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  1. #1
    News Hound Investors Iraq News's Avatar
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    Post Iraq Budget Based on $70/barrel

    By John Lee.
    Finance Minister Hoshiyar Zebari said he will soon present his proposed 2015 budget to Cabinet, based on an oil price of $70 per barrel.
    The Minister said:
    We are proposing a budget of $100 billion. This is projected …
    “We have based our projections on about $70 a barrel. This could fluctuate. You have no assurances or guarantees.”
    The government was not able to present a 2014 budget.
    (Source: Arab News)


    Source: Iraq-BusinessNews.com.

    Post your commentary below.

  2. #2
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    Wow, that's going to be a depression, not a recession.
    http://reliefweb.int/report/iraq/ira...ckground-paper
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  3. #3
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    Quote Originally Posted by Screaming Eagle View Post
    Wow, that's going to be a depression, not a recession.
    http://reliefweb.int/report/iraq/ira...ckground-paper
    So from this article you try to create doom and gloom - but then continue to prop up a useless bank that stole thousands from investors and hard working people here and abroad ...


    Do you mean like the Depression of 2009 ???? Pffff ...Give me a frigg'n break ...I think they'll do just fine ... the budget is a farce ... one was not even passed in 2014 and we did not hear of a recession or depression ... they have their own agenda - no budget required

    Iraq's revised 2009 budget now totals $67 billion and is based on oil at $62.50 a barrel, compared to the original proposal for $80 billion in spending, which was based on oil at $80 a barrel, Mr. Jabr said. For the last few weeks, the Finance Ministry has been putting together a contingency budget plan in case oil prices continued to fall and had looked at cutting the budget by as much as $15 billion.

    http://online.wsj.com/articles/SB122554214381990791
    Last edited by ChinaGirl; 11-29-2014 at 01:40 AM.

  4. #4
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    US light crude currently trading at $65.99 a barrel

  5. #5
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    Quote Originally Posted by Will-it-happen? View Post
    US light crude currently trading at $65.99 a barrel
    They had a large deficient last year as they spent $118 billion. A $100 billion dollar budget would mean they would need to export 3.7 million b/d at $70 for 95% of GDP. They are close to that output however only 2.5 m/b/d are being exported. At $70 that would be ~$64 billion. At $60 a barrel 95% of their GDP would be reduced to ~ $55 billion and less than half of budget spending last year. At $50 a barrel their oil GDP would drop to $45 billion.
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    We are all born ignorant, but one must work hard to remain stupid. - by Franklin, Benjamin.

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