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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Iraq's revenues from crude sales dropped by nearly half in March, its oil ministry said Wednesday, as a global price crash stokes fears of collapse for the petrol giant. The second-biggest crude producer in the OPEC oil cartel, Iraq sold 105 million barrels in March, earning $2.99 billion, according to an oil ministry statement. In February, it sold fewer barrels -- 98.3 million -- but earned nearly twice as much at $5.5 billion. The difference is due to plummeting prices, with Brent North Sea crude sinking to $25.11 on Wednesday, the lowest price in 18 years. The slump is due to a price war between major producers Saudi Arabia and Russia, as well as a drop in demand caused by the spread of the novel coronavirus. Iraqi oil trades at about $4 less than the benchmark price, with Oil Minister Thamer Ghadban telling local media this week that his country's crude was selling for $21 a barrel. That is worrisome for Iraq, where oil revenues make up more than 90 percent of the state budget in the absence of significant alternative industries. Officials had drafted a 2020 budget based on estimates Iraqi crude would sell for $56 per barrel. At that rate, Iraq would face a monthly deficit of $4 billion just to keep the government running and pay salaries to its bloated public sector, the International Energy Agency estimated last month. Iraqi officials have told AFP they are considering a range of cost-cutting measures to trim the budget but have yet to finalise their plans. sbh-mjg/cm
schema:headline	Iraq oil earnings slashed in half in March after price crash
schema:mentions	OPEC Barrel Agence France-Presse Saudi Arabia Russia Coronavirus Ministry of Petroleum (Iran) Ba'athist Iraq International Energy Agency Price war Brent North (UK Parliament constituency)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-01 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	65 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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