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Call for the preparation of the reality of the case in accordance with the conditions of the budget
1/15/2015 0:00
Outlook stable oil prices between $ 55 to $ 60 in two years
BAGHDAD Mustafa al-Hashemi
Thank Fatlawi
Since last June, the oil lost almost half its price, at a time when OPEC refuses to back down from its position of reducing production to ease the glut of oil supply and wrote a lot about this dramatic decline, and put forward different ideas and scenarios to deal with the repercussions of a downward movement which caused extensive damage to the economies of several countries, including Iraq's economy almost entirely dependent on oil.
Price of a barrel
Perhaps determine the price of a barrel of oil to the global adoption fee in the budget year 2015 highlighted the challenges faced by economists because the global crude price has yet to settle on a certain extent while sources predicted bottom price ranges from $ 35 for a barrel of crude and $ 40 for a barrel of Brent.
Achieve goals
In this context, oil expert Hamza jeweler said in a seminar organized by the progress of policy development institute: Achieving price of 60 dollars, which was preparing the budget Kan can not be universally achieved over the next two years to the presence of large amounts of oil stored in giant tankers at sea allows speculators and owners of international companies use to influence Saralnaft and thus achieve the goals for which fabricated from this crisis, which is different from its predecessors of the crises the world has seen.
Producers non-traditional
He explained that this crisis aims to expel non-traditional producers from the scene who influenced a lot in the production of OPEC members, noting producers to produce 14 million barrels per day.
He stressed that the world needs today to 91 million barrels of oil a day, with total OPEC production of 30 million barrels per day, while inventories in the sea up to 200 million barrels are purchased at low prices to be sold later.
He predicted that the re-oil prices to rise in the year 2016 to range between $ 55-60 per barrel, pointing out that Iraq aspires to reach for the production of 9 million barrels per day to compensate for the lower price, but the problem - according to the jeweler - is that the quantities produced are currently up to (2, 75) million barrels per day from the southern fields in Basra for the remainder of the 550 thousand barrels that have been agreed upon with the Kurdistan region of mortgage security and technical conditions that may not allow their production at the moment .. calling for the need to prepare the reality of the budget if it would be possible to deal with it in accordance with conditions and prices.
Economist and former Undersecretary of the Ministry of Planning Behnam Elias Peter is also talked about the budget, a number of interesting observations on them .. revealing that the effect on the total budget level ranges between (72-81) percent at a rate of 76 percent, leaving a deficit or surplus is stable the trend in the past (2010-2013).
In-depth studies
He called for a review of the budget through the preparation of in-depth studies about existing possibilities available in the non-oil activities and try to develop in order to be possible to create alternatives in light of expectations constantly deteriorating oil prices, which will not exceed 60 dollars in the event of recovery. He stressed the need to develop a long-term strategy takes into account the internal matters and foreign relations and alliances to serve as a road map for the future.
Style of bargaining
Peter and pointed to the necessity of the ministries and institutions of various state preparing systematic studies to serve as a guide when approving the budget and leave the style of bargaining currently approved in the budget preparation .. calling for the formation of a working group following the implementation of the budget every month according to the economic and financial fixed and known then move to the programs budget indicators.
Meanwhile, a UAE Oil Minister Mohammed bin Suhail Al Mazroui Tuesday: OPEC will not change its strategy for the production of oil and ruled out any sudden rebound in prices occurs.
Mazrui said that it is unlikely to see a sudden increase - it will take time. "It will depend on what we will see in the current quarter and the next. The first half of 2015 will give us more data to predict what will happen."
Mazrui said the oil market "will take time to settle down. But do you take two or three years? It depends on the rationality of the producers."
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1/15/2015 0:00
Outlook stable oil prices between $ 55 to $ 60 in two years
BAGHDAD Mustafa al-Hashemi
Thank Fatlawi
Since last June, the oil lost almost half its price, at a time when OPEC refuses to back down from its position of reducing production to ease the glut of oil supply and wrote a lot about this dramatic decline, and put forward different ideas and scenarios to deal with the repercussions of a downward movement which caused extensive damage to the economies of several countries, including Iraq's economy almost entirely dependent on oil.
Price of a barrel
Perhaps determine the price of a barrel of oil to the global adoption fee in the budget year 2015 highlighted the challenges faced by economists because the global crude price has yet to settle on a certain extent while sources predicted bottom price ranges from $ 35 for a barrel of crude and $ 40 for a barrel of Brent.
Achieve goals
In this context, oil expert Hamza jeweler said in a seminar organized by the progress of policy development institute: Achieving price of 60 dollars, which was preparing the budget Kan can not be universally achieved over the next two years to the presence of large amounts of oil stored in giant tankers at sea allows speculators and owners of international companies use to influence Saralnaft and thus achieve the goals for which fabricated from this crisis, which is different from its predecessors of the crises the world has seen.
Producers non-traditional
He explained that this crisis aims to expel non-traditional producers from the scene who influenced a lot in the production of OPEC members, noting producers to produce 14 million barrels per day.
He stressed that the world needs today to 91 million barrels of oil a day, with total OPEC production of 30 million barrels per day, while inventories in the sea up to 200 million barrels are purchased at low prices to be sold later.
He predicted that the re-oil prices to rise in the year 2016 to range between $ 55-60 per barrel, pointing out that Iraq aspires to reach for the production of 9 million barrels per day to compensate for the lower price, but the problem - according to the jeweler - is that the quantities produced are currently up to (2, 75) million barrels per day from the southern fields in Basra for the remainder of the 550 thousand barrels that have been agreed upon with the Kurdistan region of mortgage security and technical conditions that may not allow their production at the moment .. calling for the need to prepare the reality of the budget if it would be possible to deal with it in accordance with conditions and prices.
Economist and former Undersecretary of the Ministry of Planning Behnam Elias Peter is also talked about the budget, a number of interesting observations on them .. revealing that the effect on the total budget level ranges between (72-81) percent at a rate of 76 percent, leaving a deficit or surplus is stable the trend in the past (2010-2013).
In-depth studies
He called for a review of the budget through the preparation of in-depth studies about existing possibilities available in the non-oil activities and try to develop in order to be possible to create alternatives in light of expectations constantly deteriorating oil prices, which will not exceed 60 dollars in the event of recovery. He stressed the need to develop a long-term strategy takes into account the internal matters and foreign relations and alliances to serve as a road map for the future.
Style of bargaining
Peter and pointed to the necessity of the ministries and institutions of various state preparing systematic studies to serve as a guide when approving the budget and leave the style of bargaining currently approved in the budget preparation .. calling for the formation of a working group following the implementation of the budget every month according to the economic and financial fixed and known then move to the programs budget indicators.
Meanwhile, a UAE Oil Minister Mohammed bin Suhail Al Mazroui Tuesday: OPEC will not change its strategy for the production of oil and ruled out any sudden rebound in prices occurs.
Mazrui said that it is unlikely to see a sudden increase - it will take time. "It will depend on what we will see in the current quarter and the next. The first half of 2015 will give us more data to predict what will happen."
Mazrui said the oil market "will take time to settle down. But do you take two or three years? It depends on the rationality of the producers."
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