where] that “the problem of low oil prices are not related only in Iraq, but the producing countries and oil exporters and OPEC will discuss these issues at its next meeting to develop treatments for this decline.”

“For Iraq has sold its exports of crude oil in the month of October last price of $ 81 per barrel.”

Between Jihad and that “the annual oil revenues are calculated when the amount of revenue we collect during the whole year and then divided by 12 months and therefore be the result, according to this forecast for the fiscal balance,” likely to be “the average price in the 2015 budget of US $ 90 oil.”

He said a spokesman for the Ministry of Oil, “there was a terrorist challenges worked or contributed to stop Iraqi exports from Kirkuk line – Ceyhan and the loss of Iraq from 300-400 thousand barrels a halt exports of the Kurdistan region.”

However, to say, “but in spite of this progress, and we found an increase in oil exports from southern ports,” he said. “The ministry plans to continue to increase these exports, according to a set of plans with global companies.”

And next year’s budget in 2015 that the Jihad “next year’s budget are studied according to what happened the oil market and set new expectations differ from 2014,” he said.

The statistics prepared [where] Based on the data and the Oil Ministry reported that Iraq exported crude oil over the past ten months, more than 751 million barrels Baardat exceeded Al73 billion dollars at the rate of $ 97 per barrel.

With the Iraqi government warned that the lack of financial liquidity may portend the future to bankrupt the state treasury with the decline in global oil prices, according to what he said Oil Minister Adel Abdul-Mahdi during hosted in Parliament last Thursday.

Abdul-Mahdi said “no need for Iraq to foreign debt because of Maldih equivalent to the budgets of four neighboring Arab countries, but the problem is the fact that the unilateral Iraqi economy depends on oil resources, which imposes on everyone to understand that the issue of continuing in this way would lead to bankruptcy.”

For his part, Finance Minister Hoshyar Zebari said during the meeting that “the withdrawal of the reserve allocation of the Development Fund for Iraq during the 2012 and 2013 affected economically and consequent financial commitments to a number of decisions and laws on compensation and the ration card and electrical projects.”

Zebari added that “the amount of required deficit financing 21 trillion dinars, which Maittalb adoption of new styles, including the imposition of taxes on some luxury goods or communications.”

The finance minister said, “There are several proposals, including the agreement with the central bank to reduce the reserve to 7 instead of 15% and a Trade Bank of Iraq to grant the Ministry of Finance a loan of $ 3 billion and the issuance of securities, which means that the fiscal deficit by about 5 trillion dinars,” pointing at the same time “there was a real crisis in the financial liquidity but to call an end to bankruptcy in the presence of about 77 billion dollars in the fiscal reserve of the Central Bank has not been touched,” .anthy 2.