Oil politics and a balanced economy

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Oil politics and a balanced economy

Tuesday 03 August 2021 43

 

 Baghdad: Imad of the emirate

Oil wealth represents the lifeblood of the national economy, and any agreement for economic development must pass through the gateway to the oil sector through its huge returns. However, these returns need a rational oil policy capable of optimal exploitation of financial and material resources, thus transforming the national economy from an economy Unilateral to a balanced and developed economy, away from the dominance of the rentier trend, and supportive of sectors that achieve sustainable development.

 

Academic Dr. Rahim Hassouni said: {In order to crystallize a clear-cut oil policy and mature a strategic energy vision that governs the path of developing the energy sector in Iraq and optimally exploiting the oil wealth, the Iraqi government has adopted the Integrated National Energy Strategy in Iraq to meet the challenges facing the energy sector and determine the future vision with an assessment of resources available energy}.

 

Infrastructure

He pointed to the importance of studying possible alternatives in the country and setting a long-term plan that extends to 2030 that includes both investment and infrastructure development within the short period and institutional reform aimed at achieving this vision. The national strategy includes all the basic components of energy represented in the extractive and transformational processes of crude oil, natural gas, electricity and related industries, and analyzes the economic interdependence between these components and their joint impact on social, economic and environmental well-being.”

 

production maximization

Within the same course, the Dean of the College of Business Economics, Dr. Nagham Hussein Nima said, “The situation requires the adoption of an oil policy that is part of the economic policy that takes into account two central issues, the first of which is linking oil production and export to the needs of the Iraqi economy, and the second is linking investments to the absorptive capacity of the national economy. Oil revenues for the country's need for reconstruction and development of the productive sectors of the national economy}.

And she continued, we note here that the principle of increasing production adopted by the oil policy during this stage is not the important thing, but the important thing is how to act with these achieved returns, on the one hand, and work to rid the Iraqi economy of the phenomenon of the rentier economy on the one hand. 

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strategic projects

Nima emphasized {good use of financial resources, which represents one of the important aspects of development management in an efficient and wise manner, so it is necessary to direct oil revenues towards strategic projects through high coordination between the ministries of finance, planning and oil and work on developing the oil sector, by addressing what It limits the process of developing and developing this sector, solving problems, whether legislative or technical, raising production and export capacities and developing oil fields.”