Specialists expect a jump in oil prices during 2022

[size=52]Specialists expect a jump in oil prices during 2022[/size]

[size=45]Baghdad / Hussein Hatem[/size]
[size=45]Economic specialists expect a jump in oil prices during 2022, after they stabilize above the $70 threshold, calling for a review of the dollar exchange rate after the formation of the new government.[/size]
[size=45]Yesterday, Monday, oil prices rose by no more than 1% in the first sessions of 2022, after OPEC Plus confirmed that the effect of the Omicron mutator is limited on the oil market.[/size]
[size=45]Brent crude rose in the beginning of trading by 0.69% to reach $78.32 a barrel, while US crude rose by 0.77% to reach $75.79 a barrel.[/size]
[size=45]And economic affairs specialist Diaa Al-Mohsen said in an interview with (Al-Mada), that "oil prices herald a jump that will occur during the current year," expecting "their rise to more than $90, which will lead to a financial surplus of 16 trillion Iraqi dinars with a deficit."[/size]
[size=45]Al-Mohsen added, "The financial abundance, even if it is achieved, the hypothetical deficit still exists in the budget," adding that "there are unjustified expenses that are covered through that abundance produced by oil revenues."[/size]
[size=45]And the specialist in economic affairs called for “investing the surplus of oil revenues in investment projects,” calling for “a reconsideration of changing the exchange rate of the dollar against the dinar after the formation of the new government.”[/size]
[size=45]Al-Mohsen also called on the Ministry of Finance to “take an inventory of what was spent during the past months that followed the approval of the 2021 draft budget.”[/size]
[size=45]On the first day of this year, the Ministry of Oil announced that it had exported more than 100 million barrels last December, with revenues exceeding $7 billion.[/size]
[size=45]A statement by the ministry, received by Al-Mada, stated that “according to the preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO), the total amount of crude oil exports for last December reached (101) million (579) thousand and (927) barrels, with revenues amounting to (7) billions and (37) million.”[/size]
[size=45]The statement added, "The total quantities of crude oil exported from oil fields in central and southern Iraq amounted to (98) million (570) thousand and (290) barrels, while from Kirkuk fields through Ceyhan port, the exported quantities amounted to two million and (700) million. One thousand (95) barrels, and the daily export rate amounted to (3.277) million barrels, while the average price per barrel amounted to more than (72) dollars.”[/size]
[size=45]In turn, the expert in economic affairs, Basem Jamil Antoine, said in an interview with (Al-Mada), that "there has become an experience following the rise in oil for a long time and the rise in the exchange rate of the dollar against the Iraqi dinar, which put Iraq in front of a sober situation and a great development agent." And Antoine pointed out that “indicators of fear of the new mutation from Corona came in conjunction with the release of large quantities of oil by the US Treasury to sell in the markets, but the increase in supply and the halt in demand led to the stagnation of prices.”[/size]
[size=45]The specialist in economic affairs ruled out “the occurrence of an economic crisis during 2022,” adding that “the economic situation is almost stable at the present time.”[/size]
[size=45]For his part, the economist, Abbas Al-Ghalbi, said in an interview with (Al-Mada), that “the Iraqi constitution talks about the so-called market economies,” noting that “the situation of Iraq since 2003 until now has not approached the banks of market economies, but rather it is vacillating. between the central economy and the improvisational economy.[/size]
[size=45]Al-Ghalbi added that "the rise in the value of the dollar against the dinar under the pretext of covering salaries has had a negative impact on the citizen in a large way."[/size]
[size=45]He called the specialist in economic affairs to reconsider "the price of the Iraqi dinar against the US dollar after the recovery of oil prices."[/size]
[size=45]He points out that "the government does not have a clear-cut strategic economic plan, but rather proceeds according to improvised and time-based decisions that address issues without looking at the situation of the poor and middle-income classes," calling on the government to "activate the agricultural and industrial sectors for economic advancement, in addition to supporting local products and preventing smuggling." (…)”.[/size]
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