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The financial advisor to the Prime Minister expects oil prices to improve by the summer
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Baghdad / ... the appearance of Mohammed Saleh, the financial advisor to the Prime Minister, expected on Saturday that oil prices will improve by next summer, while he stressed that Iraq is holding consultations with OPEC countries to find solutions to return prices to what they were.
Saleh said in a press statement, "The government has taken a number of measures to address the crisis with regard to public expenditures and the main obligations to confront the lack of resources."
He pointed out that "the instructions and opinions stated in the statement of the Parliamentary Economy and Investment Committee represent important solutions aimed at formulating exceptional policies to face the crisis."
Saleh said, "The improvement of oil prices will be by the coming summer, due to the resumption of the Chinese economy again, which in turn will move the world economy faster and create opportunities for demand for all commodities, including oil demand."
He pointed out that "Iraq is currently consulting through the Ministry of Oil with OPEC countries, to find solutions to return oil prices to what they were, especially as it is the second oil producer in the organization."
The expert in energy affairs, Furat al-Moussawi, had seen, on Tuesday (10 March 2020) that the crisis of low oil prices will continue because its background is political, while he pointed out that Iraq will be the biggest loser.
Mousawy said, "Iraq is going through a real economic stalemate," noting that "the crisis of low oil prices will continue because it was launched with political backgrounds between Saudi Arabia and Russia, and Iraq will be the biggest loser because it does not have compensatory alternatives to oil."
He pointed out that "the price of oil fixed in the budget is 56 dollars per barrel and the cost of extracting the barrel is 10 dollars," adding that "Iraq does not have from the financial storage other than the salaries of employees, and the problem is that there are sectors other than salaries."
He pointed out that "Saudi Arabia is the one who controls OPEC's decision because of Iraq's weakness and diplomacy, and does not have any realistic weight."
He warned that "there is no effective role for the Iraqi negotiator in OPEC, we always wait for others and interact with what they decide, we are like spectators," explaining that "the specialists are far from the administration of the state, and the crises are caused by the lack of qualified people in the management of the state."
He believed that "the increase of Iraq’s oil exports will create a big problem because it will reduce oil prices by more."
And oil prices witnessed, at the dawn of last Monday, a sharp drop that exceeded 20% of liquid prices, after Saudi Arabia decided to reduce the price, after the failure of its talks to cut production with Russia. End 2
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