11:03 - 2023-02-14
The Parliamentary Committee on Oil, Gas and Natural Resources announced today, Tuesday, that Iraq will achieve a financial surplus of more than 24 billion dollars this year, while determining the price of a barrel of oil in the budget.
Committee member Zainab Juma al-Moussawi said, "The price of a barrel of oil will be in the current year's budget at about 65 dollars per barrel, which will achieve a financial surplus," noting that "current expectations indicate that crude oil prices will continue to rise between 85-100 dollars in global markets this year." As a result of the increasing demand for it by the European Union and some other countries following the Russian-Ukrainian war.
She added, "The size of the financial surplus for this year is 68,000,000 million dollars daily, and 2 billion and 40 million dollars per month, so that the annual total is 24 billion and 480 million dollars," stressing "the need to invest the financial surplus in developing industry and agriculture and supporting the foundations of the real private sector, to operate factories and laboratories." and the production of locally made goods and services, in conjunction with the gradual re-taxation of locally produced goods.
And she stressed the importance of "activating the role of oversight and preventing the removal of locally produced commodities and keeping them at prices equal to or less than the prices of competing foreign commodities."
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