A government advisor expects an increase in the surplus due to high oil prices

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[size=52]A government advisor expects an increase in the surplus due to high oil prices[/size]

[size=45]Baghdad/ Saif Abdullah[/size]
[size=45]Despite Iraq's dependence largely on oil exports, this file remained dependent on the developments of the global crisis, which caused it to decline significantly and to re-rise even more. Experts in the financial and oil affairs revealed that large financial revenues were achieved during this year due to the rise in oil prices, while they issued calls to take advantage of the financial abundance.[/size]
[size=45]large financial surpluses[/size]
[size=45]In this regard, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the increase in export capacity by about 30 thousand barrels per day, according to the current international oil prices, will generate an additional financial revenue from today until the end of the year, which will amount to approximately 450 million dollars.[/size]
[size=45]Saleh said in an interview with (Al-Mada), that "in all cases, the increase in oil exports will constitute revenue from the country's public financial revenues and will be added to the expected surpluses at the end of the fiscal year 2022, which are estimated at no less than 16-20 billion dollars, which are currently accumulating in the accounts of the Ministry of Foreign Affairs. Reserve finances in foreign currency, which the Central Bank of Iraq, as the financial agent of the state or the state bank, manages in accordance with the best international banking applications within Iraq’s foreign reserves, in a safe and accurate manner.[/size]
[size=45]Saleh added, “These financial surpluses will form one way or another the nucleus of the Iraqi sovereign wealth fund, to which the provisions of Article 19 of the current Federal Financial Management Law No. or government income.[/size]
[size=45]Iraq is an alternative to Russian oil[/size]
[size=45]For his part, the oil expert, Hamza Ramadan, explained that the reason for increasing Iraq's share of the oil exported by OPEC is to compensate the Russian oil market.[/size]
[size=45]Ramadan said in an interview with Al-Mada that "when US President Joe Biden came to Saudi Arabia, he gave a decision that large quantities should be pumped, because Europe will live in a very difficult cold state."[/size]
[size=45]Ramadan added, “This increase is supposed to be in the interest of the Iraqi citizen, but Iraq is a consumer country, and in addition to Turkey and Iran, there are other beneficiaries who have entered the line of benefiting from Iraqi oil, namely Egypt and Jordan, and Syria and Lebanon will soon enter as well.”[/size]
[size=45]Debt repayment calls[/size]
[size=45]In addition, economic expert Diaa Mohsen believes that in the presence of additional revenues outside the budget estimates, the government must pay part of the internal and external debts, so that its position remains safe.[/size]
[size=45]Mohsen said in an interview with (Al-Mada), that "the increase in Iraq's export share of oil came without Iraq feeling it, that is, without efforts by Iraqi officials, but as long as the country is without a budget and the government is a caretaker government, these revenues cannot be disposed of. The big one.”[/size]
[size=45]A statement by the Ministry of Oil had announced earlier, that "the exports and revenues achieved for the month of last July, according to the preliminary statistics issued by the Iraqi Oil Marketing Company" SOMO, where the total amount of exports of crude oil amounted to 102 million and 385 thousand and 49 barrels, with revenues of 10,608. billions of dollars.”[/size]
[size=45]The statement added, "The total quantities of crude oil exported for the month of July from oil fields in central and southern Iraq amounted to 99 million and 965 thousand and 94 barrels, while from Kirkuk fields through Ceyhan port, the exported quantities amounted to two million and 344 thousand and 536 barrels."[/size]
[size=45]He pointed out that "the average daily quantities amounted to 3 million and 303 thousand barrels per day, and that the average price of one barrel amounted to more than 103.60 dollars."[/size]
[size=45]And the statement went on, that "the ministry, through its belief in informing the people about the export operations and the revenues generated from it, took this monthly measure."[/size]
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