Iraq is a supreme committee to monitor oil prices ahead of a possible freeze on OPEC

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Iraq is a supreme committee to monitor oil prices ahead of a possible freeze on OPEC

Post  Admin on Thu Sep 22, 2016 8:14 am

Iraq 09/22/2016 09:51

Oil Minister Jabbar Luaibi announced the formation of a higher committee for monitoring the global oil market fluctuations.

Allaibi said in a ministry statement seen by Radio NOAA, "The importance of oil prices and its impact on government revenues requires us global market monitor so the directive to the Iraqi oil marketing company SOMO, the need to form a committee comprising a group of experts and those concerned with oil who have the expertise and access and knowledge of market fluctuations global order to take advantage of them to give the visions and expectations of the state of the oil market and its impact on export operations and to conclude contracts. "

He said the oil minister that "the Commission will report daily and monthly regular annual and determine which forecast long and short ranges, as well as the approximate conclusions and speculative oil market and to take advantage of them in determining the selling price in the public budgets for future Awaktt, in order to avoid gaps and differences that may arise between projected in the budget and the oil market variables prices. "

It is scheduled to hold an informal meeting in Algeria on the sidelines of the International Energy Forum, which will be held between 26 and 28 September and is expected to seek through it to revive a global agreement to stabilize production levels.

The regular consultations between Iraq and the International Monetary Fund, which took place on 10 September this in the Jordanian capital, Amman, and private to review the implementation of the Stand-By program, has reviewed the draft federal budget law for 2017 and was agreed to calculate the price of a barrel of oil at $ 43 instead of the price of the proposed 35 in the draft budget and vCard export crude oil, 3.6 million barrels Aumia.bhsp the Ministry of Finance.


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