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The ministry is seeking to contract agreements with Asian countries
BAGHDAD - morning
drew economists to an increasing demand for crude oil, especially after the economic crisis that swept the world after the year 2008, including East Asian countries, India and China, which have become markets important for Iraqi oil.
economic expert on behalf Jamil Antoine considered that oil prices will not fall below $ 100 per barrel, especially as India began relying on Iraqi oil, which fills half of its need and at prices not less than one hundred dollars.
said Antoine told (morning): "The adoption of a barrel of Iraqi oil between 85-90 dollars in preparing the budget is reasonable, there is also a financial surplus of the budgets of the public, as well as increasing the amount of oil production per year ", although the complaint oil companies regarding energy Alkhoznip low for the oil ministry, which has to be raised to 12 million barrels. Reserve Alkhozna The expert pointed out that Iraq is the oldest building reservoirs in South Korea for four million barrels a precaution in the event of any crisis or economic problems or sabotage, or cut through the Strait of Hormuz, because the Iraqi budget relies heavily on oil, meaning that 95 percent of the general budget dependent on oil revenues, so the flow of this production is very necessary and must be guaranteed, he says. oil revenues The Oil Minister Abdul Karim and coffee had been announced on the sidelines of the Forum's fifth round table of oil producers and consumers in Asia, which was held in Seoul earlier this month Currently, the determination of Iraq to store 4 million barrels of crude oil in South Korea. noted Antoine that the main objective of oil revenues is to harness the benefits of a diversified economy industrial, agricultural and tourism, as the reliance on a single source keeps the budget in constant danger, in addition to the the country in front of a big problem, a phenomenon of unemployment, indicating that the oil sector does not hold more than 2 percent of the work force, while the agricultural and industrial sectors and tourism فتحتاج large numbers of workers, so the imports substitute for many of the imports of Foreign Affairs and revive the national economy and about the risks for the economy and budgets . budget live crises and expert opinion that the budget Iraqi lives crises large, the first operational, and constitute more than 70 percent of the general budget, and the second dependent on oil revenues, noting that Iraq was unable to over 10 years ago and despite the growing imports of diversification of the economy, so to be thinking about finding other ways to finance the budget and raise GDP by other sectors, accounting for imports industry for at least 15-20 percent, and agriculture more than 25 percent, while the tourism is not less than 10 percent. new agreements , in turn, stressed Spokesman for the Oil Ministry, Assem Jihad (morning) that Iraq had plans to hold conventions for the storage of crude oil in Asian countries, several of which India, China and Japan. With continued oil price in the global market to exceed the $ 110 per barrel, the government expects that these prices will remain above 100 dollars for a medium to come. said the Secretary-General of the Council of Ministers on the Keywords in a press statement: "The Iraqi government derives its information on the prices of oil from OPEC, which provides forecasts and insights near and medium term," he said, adding that it (the organization) depend on their expectations on the principle of supply and demand in global markets, as the price of oil may go up or down, but it would maintain its survival above the $ 100 per barrel for the medium to come. sovereign fund while stressing economic expert Falah Hassan Alwan, in a press statement that the increase in global oil prices would be reflected in the budget Iraq's federal and therefore it will raise the level of investment projects and service to the country, calling on the authorities to create a sovereign fund of funds surplus derived from oil imports to finance several development projects and investment that can not budget for funding. increase in exports should be noted that oil exports have risen since early last August about 220 thousand barrels per day compared with last July as a result of increased flows from the southern ports, after the allocation of the Iraqi State Oil Marketing Company (SOMO) of additional quantities of crude to some buyers, according to trade sources.
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