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After the oil drop, an economist warns: Iraq is approaching the danger zone
Shafaq News/ The economic expert, Nabil Al-Marsoumi, warned, on Saturday, of the impact of the noticeable drop in oil prices on public expenditures in Iraq.
This came in a statement issued by the expert under the title "Iraq is bitten from the same hole several times."
Al-Marsoumi said in his statement that "the drop in the oil price to $86 per barrel means that Iraq is close to the danger zone."
He explained that Iraq needs a price of 80 dollars per barrel and exports up to 3.3 million barrels per day in order to obtain oil revenues of up to 140 trillion dinars, which are sufficient with non-oil revenues to cover the requirements of public expenditures, which rose by 25 trillion dinars this year as a result of the legislation of the Food Security Law.
Oil prices closed with big losses last week, with oil prices falling globally after the US Federal Reserve raised interest rates, which warns of a global economic recession.
Basra Heavy crude closed in its last session on Friday, down $2.62 to $79.10, but it recorded a big weekly loss of $5.06, equivalent to 4.22%.
Brent crude closed in the last session, down from yesterday, Friday, by $4.31 to reach $86.15, and recorded a large weekly loss of $5.2, or 5.69%.
The US West Texas Intermediate crude also closed down in the last session of yesterday, Friday, by $4.75 to reach $78.74 a barrel, but it recorded a significant weekly loss as well, which amounted to $6.37, or the equivalent of 7.48%.
The last week witnessed a drop in oil prices as investors feared the recession in the world, and the dollar's rise significantly.
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This came in a statement issued by the expert under the title "Iraq is bitten from the same hole several times."
Al-Marsoumi said in his statement that "the drop in the oil price to $86 per barrel means that Iraq is close to the danger zone."
He explained that Iraq needs a price of 80 dollars per barrel and exports up to 3.3 million barrels per day in order to obtain oil revenues of up to 140 trillion dinars, which are sufficient with non-oil revenues to cover the requirements of public expenditures, which rose by 25 trillion dinars this year as a result of the legislation of the Food Security Law.
Oil prices closed with big losses last week, with oil prices falling globally after the US Federal Reserve raised interest rates, which warns of a global economic recession.
Basra Heavy crude closed in its last session on Friday, down $2.62 to $79.10, but it recorded a big weekly loss of $5.06, equivalent to 4.22%.
Brent crude closed in the last session, down from yesterday, Friday, by $4.31 to reach $86.15, and recorded a large weekly loss of $5.2, or 5.69%.
The US West Texas Intermediate crude also closed down in the last session of yesterday, Friday, by $4.75 to reach $78.74 a barrel, but it recorded a significant weekly loss as well, which amounted to $6.37, or the equivalent of 7.48%.
The last week witnessed a drop in oil prices as investors feared the recession in the world, and the dollar's rise significantly.
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