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 A new mechanism to ensure the stability of Iraq's oil revenues

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Join date : 2015-02-19

PostSubject: A new mechanism to ensure the stability of Iraq's oil revenues   Sun Jul 22, 2018 12:33 pm

A new mechanism to ensure the stability of Iraq's oil revenues

Headquarters of the oil marketing company "Sumo"
Economy News Baghdad

The Iraqi Trade Bank ( TBI ) and the National Oil Marketing Company (SOMO) are holding talks to adopt a new mechanism to protect Iraq's revenues from oil price fluctuations in the global market.

"The oil is a commodity and any commodity that is priced for sale, is exposed to fluctuations in prices in the global market, as it depends on supply and demand by producers and buyers," Faisal Al-Hims, general manager of the bank, told Al-Sabah newspaper. "He said.

"In the case of many supplies, prices are low, and on the basis of which the approved countries will be affected by their budgets on the revenues derived from this commodity, therefore affected development rates and projects and the needs of those countries, but if the supply is reduced, it increases prices."

And to create a balance and not to affect the oil-producing countries, especially Iraq, based on oil revenues in support of its annual budget and to ensure that these countries are not affected by fluctuations in prices, the Director-General noted that resort to a mechanism called (hedging), agreeing to provide supplies in certain quantities against a fixed price under contracts concluded Between the producer and the buyer, through a bank or financial institution licensed, taking into account the risk of price fluctuations and reflect them at a fair price between the parties (producer and buyer).

Iraq will work on this mechanism for the first time in cooperation between the National Oil Marketing Company (SOMO) and the Iraqi Bank for Trade ( TBI ) under the supervision of the Ministry of Oil, to follow the mechanism of hedging for oil, according to Hymes, stressing that "there is useful to provide the amounts and revenues that support the annual budget of the country away from Fluctuations of oil prices in the global market. "

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