The Oil Parliament comments on the failure of the producing provinces to receive petrodollar dues, 29 JUNE

The Oil Parliament comments on the failure of the producing provinces to receive petrodollar dues

Individual from the Parliamentary Oil and Regular Assets Board, Basem Al-Gharibawi, affirmed today, Friday, that the oil-creating territories have not yet accepted their petrodollar levy, regardless of the ascent in oil costs to more than the figure determined in the financial plan.

“The petrodollar dues are still in the hands of the government, and the governorates have not received their money even though they are due to be paid to the governorates producing oil,” Al-Gharibawi stated.

“Parliament has fixed petrodollar dues in this year’s budget, noting that oil prices have not fallen below $81 per barrel,” he went on to say, “it is assumed that the price difference specified in the budget will be distributed as dues to the oil-producing provinces.”

“The remaining 30 percent must be distributed to the oil-producing governorates, as the government still owes many amounts that must be paid as petrodollar dues,” he stated. “70 percent of the difference in the price of a barrel of oil recorded in the budget goes to filling the deficit.”