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Warnings from the effects of closing the Strait of Hormuz on the national economy
On: Thu 1/12/2012 8:02
□ Baghdad / term economic
A member of the Committee on Energy and Oil MP Bayezid good to close the Strait of Hormuz by Iran or any one, will the country to economic disaster because two-thirds of oil exports pass through it, as it will increase the price of oil globally.
and Hassan's (Agency news ): The state budget adopted by (95%) on oil revenues, Iraq exports about more than two million barrels of oil per day, of which four hundred million barrels pass through the Strait of Hormuz and the other through Turkey.
He added that the closure of the Strait of Hormuz will affect Iraq and all the Gulf States and the world the fact that most of the world depends on oil from the Gulf.
Hassan said that the size of the economic impact on Iraq would be a direct, which will lead to economic disaster in the country, because the financial budget of the country depends on oil revenues, primarily the basis .
and that the financial budget for this year amounted to (117) trillion dinars, and the deficit (15) trillion dinars.
He pointed out that the closure of the Straits would also lead to higher global oil prices affect the prices of goods and food in all countries in the world.
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