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Where does the surplus oil money go? .. Parliamentary finance clarifies: There is no supplementary budget in the constitution

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Where does the surplus oil money go? .. Parliamentary finance clarifies: There is no supplementary budget in the constitution

Time: 05/04/2021 20:41:56 Reading: 7,397 times

{Economic: Al Furat News}
The Parliamentary Finance Committee clarified, on Tuesday, that the surplus oil revenues go to the sovereign fund.

A member of the committee, Muhammad Al-Shabki, said in a televised statement that "Oil prices are not stable and cannot be built upon in the financial abundance."

He added that "the Financial Management Law stipulates the transfer of the financial surplus from oil prices to the sovereign fund and adding it to future budgets."

Al-Shabky indicated, "There is no supplementary budget in the constitution, and the surplus funds may go to fill the fiscal deficit in locations according to the studies of the Ministries of Finance and Planning and vote on it by the Council of Ministers."

The member of the Finance Committee concluded by saying, "to the government. The right to appeal budgetary articles to which an increase of sums has been added, and it has full authority to suspend these materials."

Today, Tuesday, the Iraqi Ministry of Oil announced an increase in its oil revenues from one billion to 6 billion dollars per month, while it renewed its commitment to the decisions of the "OPEC" organization.

And the ministry's spokesman, Asim Jihad, said in a press statement, that "Iraq is keen on Commitment to the OPEC + agreement to reduce production and work to restore balance to the oil market, which has been subjected to a major shake-up due to the repercussions of the spread of the Corona virus, which led to a recession in the global economy.”

He stated, "Iraq aims to increase the financial value of its source oil, and commitment." With the quotas set by OPEC +, until the reasons leading to this are clarified, which require a collective decision and commitment from the producers in OPEC and OPEC +, and this is what led to its success in absorbing a large part of the oil surplus in the global markets.”

Jihad indicated, That "this commitment led to an increase in the price of a barrel of oil from below $10 months ago, to more than $65 at the present time, and Iraq's revenues increased from one billion dollars to 5-6 billion dollars per month."

Wafaa Al-Fatlawi

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