02/12/2014 (00:01 pm)
BAGHDAD / Zahraa Hamid
Counting Economic Adviser to the President of the Iraqi government, on Monday, that the agreement with the Kurdistan region constitutes "alternative real-time available" to face the repercussions of the decline in world oil prices, while the Oil Ministry has called for the formation of the Assembly of Experts to determine what you need next phase of the procedures and laws to make up for revenue shortfalls, proposed by Parliamentary Committee on Oil and Energy formation Supreme Economic Council to develop a strategic vision to address the problems of the country and the impact of the global crisis, and the revival of the national oil company and titled for the Iraqis to manage that wealth around independently. He said the appearance of Mohammed Saleh, an economic advisor to the prime minister, Haider al-Abadi, said in an interview to the (long-Presse), "The economic challenges facing Iraq, including the decline in the price of oil on world markets, should face squarely," noting that "the government would form a committee pentagonal to evaluate the results of that decline and reduce expenses and prepare the budget focuses on the liberation of Iraq from the threat of terrorism. " Saleh added that "the government is working through the Committee of Five, on a short-term immediate plans to face the challenge of lower oil prices," returned to "alternative available to the government currently is oil in agreement with the Kurdistan region." And saw an economic advisor to the prime minister, that "the possibility of relying on other resources synonymous oil requires a long-term strategic plan to ensure Iraq's economic future and to avoid exposure to new crises such as those resulting from the drop in world oil prices," noting that "the government is seeking to increase oil exports to three million and 700 000 barrels per day to make up for the shortfall in oil prices. "
It is noteworthy that global oil prices continue falling from more than a hundred dollars to below 80 per barrel, due to oversupply and a slowdown in demand growth and the rise of the US currency, as the price of Brent has fallen more than 20 percent since last June when he was near $ 116 a barrel, with the support of unrest in Iraq.
For his part, said a spokesman for the Oil Ministry, Assem Jihad, said in an interview to the (long-Presse), said that "oil imports make up 95 percent of the Iraqi economy, and to compensate required to for quite some time," returned to "activate other resources such as agriculture, industry and tourism, needs to the strategy and vision and a clear plan. "
He called for jihad, to "form a board comprising experts in various sectors for the development of these perceptions for the next phase and the required procedures and laws to compensate for the lack of oil revenues."
Meanwhile, a member of the Committee on Energy parliamentary, Ibrahim Bahr al-Ulum, said in an interview to the (long-Presse), "The events proved nearly boycotted the fluctuation of the global oil market, and they relate to factors geo-strategic and geo-political, as well as interactions between consuming and producing countries," returned the "oil crisis already present in 2008 occurred. " He Bahr al-Ulum, the need to "hedge to face such crises, especially that Iraq depends on a single resource is oil," calling for a "resort to some exporting countries do reserve a section of the oil revenue surplus to resort to it when needed."
He said a member of the Oil and Energy Committee, said that "the time has come to reform the economic situation", calling for "the formation of a higher economic council that would develop a strategic vision to address the problems of the country and takes into consideration the impact of the global crisis." And saw a sea of science, that "the current situation calls for a serious revival of the national oil company and titled to the Iraqis, in order to manage the oil wealth around independently, functioning and marketed and developers."
The International Energy Agency, shown in (14 October 2014), that the world will grow "much weaker" than expected in oil demand next year in 2015, and is expected to record crude prices fall further.
As with the agency indicated that it recently lowered its estimate for world oil demand growth in 2014 by two hundred thousand barrels a day, to become up to 700 thousand barrels per day.
The agency expects higher demand in the next 2015 by 1.1 million barrels to 93.5 million barrels per day, up 1.2 percent, but including at least 300 thousand barrels from the previous forecast, usually that the sharp decline in oil prices since the second quarter of 2014, the current, may provide some support for the growth of global demand for crude, but probably prevail weak overall economic climate.
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