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[size=30]Oil prices may witness a free fall .. Iraq is on the "verge of danger"
2022-07-05
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Yes Iraq: Baghdad
The oil expert, Nabil Al-Marsoumi, warned that oil prices will witness a significant decline as a result of the decrease in demand for oil and the economic stagnation, while Iraq will be most affected by the rise in its operational obligations.
Al-Marsoumi said in a clarification followed by “Yes Iraq”, that “the price of Brent crude for futures contracts fell to 104 dollars per barrel for September delivery, while the price of Brent crude for November delivery fell to less than 100 dollars.”
He added, "Citigroup Bank has warned of the possibility of oil prices falling to between 45 to 65 dollars per barrel at the end of the year if there is a stagnation in demand for oil in light of high inflation levels, which may lead to a state of general economic stagnation."
And he indicated that “if those expectations are correct, Iraq will be the most affected among the oil-producing countries due to the significant rise in operating expenses that accompanied the rise in oil prices and that led to an increase in public burdens in the absence of a sovereign fund that could be a wall against the violent fluctuations of oil prices.” , adding, “a copy of it to the drums, by returning to the old exchange rate.”
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