Parliamentary Oil: OPEC agreement will reduce the budget deficit and improve the living situation of the country

History of edits:: 12/11/2016 13:40

{Baghdad} Euphrates News confirmed the Commission on oil and energy parliamentary, OPEC oil agreement will contribute to reducing the deficit in the federal budget for the next 2017 and improve living conditions in the country.

Committee Chairman Erez Abdullah, told {Euphrates News}, that " the oil the world reached by the OPEC agreement, will help stabilize oil prices and a height, which leads to the stability of the economic situation and increase state revenues and all oil - producing countries."

He stressed , "There are positive to this agreement, because there was a deficit in the budget of 2017, an estimated $ 21 billion, and rising oil prices will enable the government to meet this deficit, and improve the living conditions of the citizens from the south to the north."

The oil producers within the Organization of Petroleum Exporting Countries {OPEC} and abroad, reached Saturday to the first joint agreement since 2001 to restrict crude production and ease the oversupply in the market and the agreement came after the continued low prices for over two years , which put pressure on the budgets of many countries and triggered unrest in some of them.

OPEC agreed last week to cut output by 1.2 million bpd from January.

And independent producers agreed Saturday to reduce production by 562 thousand barrels per day, slightly less than the size that was targeted initially amounting to 600 thousand barrels per day, said sources in the Oopk.anthy 1

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