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Oil exporting countries high welfare is said to say goodbye to the most beautiful time"
- Categories:Industry News
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- Time of issue:2020-03-31 14:57
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Oil exporting countries high welfare is said to say goodbye to the most beautiful time"
- Categories:Industry News
- Author:
- Origin:
- Time of issue:2020-03-31 14:57
- Views:
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A drop in international oil prices resulting in oil exporting countries suffered heavy losses, while Saudi Arabia and other countries insist the "does not cut, but low oil prices brought about by economic and financial risks is not open around the problem, some of the country's national welfare, is also say goodbye to" the most beautiful time.
Saudi Arabia brewing cancel fuel subsidies
Saudi oil and Mineral Resources Minister Naimi said in October 27th, the Saudi government is studying the abolition of domestic fuel price subsidies measures, the move is to deal with the international oil prices led to a sharp decline in government revenue and huge fiscal deficit. When asked whether he would raise energy prices in the near future, Nakai Mina: "if you are referring to the plan if you are studying, the answer is yes."." This is the first time the Saudi authorities have admitted to the study of price adjustment program.
After the international financial crisis in the past few years, the Saudi government has been the implementation of large-scale subsidies for domestic energy prices. Saudi domestic retail gasoline market price at present only per liter 0.6 rials (about 1 yuan RMB), is one of the world's lowest gasoline prices. Diesel and natural gas retail prices are also among the lowest in the world. IMF data show that Saudi Arabia spends $107000000000 a year on domestic energy subsidies.
However, the downturn in the international oil price has seriously impacted the financial revenue of Saudi Arabia. Oil and gas production accounts for about 50% of Saudi Arabia's GDP and 85% of exports. At the same time, the Saudi government about 90% of revenue from oil sales. The International Monetary Fund (IMF) warned that, if you do not make a change, the Saudi government reserves will be exhausted in 5 years. IMF believes that the Saudi budget to achieve budget balance, the need for oil prices rose to $106 a barrel. And Saudi Arabia almost did not give oil prices for 5 consecutive years to maintain a 50 u..
Market analysts pointed out that if Saudi Arabia to raise energy prices, which will become the country's largest economic change over the past few years, due to a large number of low-income people in Saudi Arabia is very dependent on low fuel prices.
Capita NBK analysts said that the price of natural gas per million British thermal units in Saudi Arabia will increase from $0.75 to $2 next year, the country's natural gas prices have not changed since 1999.
The United Arab Emirates broaden sources of income and reduce expenditure
Also known as the United Arab Emirates, also through the elimination of energy subsidies and adjust tax policies to respond to oil prices, the winter".
In August 1st, the United Arab Emirates began to release fuel price controls. The United Arab Emirates announced that it will no longer provide subsidies to energy, the future will adopt a new pricing policy to follow the global energy prices.
Al Mazroui Suhail, the United Arab Emirates energy minister, said the decision could be a source of government income diversification, so that the United Arab Emirates in the case to further reduce the dependence on government subsidies to become an economic power. Al Mazroui Suhail also admitted that although the abolition of energy subsidies will make the energy price rise, but it can make people more sensible to use the limited resources.
The United Arab Emirates has a high level of fuel prices in the Gulf countries, but is very low compared with many other countries in the world because of the huge subsidies. According to IMF estimates, the United Arab Emirates annual expenditure on fuel subsidies as high as $7000000000.
The United Arab Emirates released fuel price controls led to the rise in gasoline prices, the impact of the people's immediate. UAE "Gulf News" August 23 report, released by YouGov survey showed that about 22% of the owners plan more choice of public transportation; at the same time, 18% of people said, they will use carpool, bus travel or the purchase of small displacement fuel-efficient models; approximately 49% of people said they would reduce the number of travel shopping malls, parks and other, to reduce fuel costs; nearly 17% of the respondents said, they will have to use their savings or credit card, to pay for the extra cost.
Full sense of violation and "carpooling to work" also appeared in the tyrant gathered in Dubai, because in addition to the tyrant, Dubai more is the ordinary people, the removal of the fuel subsidy has a direct impact on their lives.
The United Arab Emirates in addition to throttling, but also to open source". Foreign media reported that in August, the United Arab Emirates government has completed the introduction of a new federal excise tax, namely, the draft of the vat. The government will impose high value added taxes on luxury goods, alcohol and tobacco, and daily necessities and life necessities will be exempt from VAT, "Ittihad Al," the Arabic version of the national newspaper, said. At the same time, "Ittihad Al" also reported that the government plans to levy corporate income tax. The market generally interpreted the United Arab Emirates as the country's response to the current lower oil prices.
The United Arab Emirates, which has been known for its low tax rate, is a major turning point in the local policy. But the report said, the final adoption of the proposal and the legislation and some time.
United Arab Emirates economy minister Mansouri said recently, the international oil prices will not remain at a low level of around $50 a barrel for a long time, is expected to rise next year, 80 u..
Venezuela's high inflation is not easy to"
Enjoy the world's lowest prices the welfare of the Venezuelan people, also because of the international oil prices and in high inflation guao.
Venezuela more than nine into a foreign exchange income depends on oil exports, and 70% of the basic necessities to import. 2015 Venezuela crude oil exports fell below $50, resulting in Venezuela to reduce foreign exchange income of about 45%. This makes Venezuela's imports fell. According to the relevant agencies to investigate, the Venezuelan market, the basic food shortage rate of over 30%. Medicine, hygiene supplies, household appliances etc. appear out of stock out of stock. In addition, the government to strengthen foreign exchange control and foreign exchange shortage led to the devaluation of the Venezuelan currency Bolivar. In the Venezuelan market, the emergence of a sign that a lot of goods, service charges are based on the black market exchange rate pricing, causing prices to double up in the short term.
To cope with soaring prices and supply shortages, the recent Venezuelan President Maduro announced the launch of a price war". According to the new policy, all goods of the country is divided into two major categories: first class is for public consumption of retail goods and shall implement the price tags and defines the maximum retail price ". Profits of the producer shall not exceed 30%, and the profit of the imported goods shall not exceed 20%. The second category is the government pricing and government subsidies to the basic food and drugs, the implementation of the "reasonable price"". From this week, all retail goods in the Venezuelan market will be sold at the "highest retail price", according to the government price bureau.
According to statistics, the international oil prices need to reach $160 a barrel, the Venezuelan government to achieve the balance of payments. Now the oil price downturn has made Venezuela's fiscal revenue in distress, the financial deficit has soared. The state for the control of the deficit, the economy with money, the inflation rate raised rapidly, 2014 has been as high as 69%. The Venezuelan government is expected in 2015 the country's inflation rate of 85%, the highest in the world. Inflation is expected to 60% in next year.
In the tight Venezuela's finance another reason seems to have "to blame": the country is the best countries in OPEC social welfare. Venezuelan nationals enjoy the cheapest gasoline on the planet, Barclay previously released a report, according to the official exchange rate calculations, Venezuela's gasoline retail price is only $0.05 per gallon, equivalent to about 1.17 yuan per liter. By the black market exchange rate, the country's citizens only need to pay $0.01 per gallon of gasoline. Barclays expects that the social welfare of the Venezuelan government to sacrifice nearly $27000000000 in profit, equivalent to about 90% of the public sector deficit.
Reduce social welfare, improve the oil price, is undoubtedly the wound on the inflation of salt. In November 2014, Venezuelan President Maduro released a number of laws, including on luxury goods, tobacco and alcohol additional tax, but the government to boost prices very cautious. To tide over the difficulties, can only borrow more debt, sell more assets, more price control, a vicious circle.
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