Economist: The Government Should Reconsider The Oil Price Set In The Budget

Economist: The Government Should Reconsider The Oil Price Set In The Budget

02/24/2022 | 9:32 AM

Economist - The Government Should Reconsider The Oil Price Set In The BudgetThe Information/Baghdad…

The economic expert, Ihsan Al-Kinani, said that there is a need for the government to reconsider the oil price set in the budget, pointing out that the rise will continue and exceed the $100 threshold in the coming days with the increase in European demand for oil.
Al-Kinani told Al-Maalouma, “Iraq has a great opportunity to invest its financial abundance in the right way, to end the country’s suffering, provide services and infrastructure, launch projects, and complete the halted ones.”
He added, “There is an urgent need for the government to reconsider the 2022 budget, especially since time is still in its favor in order to raise the oil price specified in the budget, to take advantage of that in eliminating any deficit, if any, in addition to the fact that there is a financial abundance achieved from the payment of Kuwait’s compensation.”
And he indicated that “the price of a barrel of oil is likely to exceed $100 in the coming days, and Iraq is one of the first to benefit from that, especially since the Northern Stream will stop from Russia towards Europe, which will push the European Union countries to demand fuel and oil from Iraq and other oil and gas exporting countries. OPEC is forced to increase exports as needed.” finished 25

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