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Iraq: Rising oil reserves and declining foreign currency reserves

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Iraq: Rising oil reserves and declining foreign currency reserves Empty Iraq: Rising oil reserves and declining foreign currency reserves

Post by RamblerNash Sun Feb 19, 2017 5:35 pm

Iraq: Rising oil reserves and declining foreign currency reserves

Iraq: Rising oil reserves and declining foreign currency reserves 19k3

Feb 20, 2017

BAGHDAD - The agencies said the Iraqi oil minister, Jabbar Luaibi, said on Sunday that Iraq's oil reserves increased to 153 billion barrels, compared to previous estimates at 143 billion barrels. He added that Iraq would ask the «OPEC» adoption of the new number.

He added that «the activities of exploration and reservoir in seven oil fields in central and southern Iraq have contributed to the addition of ten billion barrels of oil reserves.»

Iraq is developing oil reserves with the help of foreign companies to make up for nearly 35 years of conflict and sanctions, the beginning of the Iran-Iraq war from 1980 to 1988. And make new proven reserves of Iraq close to Iran, which holds reserves estimated at 158 ​​billion barrels. And Iraq's second-largest oil producer in the «OPEC» after Saudi Arabia.

Comes Venezuela and Saudi Arabia at the forefront of the Member States of «OPEC» the 14 state in terms of oil reserves, Venezuela, where he holds 301 billion barrels, while the UK holds 266 billion barrels according to the Website of the organization.

On the other hand, the Iraqi Central Bank announced yesterday the decline of hard currency reserves to $ 49 billion as a result of the continuing decline in oil prices in world markets.

The governor of the bank, on the Keywords, during a press conference held at the bank building, «that the central bank uses about two thousand foreign exchange company and 30 money order companies and 65 bank outlets selling foreign currency within the auction sale of the currency, which is sufficient to cover the daily sales of the Central Bank of the dollar».

He Keywords that «the central bank will launch Contractors bonds next March, after a curling Bank to contractors during the last period of the bonds, but the irresponsible remarks of a number of payment IMF officials asked us for a review of those bonds.»

CBI in June last revealed in 2016 that the foreign currency reserves reached $ 53 billion, down $ 15 billion from the financial reserve for the year 2015 which was then $ 68 billion.

Iraq is facing an economic crisis forced him to reduce the size of the government budget Result drop in oil prices.

LINK

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