Economist: Iraq suffered financial damage immediately after implementing the oil production cut agreement
Economist: Iraq suffered financial damage immediately after implementing the oil production cut agreement
11-17-2024
Information/Special..
Economic expert Abdul Rahman Al-Mashhadani confirmed today, Sunday, that Iraq was harmed by the start of implementing the agreement to reduce oil production and exports within the “OPEC Plus” group.
Al-Mashhadani said in an interview with Al-Maalouma Agency, “Iraq is the most affected by the agreement to reduce oil production within the OPEC Plus group because it does not have another resource, and it is unable to enter into price wars with any oil-producing country,” indicating that “the current production is about 3 million and 800 thousand barrels.”
He added that “the price of a barrel of oil will remain between $70 and $80,” noting that “Russia and Saudi Arabia offered price discounts to China, so Iraq fell to third place in the list of exporters.”
It is noteworthy that recent economic data showed a recent decline in Iraqi oil exports, while representatives expect that the oil prices fixed in the financial budget will have to be reduced due to market instability.
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