Deputy: high oil prices would fill a 2017 budget deficit
Deputy: high oil prices would fill a 2017 budget deficit
12/11/2016 15:20
{Baghdad} Euphrates News said the MP for the mass change parliamentary Serwa Abdul Wahid that “the rise in oil prices in 2017 will fill the budget deficit.
She said Abdul Wahid told {Euphrates News} on Sunday, that “there are clauses in the budget of 2017 related to improving the situation in Iraq and the staff in general , ” noting that “there is one problem in the budget related to the cause of the shortfall where he will end after the rise in oil prices globally “.
This confirmed the Commission on oil and energy parliamentary day that OPEC oil agreement will contribute to reducing the deficit in the federal budget for the next 2017 and improve living conditions in the country.
The oil producers within the Organization of Petroleum Exporting Countries {OPEC} and abroad, reached on Saturday to the first joint agreement since 2001 to restrict crude production and ease the oversupply in the market and the agreement came after the continued low prices for over two years , which put pressure on budgets many countries and triggered unrest in some of them.
OPEC agreed last week to cut output by 1.2 million bpd from January.
And agreed to independent producers, to reduce production by 562 thousand barrels per day, slightly less than the size that was targeted initially amounting to 600 thousand barrels per day, said sources in the Oopk.anthy
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