The tripartite budget and oil price fluctuations.. The Sudanese advisor sets 3 constants for the next stage
The tripartite budget and oil price fluctuations.. The Sudanese advisor sets 3 constants for the next stage
9-17-2023
Information/private..
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stated today, Sunday, the possibility of maintaining the constants of the budgets for the next two years in light of the fluctuations in oil prices in global markets, while he confirmed that the northern hemisphere is facing a high demand for crude oil during the winter season.
Saleh said in an interview with the Maalouma Agency, “The budget for the next two years will maintain its constants and its preventive and precautionary measures regarding the development of prices in the oil markets and its relationship to the hypothetical deficit, especially for the fiscal year 2024, for several reasons.”
He added, “The first reason is the high demand from countries in the Northern Hemisphere to build stocks to face the winter,” noting that “the second reason revolves around indicators of the war in Ukraine, which indicate its continuation.”
The Sudanese financial advisor explained, “The third reason concerns the OPEC+ group, which is also continuing the policy of limiting the quantities produced to maintain oil prices.”
Saleh stated, “OPEC’s policy is compatible with the economy of the countries within it, and leads to the stability of the revenues of its countries’ financial budgets.”
Iraq relies excessively on “black gold”, which sweeps away the export file, especially since oil revenues during the past decade reached very high numbers, which exposes the country’s economy to great risks. As a result of the fluctuations and crises facing the world.
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