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Parliamentary lower financial expectations for the price of oil to $ 55 and the central finance budget 6 trillion dinar
Baghdad-London/range-range press-Reuters
Parliamentary Committee review of the general budget bill for Iraq for the year 2015 was adopted 55 dollars a barrel instead of $ 60 as previously scheduled, and to minimize its unfortunate about 40 billion dollars. During the Parliament session in Baghdad Monday, the MP Ahmed Chalabi, Chairman of the Finance Committee in summary on the latest debates on the federal budget, noting that the Committee has worked to address the current economic crisis, pointing out that the amount of the salaries of staff members and retirees up to 51 trillion dinars (46 billion dollars) means need Iraq to export 2 million and 900,000 barrels of oil a day at the price of $ 40 to cover salaries. It also found 17% of the budget to Kurdistan to the Iraqi Defense Ministry for the Kurdish Peshmerga forces.
Chalabi said that the budget allocated to defense and security 31 trillion dinars (26 billion dollars) as oil Ministry asked 14 trillion Iraqi dinars ($ 12 billion) investment budget in addition to the need to allocate funds for the crowd of volunteers against "daash" and displaced more than half a million families (2.1 million) and hoped that the draft budget to Parliament at the vote on Thursday.
Some deputies said that the reduction of the budget of up to $ 85 billion instead of $ 103 billion, which was formerly a first reduction from the original $ 150 billion dollars. In order to reassure the citizens ' fears of the impact of these reductions on their living conditions and services provided to them, said Parliament Speaker Salim Al-jubouri that the budget reduction would not affect the salaries of employees or retirees or social protection network in addition to the ministries of Defense and health allocations. And the Government in the preparation of the budget already on the basis of the price of $ 60 per barrel of oil, but prices recently fell below 48 dollars a barrel as forced her to an amount of $ 55 per barrel.
For his part, Iraqi Central Bank decided Tuesday to finance fiscal budget for the year 2015, six trillion dinars, and the approval of the package to meet the financial challenge "in Iraq, he noted that such actions do not affect the Reserve Bank."
The CBI said in a statement, received by AFP, "the term" copy, "in line with the functions of the Central Bank and its responsibility in supporting development and stimulate the Iraqi economy and the fiscal challenges facing the country, the Central Bank Board of Directors approved the proposals made by the Bank's management".
It added that among the proposals are to support the liquidity of commercial banks specialized in the amount of (5) five trillion dinars to lending to industrial and agricultural real estate and housing loans to support economic activity and employment, as well as financing the State budget with a loan amount (6) six trillion dinars run through 50% of commercial bank reserves deposited with the Central Bank of Iraq ".
The statement noted that "the Governing Council approved the repurchase of Treasury bonds from the secondary market where the Central Bank will buy about 5 trillion dinars as the first phase of those bonds," he said, adding that "these measures do not affect the special reserve of the Central Bank of Iraq".
The price of a barrel of OPEC oil basket materials «» has registered a decline, on Tuesday at the start of this week's trading, to $ 42.90.
And the Secretariat for the Organization of petroleum exporting countries ' (OPEC), in a statement yesterday, the price of the basket its products, which include 12 kinds of crude oil dropped by $ 0.79 yesterday, compared with the close of the previous session, while the European measurement ore mix «Brent», delivered March next, record in early trading yesterday to $ 47.90 a barrel in futures market, a decrease of 0.54 percent from the end of the «organisation» does not exclude access for the price of a barrel of oil to $ 200
The other has not ruled out, Secretary-General of the Organization of petroleum exporting countries (OPEC), Abdullah Al-Badri that the price of a barrel of oil to $ 200 if oil investments fell under low oil prices remain at current levels.
Badri did not specify the length of time needed for the price up to $ 200, but the majority of the investments in the upstream sector of the oil and gas production continues even with the current price of under $ 50 a barrel, and a few have been abolished.
Badri said in an interview with Bloomberg in London the oil market experienced a surplus of around 1.5 million barrels per day, but returned to say that the surplus should be rectified through declining supplies and not only in terms of increased demand, noting that lower prices would lead to a decline in production of some producers and is the recent decision by the Organization to maintain the production ceiling as it is.
Badri said in his interview Friday that OPEC would eventually play the role of «product is likely in the world oil market which means that OPEC after the end of the current crisis resulting from the imbalance in the balance of the market may return to cut production to support prices.
Meanwhile, Badri said that increasing production of Iraq will not affect the balance of the market and will not contribute to the accumulation of surplus significantly, despite Iraq plans to raise its production to 4 million barrels a day this year.
Badri had warned last week in Davos that low oil prices remain at the current level will affect investment in production and if not oil investment during the next 5 years, the price will rise to $ 100 again.
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Baghdad-London/range-range press-Reuters
Parliamentary Committee review of the general budget bill for Iraq for the year 2015 was adopted 55 dollars a barrel instead of $ 60 as previously scheduled, and to minimize its unfortunate about 40 billion dollars. During the Parliament session in Baghdad Monday, the MP Ahmed Chalabi, Chairman of the Finance Committee in summary on the latest debates on the federal budget, noting that the Committee has worked to address the current economic crisis, pointing out that the amount of the salaries of staff members and retirees up to 51 trillion dinars (46 billion dollars) means need Iraq to export 2 million and 900,000 barrels of oil a day at the price of $ 40 to cover salaries. It also found 17% of the budget to Kurdistan to the Iraqi Defense Ministry for the Kurdish Peshmerga forces.
Chalabi said that the budget allocated to defense and security 31 trillion dinars (26 billion dollars) as oil Ministry asked 14 trillion Iraqi dinars ($ 12 billion) investment budget in addition to the need to allocate funds for the crowd of volunteers against "daash" and displaced more than half a million families (2.1 million) and hoped that the draft budget to Parliament at the vote on Thursday.
Some deputies said that the reduction of the budget of up to $ 85 billion instead of $ 103 billion, which was formerly a first reduction from the original $ 150 billion dollars. In order to reassure the citizens ' fears of the impact of these reductions on their living conditions and services provided to them, said Parliament Speaker Salim Al-jubouri that the budget reduction would not affect the salaries of employees or retirees or social protection network in addition to the ministries of Defense and health allocations. And the Government in the preparation of the budget already on the basis of the price of $ 60 per barrel of oil, but prices recently fell below 48 dollars a barrel as forced her to an amount of $ 55 per barrel.
For his part, Iraqi Central Bank decided Tuesday to finance fiscal budget for the year 2015, six trillion dinars, and the approval of the package to meet the financial challenge "in Iraq, he noted that such actions do not affect the Reserve Bank."
The CBI said in a statement, received by AFP, "the term" copy, "in line with the functions of the Central Bank and its responsibility in supporting development and stimulate the Iraqi economy and the fiscal challenges facing the country, the Central Bank Board of Directors approved the proposals made by the Bank's management".
It added that among the proposals are to support the liquidity of commercial banks specialized in the amount of (5) five trillion dinars to lending to industrial and agricultural real estate and housing loans to support economic activity and employment, as well as financing the State budget with a loan amount (6) six trillion dinars run through 50% of commercial bank reserves deposited with the Central Bank of Iraq ".
The statement noted that "the Governing Council approved the repurchase of Treasury bonds from the secondary market where the Central Bank will buy about 5 trillion dinars as the first phase of those bonds," he said, adding that "these measures do not affect the special reserve of the Central Bank of Iraq".
The price of a barrel of OPEC oil basket materials «» has registered a decline, on Tuesday at the start of this week's trading, to $ 42.90.
And the Secretariat for the Organization of petroleum exporting countries ' (OPEC), in a statement yesterday, the price of the basket its products, which include 12 kinds of crude oil dropped by $ 0.79 yesterday, compared with the close of the previous session, while the European measurement ore mix «Brent», delivered March next, record in early trading yesterday to $ 47.90 a barrel in futures market, a decrease of 0.54 percent from the end of the «organisation» does not exclude access for the price of a barrel of oil to $ 200
The other has not ruled out, Secretary-General of the Organization of petroleum exporting countries (OPEC), Abdullah Al-Badri that the price of a barrel of oil to $ 200 if oil investments fell under low oil prices remain at current levels.
Badri did not specify the length of time needed for the price up to $ 200, but the majority of the investments in the upstream sector of the oil and gas production continues even with the current price of under $ 50 a barrel, and a few have been abolished.
Badri said in an interview with Bloomberg in London the oil market experienced a surplus of around 1.5 million barrels per day, but returned to say that the surplus should be rectified through declining supplies and not only in terms of increased demand, noting that lower prices would lead to a decline in production of some producers and is the recent decision by the Organization to maintain the production ceiling as it is.
Badri said in his interview Friday that OPEC would eventually play the role of «product is likely in the world oil market which means that OPEC after the end of the current crisis resulting from the imbalance in the balance of the market may return to cut production to support prices.
Meanwhile, Badri said that increasing production of Iraq will not affect the balance of the market and will not contribute to the accumulation of surplus significantly, despite Iraq plans to raise its production to 4 million barrels a day this year.
Badri had warned last week in Davos that low oil prices remain at the current level will affect investment in production and if not oil investment during the next 5 years, the price will rise to $ 100 again.
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