BAGHDAD - The expert on economic affairs, Salam Samisem, confirmed Thursday that the decision of the Oil Ministry to abide by the extension of the reduction of oil production for nine months according to the recent OPEC agreement will negatively affect the Iraqi economy.
"The decline in the amount of cash flowing into Iraq and the budget financier will negatively affect the government's ability to pay some of its financial obligations. On the other hand, this decision will positively affect other oil exporting countries in order to reduce the oil supply and thus improve the price level , Especially as we are approaching the month of autumn, which usually lead to increase the volume of demand for oil in preparation for the winter.
"The Ministry of Oil to balance the reduction of production with the currency contained in the country, to avoid imbalance of foreign currency reserves and control the fulfillment of the requirements of the federal budget and control of the fiscal deficit."
Oil Minister Jabbar al-Luaibi announced earlier, agreeing to extend the production cut for nine months. Finished
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