Parliament discusses with Abdul-Mahdi, the oil and the economic reality of Iraq

11/18/2014 0:00

To raise its next week
Baghdad morning

Majlis deputies hosted at its thirtieth held yesterday Monday, chaired by President of the Council and in the presence of Salim al-Jubouri, 237 deputies, Oil Minister Adel Abdul-Mahdi to discuss oil and economic reality of the country.

At the outset of the meeting led MP Hadi al-Amiri was sworn member of the House of Representatives. Then the Council hosted Adel Abdul-Mahdi, and the oil minister to review the economic reality and the oil and the agreement between the federal government and the Kurdistan region.

He said the oil minister, according to a statement from the House of Representatives received the "morning" that oil prices have declined rapidly above $ 40 in a few months, adding that Iraq will be affected by a decline in oil prices to adopt it mainly in the construction of the financial budget of the country.

He said Abdul-Mahdi, that the most important drop in oil prices factors are increasing shale oil production and increasing oil production in some African countries offset by lower global demand as well as declining growth rates in some Asian countries, especially that more than half of Iraq's oil production was exported to Asia and rising global stock of oil for most industrialized countries.

He favored the oil minister, the lack of a rapid rise in oil prices during the current period in spite of the presence of the attempts being made to ensure the stability of the oil market or to achieve relatively high prices for pointing out that the expected oil price calculated in the construction budget for 2015 will appreciate to $ 80 per barrel, a link improved the performance of the Iraqi economy in the correct orientation of financial resources through pressure unnecessary expenses.

He pointed out that the ministry is in the review of the expenses for the state developed being can not be perpetuated, noting that the money currently can have a building budget to contribute to development, stressing the need to diversify the Iraqi economy sources, especially after the decline in many sectors of the economy versus high dependence on the oil sector over the past years.

He called on the oil minister to resort to bold steps in the field of investment and attract capital for the advancement of economic reality and the possibility of benefiting from the funds of the investment in the budget, noting that the agreement with the province to Ajribt grant amount of money compared to the amount of oil, but an important agreement for the purpose of reaching a final agreement between the government and the province.

He stressed that the agreement with the province can save imports million barrels of oil were absent from the 2014 expenses alluding to the absence of a dispute that all the oil resources must go to the state treasury, referring to the start of the arrival of 150 000 barrels of oil to the Turkish port of Ceyhan for export on behalf of the Iraqi government, indicating that Iraqi forces approaching from access to the Baiji refinery, which provides about 300 000 barrels per day of crude oil in return will work in refineries and Kirkuk fields to take advantage of export and imports of 700 000 barrels per day in support of the budget.

Abdul-Mahdi, and noted that the Ministry of Athbz adoption of criteria for distinguishing between the provinces and its role in the oil wealth management, pointing out that Iraq and its resources would be affected by a reduction in OPEC production in spite of the lack of full commitment to the decision of the organization, referring to an agreement in the presence of the Prime Minister of the Kurdistan region to Baghdad within days to view all details oil relationship between the province and the federal government to address the problems and indicating that the absence of a law of oil and gas regulation will hinder any oil relationship between the government and the regions, on the one hand and the oil-producing provinces on the other hand.

And between Abdul-Mahdi said the responsibility not to enactment of the oil and gas borne by all stakeholders law, explaining that the lack of law and regulations and controls made it difficult to resolve the oil export issues by region. During the period of 2012 and the years that followed were the export of oil led to the complexity of the scene, pointing to contain what as things during the negotiations was a wise move, particularly that it aims to export 150 000 barrels of oil a day, explaining that agreement, which we are trying to reach him to export oil through the territory lines would be of interest to all private provinces that pipeline to export oil from Kirkuk will be inoperable even if it was liberated city Mosul.

Then I decided the Presidency to postpone the second reading of the draft law on ratification investment promotion and protection between the Government of the Republic of Iraq and the Hashemite Kingdom of Jordan and submitted by the Committees on Foreign Relations and the Economy and Investment and the second reading of the draft law on ratification agreement between the Government of the Republic of Iraq and the Government of the State of Kuwait to encourage mutual investment protection and submitted by the Committees Relations Law Convention on the Law Foreign investment and the economy.

Then decided to adjourn the meeting to next Tuesday 25/11/2014.

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