Abadi economic adviser: Iraq is losing one billion dollars annually because of falling oil prices
Abadi economic adviser: Iraq is losing one billion dollars annually because of falling oil prices
Posted 19/12/2014 09:54 AM
Stressed the economic advisor to the Prime Minister, Haider al-Abadi, a Friday, that Iraq is losing more than a billion dollars a year with each drop of $ single in the price of a barrel of oil, which issued, while the predicted price is not less than 55. The rate of $ 60 a barrel, most likely possibility rise and decline of the future role of the oil-producing companies from non-traditional sources.
The US crude and Brent crude prices have jumped simple unrealized gains after data showed a drop in US crude inventories last week, as US crude futures rose for delivery in the earliest maturity of 54 cents at the settlement, or one percent, to $ 56.47.
He said the economic advisor to the prime minister, the appearance of Mohammed Saleh, said that “any rise in global oil prices to serve Iraq Ksenh reduces the deficit in the budget ratio”, noting that “the decline in those prices hurt Iraq and exacerbate the budget deficit, especially since the economy depends by 95 percent on oil imports. ”
Saleh added that “the decline in the price of a barrel of oil dollars and one leads to the loss of Iraq more than a billion dollars over the course of one year, while the rise equally, adds to the treasury billion and $ 200 million or more per year,” noting that “the rise today in the price of a barrel Oil is important and gives a positive signal for improvement in global markets. ”
Saleh continued, that “Iraq and Saudi Arabia and the Gulf states and Iran, the oil extracted from the traditional natural resources, and that the cost of producing a barrel of it up, on average, to $ 67,” returned that “the sale of oil, $ sixty involves a loss-producing countries.”
He went on an economic advisor to the prime minister, said that “companies that produce oil from unconventional sources, such as oil sand and stone oil and others, suffered heavy losses when falling world oil price, because the revenues no longer cover the cost of production, which may give it from the market”, and increased Here, “America, China and other big consuming countries began, trying to rebuild their stocks, which generates plus oil, which could mean a request to start a new cycle of rising oil prices.”
Saleh asserted the necessity of “no dumping of optimism about the possibility of rising global oil prices, but as long as they have moved up, the get off the bottom will not exceed sixty or $ 55 per barrel,” and expressed hope that “the current wave the end of the fall in oil prices stage, and stability when current rates with the possibility of a future rise and decline of the role of the oil-producing companies from non-traditional sources. ”
It is noteworthy that the price of oil fell more than a hundred dollars in the middle of the current year, 2014, to less than $ sixty now, especially after that overshadowed the increase in oil shale production of high-quality light, in North America on demand.
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