Oil prices will go toward the $ 20 and the government to take measures

01/09/2016


BAGHDAD / JD / .. warned a number of experts and specialists in the financial and economic affairs of the continuing decline in oil prices, especially after scoring Brent Sarr $ 33, Marjaheen the arrival of the price of oil in the OPEC basket of $ 20 a barrel, while calling for the government to take measures to cope with the crisis threats to the country's financial result of lower oil prices.

The economist said Adel Mohammed Mandalawi, that since the economy of Iraq is still Rieia depends by more than 93% on oil revenues, it inevitably will be affected by any fluctuations occurring global oil prices, unlikely to be a political conflict Regional between Iran and Saudi Arabia impact on the oil prices in the future.

He Mandalawi Agency / JD / oil prices are determined by supply and demand and past the period of the oil market experienced a glut in supply as a result of increased Saudi production, as well as Iran and even Iraq, which reached its oil production close to 4 million barrels per day, these are all factors that lead to continued decline in oil prices.

He noted that next summer will see Trdjaa Akthera oil prices since the previous forecast was referring to the winter season will increase the price of oil on the grounds there is a growing demand for fuel, but saw the opposite, where the current winter is witnessing a gradual decline in oil prices.

He stressed that this decline will affect the Iraqi economy and the federal budget and will lead to confusion and economic paralysis if the government did not take the necessary steps to address this looming crisis, which measures the local product support whatever he needs and make domestic production enough to need to be dispensed with the importing of some consumables, in addition to activating taxes and levies and the issuance of domestic and foreign bonds as well as the imposition of compulsory savings year on all salaries, to recover the money that is withheld at the recovery of oil prices.

For his part, favored the oil expert Nashi glorious arrival of oil prices to $ 20 a barrel and this is what will impact heavily on the Iraqi economy, finance and budget.

He told Nashi / JD /: "If the state of the global oil markets and bearish indicators continued in this vein, with Brent crude Register today at the opening of a serious price is $ 33 a barrel, Iraq will make in the wind."

He added that "this serious decline means that the price threshold Salams twenties, noting that all global stock markets dyed red color, wondering Are we witnessing during the days of global economic crisis have all the risk?".

The parliamentary Finance Committee has confirmed the government's inability to cope with the expected financial crisis because they do not possess a huge non-oil imports.

A member of the committee MP Hossam punitive Agency / JD /: that everyone knows that Iraq depends on oil revenues class basis in the construction of the annual financial budget and has no other revenue parallel to the oil, then your government will be powerless against the face of the expected financial crisis as a result of the fall in world oil prices.

He said he should be on the Ministers of the Member countries in OPEC to agree to cut oil production to control oil prices, noting that they fail to agree in the previous period led to a drop in oil prices and dramatically. / End / 8 /

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