Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Get Daily Updates of the NEWS & GURUS in your EMAIL
CHECK YOUR EMAIL for VERIFICATION

Enter your email address:

Iraq expects $95 oil price for 2012 budget  DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Iraq expects $95 oil price for 2012 budget

Go down

Iraq expects $95 oil price for 2012 budget  Empty Iraq expects $95 oil price for 2012 budget

Post by 1alaskan Wed Nov 30, 2011 7:14 pm

Found at Currency Chatter

http://www.currencychatter.com/apps/forums/topics/show/6917525-iraq-expects-95-oil-price-for-2012-budget?page=last



28/11/2011 14:11



BAGHDAD, Nov. 28 (AKnews) - For its calculation of the 2012 budget, the Iraqi government uses an estimated average price per barrel of crude oil of $95 USD (113,300 IQD).

The government did not follow recommendations of the Finance Committee in the Council of Representatives to consider a lower oil price of $75 USD (89,400 IQD). The Committee had warned last Thursday that a drop of the oil price could negatively affect Iraq's budget plans.

"We don't expect the oil price to fall below $90 USD," Salam al-Quraishi, economic adviser in the government, said.

The 2012 budget is estimated to be $112 billion USD (133.6 trillion IQD). It is an increase of 36% on 2011, but there remains a deficit of $20 billion USD (23.9 billion IQD).

Over the last couple of years, Iraq always planned with a deficit but it never turned out to have one.

One reason is that Iraq never executed its entire budget. In 2010, Iraq only spent $55 billion USD of its budgeted 27.3 billion USD, or in other figures around 76% of its budget. The percentage rose from 68% in Iraq's first sovereign budget in 2006. Observers believe that the government lacks the capacity and skilled politicians to spend great amounts of money. A large, top-down bureaucracy and outdated and contradictory regulations further slow down spending.

A second reason is that -- for example in 2011 -- oil revenues were higher than expected due to an higher oil price. According to different statistics, the oil production accounts for something between 89 and 95% of Iraq's annual budget.

Quaraishi said that the Council of Ministers will approve the budget plan next week, then it will be transferred to the Council of Representatives.



http://www.aknews.com/en/aknews/2/275066/

*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant


Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty

1alaskan
Elite Member
Elite Member

Posts : 4668
Join date : 2011-06-21
Age : 39
Location : Planet far far away

View user profile

Back to top Go down

Iraq expects $95 oil price for 2012 budget  Empty Re: Iraq expects $95 oil price for 2012 budget

Post by 1alaskan Wed Nov 30, 2011 7:19 pm

Todays oil Price:

WTI Crude Oil (West Texas) $100.53 up .03

Brent Crude Oil $110.52 down .30

52 week range $75.92 - $114.18

1 year forecast $116 / Barrel



They seem to be right in the ballpark

*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant


Yesterday would have been better, but today is a good day

Remember as always, JMHO
Rantings from just north of sixty

1alaskan
Elite Member
Elite Member

Posts : 4668
Join date : 2011-06-21
Age : 39
Location : Planet far far away

View user profile

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum