Abstract
It is obvious that the oil sector in Iraq is suffering from major problems related to oil infrastructure, in terms of extraction, production, transport, storage and export outlets. Generally, it is often said that the economic policy including the oil policy, have been failed in setting the short- and long-term plans to manage and best use the oil wealth. Although there are a number of official institutions to manage oil industry in Iraq, there is no competent authority in the area of investment and management of surplus reserves which is deposited in a development fund of Iraq (DFI). It is emphasized that Iraq’s need to invest these reserves, despite the existence of some intersections between the monetary policy and the fiscal policy. Yet, oil revenues, constitute more than 90% of the public budget of the country. On the other hand, the Norway experience has become a successful model in the oil industry among oil export countries, includes the level of extraction, manufacture and export of oil derivatives. it is possible to benefit from its experience in this sector through attempting to apply its oil investment policy and to be guided in all phases of the oil industry. As a result of its remarkable success is achieved in the oil sector, the researcher will study all development stages and the reasons for the success regarding the oil industry in Norway, particularly in term of establishing sovereign wealth funds (SWFs) and its role in economic and financial stability
Highlights
The Norwegian experience in terms of using oil revenues is considered one of the most successful global experiences in the oil industry
It is previously discussed that Iraq is a rentier economy that depends on oil revenues mainly in financing public revenues, so its contribution is more than 90% of public revenues, while other non-oil sectors have contributed a lower percentage to the gross domestic product (GDP)
1- Before the discovering and development of oil industry in the North Sea, Norway states was in terms of socially, economically, politically and culturally an organized and stable society with a high standard of living, and this is what helped Norway to succeed in oil experience
Summary
The Norwegian experience in terms of using oil revenues is considered one of the most successful global experiences in the oil industry. The study will focus on the Norway model in prospective of the great success has been achieved by Norway in the field of employing its oil revenues economically This policy has become a guarantee to continue its economic benefits during long-term as well as abandon the principle of a rentier economy and substitute it with the productive economy approach. This is what encouraged other countries to take this model in order to obtain the same significant economic results from it. The possibility of establishing sovereign wealth funds for Iraq depending on Norway's model in the field of the oil industry. 2- Is the Iraqi government depending on a successful strategy to manage oil revenue economically in a method that will benefit the present and future generations?
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