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Producing huge returns from high oil prices
<BLOCKQUOTE class="postcontent restore">May 27 2011
Paying high prices for oil producing countries to record substantial revenues. Total proceeds from oil sales Algeria and gas 18 billion dollars in the first quarter of this year. Iraqi Finance Minister Rafe Al-Issawi, government spending will rise 25 percent in 2012 to 115 trillion dinars 98.45 billion dollar and high oil prices would enable Iraq to correct financial conditions this year. Baghdad identified an average price of $ 85.
A huge dividend
In Algeria said Youcef Yousfi, Algerian Minister of energy and mines in a presentation to the Finance Committee that Algeria had $ 18 billion worth of oil revenues during the first quarter while oil revenue amounted to $ 11.25 billion.
The Energy Department confirmed Yousefi drawn over the next five years to improve the pace and rationalization of energy production through the expansion of the operation of the prospecting and exploration for about 50% and increase the size of investment and development of petrochemical projects and continue to meet the needs of cities and villages of electricity and gas. He said efforts to produce 22,000 megawatts of electricity from renewable energy sources. The State's determination to develop the production of gold, lead, zinc and phosphate reserves.
Current prices
In Iraq, said Al-Issawi said current oil prices and higher than expected prices over recent weeks will help cover Iraq budget deficit for 2011. The budget for 2012 will be based on a world price of oil at $ 85 per barrel compared with Brent price of $ 115 per barrel. In February, the Iraqi Parliament approved a budget of $ 82.6 billion in size for 2011 are based on an average oil price at $ 76.50 per barrel and the level of oil exports when 2.2 million barrels per day. He said Al-Issawi told reporters on the sidelines of a Conference on banking is expected to increase in income due to the difference between expected and actual oil price sufficient to cover projected deficit in the budget for 2011.
He said any increase in oil prices or production be allocated to cover the shortfall. The 2012 budget be allocated 40 trillion dinars of investments. The budget still awaiting final approval from Cabinet and Parliament. The budget deficit was projected at 4 2011 of 13 billion dollars but Iraqi officials have said the deficit would be reduced if world oil prices remained at current levels.
Oil prices rose above $ 100 a barrel in most periods of the year. Separately said the Central Bank Governor Sinan Al-shebibi said he expected GDP growth, excluding oil sector, important six percent in 2011. He counts oil growth 12 percent this year, confirming an estimate earlier. The aim was to try to maintain this level of growth in 2012.
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<BLOCKQUOTE class="postcontent restore">May 27 2011
Paying high prices for oil producing countries to record substantial revenues. Total proceeds from oil sales Algeria and gas 18 billion dollars in the first quarter of this year. Iraqi Finance Minister Rafe Al-Issawi, government spending will rise 25 percent in 2012 to 115 trillion dinars 98.45 billion dollar and high oil prices would enable Iraq to correct financial conditions this year. Baghdad identified an average price of $ 85.
A huge dividend
In Algeria said Youcef Yousfi, Algerian Minister of energy and mines in a presentation to the Finance Committee that Algeria had $ 18 billion worth of oil revenues during the first quarter while oil revenue amounted to $ 11.25 billion.
The Energy Department confirmed Yousefi drawn over the next five years to improve the pace and rationalization of energy production through the expansion of the operation of the prospecting and exploration for about 50% and increase the size of investment and development of petrochemical projects and continue to meet the needs of cities and villages of electricity and gas. He said efforts to produce 22,000 megawatts of electricity from renewable energy sources. The State's determination to develop the production of gold, lead, zinc and phosphate reserves.
Current prices
In Iraq, said Al-Issawi said current oil prices and higher than expected prices over recent weeks will help cover Iraq budget deficit for 2011. The budget for 2012 will be based on a world price of oil at $ 85 per barrel compared with Brent price of $ 115 per barrel. In February, the Iraqi Parliament approved a budget of $ 82.6 billion in size for 2011 are based on an average oil price at $ 76.50 per barrel and the level of oil exports when 2.2 million barrels per day. He said Al-Issawi told reporters on the sidelines of a Conference on banking is expected to increase in income due to the difference between expected and actual oil price sufficient to cover projected deficit in the budget for 2011.
He said any increase in oil prices or production be allocated to cover the shortfall. The 2012 budget be allocated 40 trillion dinars of investments. The budget still awaiting final approval from Cabinet and Parliament. The budget deficit was projected at 4 2011 of 13 billion dollars but Iraqi officials have said the deficit would be reduced if world oil prices remained at current levels.
Oil prices rose above $ 100 a barrel in most periods of the year. Separately said the Central Bank Governor Sinan Al-shebibi said he expected GDP growth, excluding oil sector, important six percent in 2011. He counts oil growth 12 percent this year, confirming an estimate earlier. The aim was to try to maintain this level of growth in 2012.
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