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A serious warning to Iraq of the repercussions of closing the Strait of Hormuz DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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A serious warning to Iraq of the repercussions of closing the Strait of Hormuz

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A serious warning to Iraq of the repercussions of closing the Strait of Hormuz Empty A serious warning to Iraq of the repercussions of closing the Strait of Hormuz

Post by RamblerNash on Thu Jul 25, 2019 10:51 pm

A serious warning to Iraq of the repercussions of closing the Strait of Hormuz

A serious warning to Iraq of the repercussions of closing the Strait of Hormuz Story_img_5d3a131c879d9

2019/7/25 23:37

{International: Al Furat News} Fitch maintained Iraq's credit rating at {B-}, a risk rating, and a stable outlook.

The agency warned in a statement on Thursday of the repercussions of the outbreak of hostilities leading to the closure of the Strait of Hormuz, Iraq, as it lacks other routes of export of oil in the south.

Fitch estimated that the closure of the strait for a month could result in Iraq losing $ 6.5 billion in oil revenues, or nearly 3 percent of GDP.

The tension in the region, on the evening of July 19, after Iran announced the detention of a British tanker in the strait, "to break the regulations on traffic," hours after a court in Gibraltar, the extension of the detention of an Iranian tanker for 30 days.

According to data from the US Energy Information Administration and the International Energy Agency, 21% of global crude supplies (21 million barrels per day) pass through the Strait of Hormuz.

In 2018, the high price of exporting Iraqi oil 33% led to a budget surplus of about 8% of GDP, after 5 years of deficit, according to the statement.

Iraq, OPEC's second-largest oil producer, has an average production of 4.5 million bpd.

Government debt in Iraq fell to less than 50 percent of GDP in 2018, compared with 66 percent of GDP in 2016.

Foreign reserves excluding gold stood at 61 billion dollars at the end of 2018, compared to US $ 46 billion In 2017.

The external debt service of the Iraqi government ranges between $ 2.5 billion and $ 2.8 billion annually in the period 2019-2021

. Fitch said that the decline in oil prices leads to a renewed deterioration in the situation of fiscal and balance of payments in Iraq between the years 2019 - 2021.

Iraq, an OPEC member, relies on oil revenues to finance up to 95 percent of the country's expenditure.

And expects the price of Brent crude to be $ 65 a barrel in 2019 and about $ 61 a barrel in the period 2020-2021

http://alforatnews.com/modules/news/article.php?storyid=204890
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