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Iraq sells its oil below the planned price. The deficit increases before the budget sees the light
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Baghdad today-Baghdad
Today, Monday, the expert in oil affairs, Hamza Al-Jawahiri, confirmed the real fears of increasing the deficit in Iraq’s budget for the year 2023, indicating that Iraq sells its oil less than the global price by more than 5 dollars, which means that Iraq’s oil is currently less than the price specified in the budget.
Al-Jawahiri told "Baghdad Today" that "the price of oil was calculated in the budget at $70 a barrel, while the price in the global market is currently $72 a barrel," noting that "Iraq, as it is known, sells its oil less than the global price by $5 or less." more".
He added, "This confirms fears of a significant increase in the budget deficit due to the drop in oil prices," considering that "all indicators and data indicate that oil prices in the global market will drop significantly during the next stage, and this will affect Iraq's financial revenues, as it is 95% of it depends on the money from the sale of oil.”
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