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Oil expert: High oil prices will achieve financial abundance and end the need to borrow
- Time: 10/18/2021 23:51:26
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{Economist: Al-Furat News} The oil expert, Hamza Al-Jawahiri, said that the rise in oil prices to exceed $85 per barrel has good positive effects on the state treasury.
Al-Jawahiri told {Euphrates News}: "This increase will cover the hypothetical deficit in the financial budget, and there will be no need to borrow because there is financial abundance."
And he indicated, "The state's policy is to dispose of financial abundance, and there are several proposals, such as placing it in development funds for industry or agriculture," explaining that "the fund is an integrated bank that employs these funds according to programs or studies and is granted to citizens and is returned with profits."
Al-Jawahiri considered, "This method is the best way to take advantage of that financial abundance."
The Oil Ministry considered the price hike to more than $80 a "positive indicator, but that requires stability for a long time."
And the ministry’s spokesman, Assem Jihad, said: “Iraq aims to achieve the highest financial revenues by adhering to the OPEC Plus agreement,” noting that “the price of Iraqi oil and the producing countries depend (the monthly price) for the exported oil and is not subject to daily changes.”
He pointed out that "the challenges of the global oil market are still present due to the lack of control over the Corona virus and the new strains."
Raghad Daham
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{Economist: Al-Furat News} The oil expert, Hamza Al-Jawahiri, said that the rise in oil prices to exceed $85 per barrel has good positive effects on the state treasury.
Al-Jawahiri told {Euphrates News}: "This increase will cover the hypothetical deficit in the financial budget, and there will be no need to borrow because there is financial abundance."
And he indicated, "The state's policy is to dispose of financial abundance, and there are several proposals, such as placing it in development funds for industry or agriculture," explaining that "the fund is an integrated bank that employs these funds according to programs or studies and is granted to citizens and is returned with profits."
Al-Jawahiri considered, "This method is the best way to take advantage of that financial abundance."
The Oil Ministry considered the price hike to more than $80 a "positive indicator, but that requires stability for a long time."
And the ministry’s spokesman, Assem Jihad, said: “Iraq aims to achieve the highest financial revenues by adhering to the OPEC Plus agreement,” noting that “the price of Iraqi oil and the producing countries depend (the monthly price) for the exported oil and is not subject to daily changes.”
He pointed out that "the challenges of the global oil market are still present due to the lack of control over the Corona virus and the new strains."
Raghad Daham
[You must be registered and logged in to see this link.]
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