International agency: Iraq is on the verge of the largest growth rates in the region

[size=52]International agency: Iraq is on the verge of the largest growth rates in the region[/size]

[size=45]Translation/ Hamed Ahmed[/size]
[size=45]A specialized agency expected that Iraq will witness the highest growth in the Gulf oil-exporting countries next year, pointing out that its rates may reach 8.1%.[/size]
[size=45]A report by The National news website, translated by (Al-Mada), stated that "the international credit rating agency, Fitch, stated that the oil-exporting countries in the Middle East and North Africa are expected to witness stronger economic growth during the next year."[/size]
[size=45]The report added, "This is driven by the acceleration of vaccination programs and the escalation of oil prices, as well as the OPEC Plus policy to gradually increase oil production in line with the improvement and increase in demand."[/size]
[size=45]He pointed out, "The economy of Iraq, the second largest oil producer in OPEC, is expected to witness stronger growth during 2022, at a rate of more than 8.1%, which is the highest growth rate expected among the Gulf oil-exporting countries."[/size]
[size=45]The report pointed out that "the expected growth rate in Kuwait is 7.9%, followed by Saudi Arabia, the largest producer of oil in OPEC, by 7.4%, and the UAE by 5.8%."[/size]
[size=45]He stressed, "The outstanding financial budgets will more than improve the economic conditions of all the countries of the Cooperation Council and Iraq during the year, at a time when oil prices will remain strong."[/size]
[size=45]And the report stated, "This comes with the price of Brent crude reaching $70 per barrel and the large-scale increases in oil production in line with the OPEC Plus agreement."[/size]
[size=45]And he continues, that "the oil-producing member states of OPEC had begun to gradually increase their production of crude oil, since the beginning of August of this year, to meet the increasing demand for crude."[/size]
[size=45]He warned, "The global economy continues to recover from the Corona virus pandemic and the consequences of the epidemic on the economy," and spoke about "the OPEC countries' agreement to start increasing their production by 400,000 barrels per day starting next month."[/size]
[size=45]The report expected, “The cases of decreasing OPEC Plus production of crude will lead to an increase in production rates by rates ranging between 8 to 15%, which will lead to an increase in oil financial revenues at a time when the average oil price will remain similar to the rates of 2020.”[/size]
[size=45]He stated, "Fitch's estimates were based on indicators of improvement in the financial returns of the budgets of oil-exporting countries in 2021."[/size]
[size=45]The report indicated, "Brent crude returned to recover, reaching more than $70 per barrel, an increase of $30 per barrel over 2020 prices."[/size]
[size=45]And Toby Ailes, director of Fitch Ratings for the Middle East, is quoted as saying that "the outlook for oil and for regional reforms and policies is, in general, more structural than it was a few years ago."[/size]
[size=45]According to the report, Ailes added, "The region will continue to face structural risks that include an increase in youth unemployment rates, mismanagement with increased dependence on hydrocarbon fuels, as well as other financial challenges related to limited fiscal spending and external financial challenges for some countries."[/size]
[size=45]And he noted, "Oil prices had risen Friday, showing the highest weekly gain since late August, while fears of the spread of the new mutated epidemic of the Corona virus, Omicron, affected the weak demand for oil."[/size]
[size=45]The report added, "Both the Brent crude index and the US West Texas crude index gained 8% last week, amid expectations of an improvement in oil demand."[/size]
[size=45]And he added, "Brent, the international benchmark for the price of oil, rose by 0.98 percent at the closing of the Friday Stock Exchange, recording a price of $75.15 a barrel, while West Texas crude, the benchmark for US crude prices, rose by 1.03%, recording a price of $71.67 a barrel."[/size]
[size=45]The report also quotes an economic analyst, Louis Dixon, from Richard Energy, a Norwegian economic consultancy, as saying, “Most of the oil price losses brought on by the news of the spread of the Omicron mutant last week have receded, and now there is stability in oil prices, and most importantly is the need to maintain this Positive momentum.[/size]
[size=45]Dixon continued, according to the report, that "the concern about Omicron has now subsided at a time when analyzes showed that his symptoms were described as moderate, and this thing is a kind of recovery for oil producers and sellers who initially expected the worst."[/size]
[size=45]And the report went on, "The Iraqi Oil Minister, Ihsan Abdul-Jabbar, expected yesterday, Sunday, that the Organization of Petroleum Exporting Countries, OPEC, during its next meeting, will maintain its current policy of gradually increasing production at a rate of 400,000 barrels per day every month."[/size]
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