Oil prices are expected.. A parliamentary committee shows the impact of OPEC’s decision on the budget
Oil prices are expected.. A parliamentary committee shows the impact of OPEC’s decision on the budget
4-4-2023
Information / special.
Today, Tuesday, the Oil, Gas and Natural Resources Committee clarified the effects of the OPEC Plus decision to reduce oil production for the end of 2023 on the federal budget, while it expected oil prices in the global market in light of the reduction.
Committee member Zainab Al-Moussawi said, in an interview with Al-Information Agency, that “oil prices are expected to range between 90-100 dollars per barrel in the global market after OPEC Plus reduced the amount of production.”
She added, “The implementation of the OPEC Plus member states of the decision to reduce oil production until the end of the year 2023, including Iraq, being the second largest oil producing country in the region after Saudi Arabia, with 211,000 barrels of oil per day, will raise the price of black gold globally.”
A member of the Parliamentary Oil Committee explained, “The beginning of the second quarter of this year will witness a rise in oil prices, as a result of the lack of supply and the increase in demand due to the decision to reduce.”
Regarding the impact of the decision on Iraq’s financial budget, Al-Moussawi stated, “The decision to reduce is very good in relation to the federal budget, as it will raise the ceiling of oil imports and achieve financial abundance.”
The deputy pointed out, “This coincides with a significant improvement in the income of the Iraqi per capita and the infrastructure projects that the Iraqi government has pursued since its formation until the present time.”
The OPEC Plus oil organization had decided, earlier, to reduce oil production for member states, including Iraq, after the significant decline in the global market, and to increase demand again for black gold.
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