Bahr UL-uloum: lower oil price will make the Government in financial distress
27/08/2015 10:43

Member of the Parliamentary Commission on energy and oil Ibrahim Bahr Al-Ulum, said Thursday, that balance the 2015 built on oil rates by $ 56 per barrel, indicating that low without forty dollars will lead to additional deficit spending, adding to previous deficit and this in turn affects the citizen.
Ulum said in an interview that lower oil prices will make the Government in financial distress and a major crisis in this aspect, webaltnali must understand the crisis meeting on Tuesday to search for borrowing resources to resolve this crisis.
He noted that the question arises: will the decline in oil prices?, pointing out that current data suggest that the decline will continue in the coming days, and perhaps regain some of its losses in mid-September, unlikely to recover all his losses.
He added that many issues of RFID today in international oil market surplus estimated at four million barrels per day in the market, indicating that this surplus comes from Saudi Arabia, stressing that the OPEC countries to reduce oil production will affect the oil market.
The second issue is the swing of the economic growth in Asian countries, especially China, and the third issue is expected to be sign in Paris at the end of this year the Convention on climate change, this will push all developing and developed countries to reduce emissions alkarbonet which means reducing the consumption of crude oil.
It is worth noting that the price of oil plummeting to its lowest in six years and a half, i.e. the threshold of 40 dollars, after the sudden announcement increased u.s. oil inventories along with continuing concern about the abundance of supply.

rcookie: almost comical hearing Iraq lament about OPEC & Saudi in particular causing the market surplus and horrific pricing results whilst they set new production records every month as if magically they are hold harmless in contributing to the glut!!!