07/04/2012
BAGHDAD / JD / .. Reduced and the oil ministry of the concerns raised by the parliamentary committees on lower oil prices, stressing that prices are still above the estimates of the numbers of the budget.
He said the ministry spokesman Assem Jihad said in a statement to correspondent / JD /: no need for concerns raised here and there, adding that oil prices are still above the minimum limits set by the ministry during the preparation of the budget, amounting to $ 82 a barrel.
He was surprised at some of the statements of Jihad, which called for increased exports of Iraqi crude in order to meet the potential shortfall in the supplementary budget as reported by the parliamentary community. Jihad said, “The lower price issue is not about Iraq alone, but exporting countries all, and to maintain the prices of the tasks of the Organization of Petroleum Exporting Countries, which will not stand idly about any change to the prices in order to preserve the balance of global markets.
He added jihad, that the ministry has a strategic plan to raise the exports end of the year in order to reach 3.0004 million barrels per day. He pointed out that any increase in exports need to be programmed plan conforms with the requirements of the market and the real need to raise exports excluding the increase in exports at the present time.
The Ministry of Oil announced a rise in Iraq’s oil exports for the month of May to 76 million barrels and the proceeds amounted to seven billion and $ 831 million. prices fell futures for Brent crude in Asian trade on Wednesday, but remained above $ 100 a barrel.
The Economic Commission representative had warned of the possibility of a deficit in the budget due to lower crude oil prices, in turn showed the financial representative that the decline will not affect the budget because of the accumulation of winning high oil prices during the first half of this year and that the supplementary budget will be the ideal solution for any shortfall or deficit in the budget.
