Economist Stresses Importance Of Amending The Budget In The Light Of OPEC’s Decision To Reduce Production

BAGHDAD / A specialist in economic affairs, Durgham Muhammad Ali called the parliament to hold a meeting with the Ministry of Oil and the government to study the oil agreement of OPEC to reduce Iraq's exports 200,000 barrels per day.

Muhammad Ali told the National Iraqi News Agency / that "imports predicted in the budget must be rewritten again in the light of the new oil agreement of OPEC, if Iraq actually wants to stick to the agreement and not to build on unrealistic data and in the calculation of estimating oil revenues. "

He added, "The difference between the two estimates written in the budget and what would be after the agreement will be up to 400,000 barrels per day, which is a large amount cannot be overlooked and keep accounts the same, stressing that the meeting in this regard between the Finance Committee and the Ministry of Oil and the prime minister would be useful to get out with urgent vision written in the budget and not underestimate a law manages the economic performance of state. "

The Organization of Petroleum Exporting OPEC has taken a decision last Wednesday to reduce the volume of oil production starting from the first of January 2017, an average of 1.2 million barrels per day in order to reach 32.5 million barrels.

The resolution states that the reduction in the size of non-OPEC oil production at a rate of 600 thousand barrels per day, while Russia agreed to reduce this size at a rate of 300 thousand barrels per day.

Source: National Iraqi News Agency