The Oil Ministry has provided billions of dollars to the state treasury

2001 2016
It revealed the Ministry of Oil for reducing a large part of expenses and entitlements own the shares in the provision of billions of dollars to the state treasury, asserting that the decline in oil prices led to a negative impact on all the producing countries, in particular, which are production costs which approach current prices.

Reduce expenses and entitlements

Oil Minister Adel Abdul-Mahdi between in an exclusive interview with "morning", after chairing a meeting of the leaders of the ministry and companies specialized extraction operations, said the meeting which was attended by ministry leaders at all levels of planning, executive and field, which included several points, the most important review of development and production plan for the current year, In addition to corporate receivables.

He described the outcome of the meeting quite as good, adding that he has a lot of benefits and expenses to reduce the rates of close to two years, 2012 and 2013, after the receivables moving towards large ascending, noting that he has been through this work provide billions of dollars.

Ambitious action programs

He said Abdul-Mahdi, to the continuation of his ministry to review all the details related with foreign companies for the development of production and the capacity to work in the ministry companies, noting that the ministry touched possesses rich experience which is detected a lot of strengths that have been strengthened in trading coupled with a negative points are

Work to overcome them.

He stressed that this is a very important meeting and are held on a regular basis, pointing out that he has from which discuss the status of the ministry's relationship with the provinces, in addition to matters related to this topic, as well as discuss your training and rehabilitation of oil and other Palmlakat situation.

Crude prices boggling

Oil Minister promised crude prices boggling, large and facts, explaining that science anticipation economy, science is fraught with great Baanmagliat how the oil and is at a crossroads regarding its production technologies and everything is changing and its relationship to rates of growth of the consuming countries and the global economy and rates of production and new technologies, adding that the entry of oil Iran today and before shale oil as well as the US, all of that is crude prices.

Stated that the economic realities impose themselves, but the question that arises is how long prices remain volatile, especially it came to less than $ 30, speech is going for $ 20, which impacts on countries and companies investment plans, in addition to that it also affects the production, hitter Brazil ideals which currently produces up to 2.6 million barrels, mandated operational higher than the current prices will affect global markets.
Showing an oil surplus
He noted Abdul-Mahdi, that if the crisis issue show an oil surplus in global markets, economic law should play a role, and wondered about the date when China's economy will be launched, for example, and when it will start European economies, and when it will be absorbed by the market a new oil as China has been absorbing more than 40 percent of excess oils in global markets, stressing that Iraq today awaited recovery in global economies is also the fact that its economy will rebound.
He stressed that oil prices currently at its lowest point, describing it Balcarthyh, pointing out that, despite the difficult situation in Iraq, but it is not worse than the situation of Venezuela or Algeria or the surrounding countries, noting that the country has a good situation in which some of the positive factors, though pass Status difficult requires planning well and stay away from waste and irresponsible spending policies, as well as the diagnosis of sources of power to be fully invested.
Crude sale funds
Oil Minister He said the money the sale of oil entering Iraq at the present time, most of the money involved in the two years 2004 and 2005, noting the existence of factors must be reviewed to overcome this crisis, stressing that if Iraq managed to overcome them in conjunction with serious reforms and which asserts that it must take place in parallel with the rise in oil prices once again will enter Iraq market vendors, not buyers market as well as he will gain a good experience for the management of oil wealth.
He expressed hope not to have oil in the future, the item basis in the gross national product, but will be improved and desirable and acceptable part in that half of gross national product, and not to control oil revenues on the overall national product is what makes Iraq prisoner oil prices.
Al Sabaah 2016