Cabinet: measures to counter the decline in oil revenues



12/15/2015 14:38

BAGHDAD / Obelisk: the face of the Council of Ministers, on Tuesday, take the necessary measures to face the "risk" the expected actions due to lower oil revenues, "significantly," while decided to assign a working group to submit a paper deliberate economic measures to address the effects of the decline on the financial budget for 2016.

Information Office of the Prime Minister said in a statement I followed "the obelisk," that "the Council of Ministers face, during its meeting held today, take the necessary measures to cope with the expected risks due to lower oil revenues dramatically measures, despite an increase in production and oil exports."

The statement added that he "decided to entrust the work of a team of senior economic advisers to provide paper deliberate economic measures to address the effects of this decline on the federal budget for 2016 and on the Iraqi economy."

He continued, "The Council discussed the creation of Dhi Qar Oil Company and the Basra oil, and a request from the Ministry of Oil to provide full proposals at the next meeting of the Council of Ministers for approval."

Oil prices fell to low levels for up to less than $ 40 per barrel.

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