During 2022… Iraq is promised a financial balance caused by oil prices
During 2022… Iraq is promised a financial balance caused by oil prices
Saturday 16 October 2021 | 10:12 am
On Saturday, the Institute of International Finance expected that Iraq needs a price of 64 dollars per barrel of oil during the next year to achieve financial balance .
The institute stated in a report that “all oil-producing countries will witness a decrease in the oil price to achieve parity or financial balance in the budgets of the oil-exporting countries and without a significant deficit,” noting that this is due to “the rise in oil and gas production in these countries in exchange for limited government spending cuts. ” .
According to the report, the oil price in Iraq – the second largest oil producer in OPEC – will be at $62 a barrel in 2022, down from $63 a barrel this year .
In the rest of the oil and gas producing countries, Qatar’s budget will witness a financial break-even point at $44 a barrel next year, down from $52 a barrel in 2021 .
Bahrain, which is described as the smallest oil producer in the Gulf – will also witness a financial parity, at $ 76 a barrel in 2022, compared to $ 82 a barrel in 2021 .
In contrast, the fiscal breakeven point in the budget of Saudi Arabia – the largest oil exporter in the world – will drop to $67 per barrel in 2022, compared to $75 per barrel in 2021 .
The Institute of Finance also expected that the UAE – the third largest oil producer in OPEC – would benefit from the drop in the financial breakeven in the oil price to $ 64 a barrel next year, compared to $ 69 a barrel this year .
The fiscal parity of Kuwait’s budget – an OPEC member state – will also drop to $61 a barrel in 2022, compared to $65 a barrel this year .
The financial balance of the Sultanate of Oman – the largest oil producer in the Middle East outside of OPEC – will also decline during the next year to $ 67 a barrel in 2022, compared to $ 74 a barrel in 2021.
aynaliraqnews.com
