Representative response to expectations to raise the value of a barrel of oil in the budget and restore the previous exchange rate
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Representative response to expectations to raise the value of a barrel of oil in the budget and restore the previous exchange rate
Admin Mon Mar 08, 2021 12:15 pm
Representative response to expectations to raise the value of a barrel of oil in the budget and restore the previous exchange rate
Baghdad Today - Special
A member of the Economy and Investment Committee in the Iraqi Parliament, Nada Shaker Jawdat, explained today, Monday, March 08, 2021, the fact that there is a parliamentary tendency to adjust the price of oil in the budget law, after the rise in oil prices above $ 70 per barrel in global markets and going towards reducing the exchange rate. For his predecessor.
Jawdat told (Baghdad Today), "The price of a barrel of oil in the budgets is always lower than its price in the global markets, as it is not possible to make the price close to the real price, and then decrease less than what is proven in the budget because this will pave the way for a great and dangerous economic disaster." .
She added that "the Iraqi parliament does not intend to change the price of a barrel of oil in the budget for 2021, as there is no confidence in oil prices, because they are not fixed, and for this the price will remain the same despite the rise, and the surplus will go towards the supplementary budget."
"The recent rise in the price of oil saves the Iraqi government from raising the exchange rate of the dollar against the Iraqi dinar, so it must retreat from this step, especially since raising oil will significantly reduce the financial deficit in the budget," Jawdat added.
Earlier, oil prices jumped, today, Monday, to the highest level in more than a year, after a stronger-than-expected job report in the United States and OPEC and its allies' decision not to increase supplies in April, as it coincides with attacks on Saudi oil facilities.
Brent crude futures exceeded $ 70 per barrel for the first time since January 8, 2020.
According to trading data, May Brent futures contracts rose by 2.32 percent to reach $ 71.15 a barrel, while Basra Light crude oil recorded $ 69.75.
West Texas Intermediate crude oil in April futures rose 2.57 percent to $ 67.81 a barrel.
https://iraqakhbar.com/2955811
Baghdad Today - Special
A member of the Economy and Investment Committee in the Iraqi Parliament, Nada Shaker Jawdat, explained today, Monday, March 08, 2021, the fact that there is a parliamentary tendency to adjust the price of oil in the budget law, after the rise in oil prices above $ 70 per barrel in global markets and going towards reducing the exchange rate. For his predecessor.
Jawdat told (Baghdad Today), "The price of a barrel of oil in the budgets is always lower than its price in the global markets, as it is not possible to make the price close to the real price, and then decrease less than what is proven in the budget because this will pave the way for a great and dangerous economic disaster." .
She added that "the Iraqi parliament does not intend to change the price of a barrel of oil in the budget for 2021, as there is no confidence in oil prices, because they are not fixed, and for this the price will remain the same despite the rise, and the surplus will go towards the supplementary budget."
"The recent rise in the price of oil saves the Iraqi government from raising the exchange rate of the dollar against the Iraqi dinar, so it must retreat from this step, especially since raising oil will significantly reduce the financial deficit in the budget," Jawdat added.
Earlier, oil prices jumped, today, Monday, to the highest level in more than a year, after a stronger-than-expected job report in the United States and OPEC and its allies' decision not to increase supplies in April, as it coincides with attacks on Saudi oil facilities.
Brent crude futures exceeded $ 70 per barrel for the first time since January 8, 2020.
According to trading data, May Brent futures contracts rose by 2.32 percent to reach $ 71.15 a barrel, while Basra Light crude oil recorded $ 69.75.
West Texas Intermediate crude oil in April futures rose 2.57 percent to $ 67.81 a barrel.
https://iraqakhbar.com/2955811
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