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Parliamentary Finance warns of a future "economic catastrophe" for Iraq
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Baghdad / ... Member of Parliamentary Finance Committee, Jamal Kujer, confirmed on Monday that Iraq is heading towards a financial and economic catastrophe if oil prices related to the emerging Corona virus and the recent Saudi measures continue.
Cougar said in a press statement, "The citizens of the Kurdistan region and all of Iraq will pay the price of this disaster, because the government relies heavily on oil, and it needs a public meeting to reassure people after panic and fear spread among them."
He added, "The drop of one dollar in the price of a barrel of oil means that Iraq will lose about one and a half billion dinars per day," noting that "the only hope that we will not have a severe economic crisis greater than what we went through in 2016 is the disappearance of the Coruna virus and the return of oil prices to their nature." .
He stressed, "The government has to take a set of steps, the most important of which is to reduce expenditures in ministries and local governments, and to strike the corrupt with an iron hand, and this is a historic opportunity because the people will stand with it and also tell the people the truth, because in these circumstances it is not possible to ratify appointments and increase salaries." The need to "accelerate the formation of the new government or to reassign the resigned prime minister, Adel Abdul Mahdi."
The oil prices witnessed a sharp drop, on Monday (March 09 2020), which exceeded 20% of the liquid prices yesterday, after Saudi Arabia decided to reduce the price, after the failure of its talks to cut production with Russia.
The sharp fall in oil futures prices reached more than 20 per cent, to the lowest level since 2016, on Sunday, after Saudi Arabia lowered the official price to sell its crude oil, indicating the start of a new price war.
On Friday, Russia rejected OPEC's proposal to make significant production cuts in order to stabilize prices damaged by the economic consequences of the Corona virus.
OPEC responded by removing restrictions on its oil production.
Brent crude futures fell $ 9.57, or 21.1 percent, to $ 35.70 a barrel by 2216 GMT, while US West Texas Intermediate crude fell $ 8.62, or 20.9 percent, to $ 32.66.
In one of the most dramatic sales operations ever, Brent crude futures fell by 31 percent in a matter of seconds at the opening of trading in Asia on Monday, after oil prices have already suffered from the largest losses since the global financial crisis at the end of last week, according to what it reported US Bloomberg Agency.
Riyadh plans to increase its production in the same month to more than ten million barrels per day for the first time since May 2019. Ended 2
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