Economic Commission warns of economic setback with the fall in oil prices

Economic Commission warns of economic setback with the fall in oil prices

04/07/2012 16:18

Erbil, July 4 (Rn) – warned the Economic Committee in the Iraqi Council of Representatives on Wednesday of relapse economic in the country due to lower world oil prices. Oil prices in the second quarter, the biggest decline in quarterly since the financial crisis in 2008, sparking fears among Some members of OPEC. Iraq had earlier called for OPEC to cut supply while demanded Venezuela’s meeting of the emergency organization in the third quarter of this year, if not improved prices. and warned MP Mahma Khalil Sinjari decision of the Economic Committee in the Iraqi parliament said in a statement from “a setback in the Iraqi economy due to lower world oil prices, “and urged the federal government to take necessary measures to face it.” Iraq produces more than 3 million barrels per day is exporting about 2.4 million barrels per day and an oil imports about 95 per cent of the budget of the country’s finances. Khelil said “Iraq’s economy will be subjected to a major setback in the event of a continued decline in world oil prices to the fact that the fiscal budget of the country depends mostly at imports of Iraqi oil source.” and demanded the Iraqi government to take precautionary measures to counter this by increasing the production amount of oil and the amount of reserve export. also called for the Federal Government and the Ministry of Iraqi oil to work in earnest and fast to find outlets for alternative export Iraqi oil through the Strait of Hormuz in the event of any military tension in the region may cause closure of the strait. ” and called for the federal government to find alternative sources of oil, including support for the investment sector and the economy, agriculture, industry and tourism. fallen price of crude oil on Wednesday, with the return of investors to focus on the economic climate bleak and they sell for a profit gains from the previous sessions. Oil had risen on Tuesday, boosted by expectations of further monetary easing, but Brent stepped down after the 49 cents to 100.18 dollars a barrel, while the U.S. crude 55 cents a registered 87.11 dollars a barrel, according to figures reported by Reuters. and OPEC said on Wednesday that the standard price of its basket of crudes, which includes Iraq’s Basra Light oil rose to 96.53 dollars a barrel on Tuesday from 94.17 dollars the previous day. Abdullah Sabri

Source: aknews