Economists call for the government to reduce the price of oil proposed in the budget in 2013

Fear of falling world prices .. Economists call for the government to reduce the price of oil proposed in the budget in 2013

Date: 04/11/2012 12:48:42 Sunday

Baghdad (news) / report / Hussein Faleh / .. It seems that the economic problems faced by some European countries and the U.S. threatens every now and then down world oil prices as will reduce consumption actual oil, which will increase the display in the global market and therefore falls price.
This was confirmed by experts and specialists in economic affairs (of the Agency news), warning of the adoption of the budget next year on the price of a barrel of oil at (90) dollars for it will the country to danger in the event of lower world oil prices, especially since the budget depends a rate (95%) on oil revenues. A member of the Finance Committee MP / National Alliance / Faleh Surrey, The general budget for the coming year which was ratified by the government did not take into account the caution of economic fluctuations in the region and gave the highest price appreciation for a barrel of oil compared with other countries as states the Arabian Gulf or Iran and the rest of the region. added Surrey (of the Agency news): that the budget reached the House of Representatives and will be discussed in the coming days, and expected that it would raise the wrath of some lawmakers that would lead to rejection her because of their dependence on the price of a barrel of oil at (90) dollars per barrel, which will be returned back to the government for the purpose of reducing the fiscal deficit is estimated to balance with what fits with reduction new oil price. and Council of Ministers approved in its Forty-sixth regular on 23 October 2012, a bill the federal budget for 2013 of $ (138) trillion dinars, an increase of 18% from last year. came in the project that the total federal income reached (119.3) trillion dinars were the result of calculating the revenues from export of crude oil at an average price (90) dollars per barrel and export capacity of up to (2.9) million barrels per day, including the quantity produced and exported from the territory of Kurdistan and the (250) thousand barrels per day. was objected the International Monetary Fund on raising the price of a barrel of oil in the budget in 2013. while reduced the Ministry of Finance, the importance of an interception Monetary Fund and the World Bank to raise the price of a barrel of oil in the federal budget, indicating that the addition of five dollars on the price of a barrel came as a result of increased expenditures in budget. As a member of the Finance Committee MP / National Alliance / Abdul Hussein al-Yasiri, warned: to determine the price of a barrel of oil at (90) dollars in the budget next year as a result of the global economic crisis that led to volatile prices of oil in the oil market, calling for adoption under Price (85) dollars to take into account the likelihood of lower oil prices. Yasiri said (of the Agency news): The Ministry of Finance when she wanted drafting this year’s budget and determine the price of a barrel of oil upon which the budget met IMF and the International Bank for Reconstruction and Friendly economists and petroleum to estimate ideal price for oil has been fixed at (85) dollars a barrel, describing that price ideal. Meanwhile called economic expert Hamid al-Musawi, the need to adopt price of a barrel of oil at (80) instead of $ (90) dollars in the budget year (2013) in anticipation of a decline global oil prices. Moussawi said (of the Agency news): on the federal government to take into account the decrease in the price of oil worldwide and it can not put price is optimistic that because it would cause economic problems in the country if low oil prices in the global markets. added: There are expectations global to lower oil prices after deciding the United States and some countries increase their output of oil and this is what will make there is a surplus of oil in the markets, thus affecting oil prices, noting that Iraq is fully supported on the oil in the event of fluctuations in oil prices, the national economy will be affected directly. He stressed: to be taken several possibilities when the numbers and writing the annual budgets of the state and that is not built on the basis of price optimistic oil, and the difficulty of ensuring the survival of its price fixed globally in the light of economic and financial crises occurring in America and Europe, but must put its price to the lowest what is expected him to avoid problems that might get a result. explained: if the price of the barrel under the price expected by the government, which has been prepared in which the budget will lead to a large fiscal deficit and to the problem of state can not be resolved, because there are claims by the ministries and provinces to increase T_khasasathm market during the coming year. was have alerted a member of the Committee on the economy and investment MP / coalition in Iraq / Nora Salem البجاري, the likelihood of lower oil prices over the next year, calling for a response to the demand of the World Bank to determine the price of a barrel of oil without the (90) dollars in the budget year (2013) to avoid problems significant economic in the country. said البجاري (of the Agency news): The Iraqi economy is still unilateral supplier dependent on oil despite the existence of mineral resources untapped, making the general budget is affected by fluctuations in oil prices in global markets. added: demanding that the World Bank rate cut barrel of oil proposed in the budget, came Keen to Iraq to avoid the economic crisis possible, because today the world economic crises and threats of international These are all impact on oil prices in the future, so we should amend the budget and reduce the price of oil proposed to below (90) dollars a barrel. / end / 8. n. p /