Economic Observatory: Venezuelan events will not revive Iraq’s hopes for higher oil prices
Economic Observatory: Venezuelan events will not revive Iraq’s hopes for higher oil prices
2026-01-03 04:34
Shafaq News – Baghdad
The Economic Observatory “Eco Iraq” ruled out on Saturday that the rise in oil prices due to the events in Venezuela would revive Iraq’s hopes of reducing the financial deficit the country is suffering from, noting that Venezuela’s oil exports do not exceed 1% of total global exports.
The observatory said in a press release that “what Venezuela has witnessed will have a slight impact on global oil prices, given its small exports compared to other countries,” explaining that “its exports within OPEC countries constitute about 3.5%, and globally do not exceed 1%.”
The statement added that “any potential price increase will be slight, as global production is not greatly affected by what is happening in Venezuelan oil production,” noting that “the Iraqi government’s hopes of bridging the financial deficit through price increases are difficult to achieve.”
Venezuela entered a sudden military escalation early Saturday morning after a series of explosions rocked the capital, Caracas, as the government spoke of a US attack targeting civilian and military sites in more than one state.
shafaq.com
