During 2022... Iraq is promised a financial balance caused by oil prices
Shafaq News / The Institute of International Finance expected, on Saturday, that Iraq needs a price of 64 dollars per barrel of oil during the next year to achieve financial balance.
The institute stated in a report that "all oil-producing countries will witness a decrease in the price of oil to achieve parity or financial balance in the budgets of the oil-exporting countries, and without a significant deficit," noting that this is due to "the rise in oil and gas production in these countries in exchange for limited government spending cuts." .
According to the report, the oil price in Iraq - the second largest oil producer in OPEC - will be at $62 a barrel in 2022, down from $63 a barrel this year.
In the rest of the oil and gas producing countries, Qatar’s budget will witness a financial break-even point at $44 a barrel next year, down from $52 a barrel in 2021.
Bahrain, which is described as the smallest oil producer in the Gulf, will also witness a financial parity, at $76 a barrel in 2022, compared to $82 a barrel in 2021.
In contrast, the fiscal breakeven point in the budget of Saudi Arabia, the largest oil exporter in the world, will drop to $67 per barrel in 2022, compared to $75 per barrel in 2021.
The Institute of Finance also expected that the UAE - the third largest oil producer in OPEC - would benefit from a drop in the financial breakeven in the oil price to $ 64 a barrel next year, compared to $ 69 a barrel this year.
The fiscal breakeven in Kuwait's budget, an OPEC member state, will also drop to $61 a barrel in 2022, compared to $65 a barrel this year.
The financial balance of the Sultanate of Oman - the largest oil producer in the Middle East outside of OPEC - will also decline during the next year to $ 67 a barrel in 2022, compared to $ 74 a barrel in 2021.
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