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URGENT Oil falls below Iraq's 2019 budget

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URGENT Oil falls below Iraq's 2019 budget

Post by RamblerNash on Thu Dec 20, 2018 11:06 pm

URGENT Oil falls below Iraq's 2019 budget

2018/12/20 12:01

{International: Al Furat News} Oil prices fell on Thursday to erase most of the gains from the previous session, resuming declines that started earlier in the week amid concerns about oversupply and global economic outlook.

By 09:04 GMT, Brent crude futures were down to $ 55.05 a barrel, $ 1 less than Iraq's next year's $ 56 a barrel.

It is scheduled to start the Iraqi Council of Representatives, on Thursday, the first reading of the draft federal budget law for the year 2019.

The Ministry of Finance has revealed today about the usual price of a barrel of oil in the budget of 2019 $ 56 dollars and an export rate of three million and 880 thousand barrels per day, of which 250 Thousand barrels from the Kurdistan region.

And revealed that the budget contained a deficit of up to 28 trillion dinars, "expected to" up to 30 trillion dinars, "indicating that" the total federal budget for the next year, up to 132 trillion dinars. "


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Oil rises amid expectations of a larger-than-expected cut in OPEC and allied production

Post by claud39 on Fri Dec 21, 2018 7:34 am


 Oil rises amid expectations of a larger-than-expected cut in OPEC and allied production


Economy News Baghdad:

Oil prices jumped on Friday after plummeting 5 percent in the previous session, on signs that a cut in OPEC output, which starts next month, will be larger than expected .
Brent crude rose 27 cents, or 0.5 percent, to $ 54.62 a barrel by 0448 GMT, after falling $ 2.89 in the previous session .
Brent is down 9.4 percent this week .
US WTI crude futures rose 33 cents, or 0.7 percent, to $ 46.22 a barrel. WTI is heading down about 9.5 percent this week .
The Organization of the Petroleum Exporting Countries (OPEC) plans to publish a schedule detailing cuts in production of its members and allies in an effort to raise crude prices, FAO Secretary-General Mohamed Barkindo said in a letter seen by Reuters on Thursday .
Barkindo said that in order to achieve the target of reducing production by 1.2 million barrels per day, the actual reduction of member states will be 3.02 percent .
That was above 2.5 percent as OPEC sought to accommodate the countries exempted from the cut: Iran, Libya and Venezuela .

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