US Today quote:
"U.S. light crude (West Texas Intermediate) fell 10.2% to $66.15, while Brent crude dropped 3.4% to $70.15 for the day. Analysts predicted the benchmarks could fall further next week when traders return from the Thanksgiving holiday weekend."
Parliament session saw no budget presented today due to the falling oil prices in the world, and the possibility that they will continue to drop further.
A special committee had to be formed by PM Abadi to make sure that the budget can withstand further decline. This is not what we wanted my friends but what is in fact the reality, and since Iraq depends 95% on oil to make up it's GDP a real concern has stopped today's deliver by PM Abadi of the 2015 Budget to parliament.
Speaker of the House, Salim al- Jabouri, adjourned today's session and this parliament’s legislative sessions until early next year but they are ready to call an extraordinary session when the budget is ready to be presented to parliament.
PM Abadi has given this new committee 7 - 10 days to discuss the oil prices affect on the 2015 Budget, ratify it if necessary and have it ready for parliaments approval.
Keep in mind, a 10 day delay is much better than a 30 day delay.
In other news, Kurdistan PM Barzani arrived in Baghdad to go over all outstanding issues, and hopefully sign the long term deal that has been weighing heavy on the country of Iraq for many years.
This tells me that they are wanting to get the HCL completed, in the interim of the budget arrival and passage.
A real consensus is there to complete all outstanding issues with all provinces and pass many of their stalled laws but the agreements between Kurdistan and all the other provinces must be in place first...chin up and remember, Iraq (I mean) Rome wasn't built in a day.