Parliamentary Committee: Oil will continue to rise and will reflect positively on the Iraqi economy[You must be registered and logged in to see this link.] |Today, 09:16 |[You must be registered and logged in to see this link.][You must be registered and logged in to see this image.]
Baghdad today - Baghdad
A member of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, said today, Sunday, that according to international indicators, crude oil prices continue to rise until the end of this year, as they recently recorded more than $75 per barrel.
Al-Moussawi said in a statement received by "Baghdad Today": "The rise in crude oil prices will reflect positively on the Iraqi economy because it maximizes its oil revenues and enables it to overcome the negative financial impact resulting from the suspension of exports from the fields of Kurdistan and Kirkuk, which amount to 470,000 barrels per day."
And she indicated, “After the rise in crude prices and addressing the deficit as a result of the financial surplus, we stress the need to make optimal use of it in investing in developing industry and agriculture and supporting the foundations of the real private sector, to operate factories and laboratories and produce locally manufactured goods and services, in conjunction with the gradual re-imposition of taxes on goods.” Which are produced locally, in line with activating the role of control and preventing the raising of locally produced commodities and keeping them at prices equal to or a margin lower than the prices of competing foreign commodities.
Earlier, the prices of Basra crude (heavy and medium) rose, with the rise in global oil prices.
Basra Heavy crude prices rose 60 cents, with a change of 84%, to reach 72.31 dollars. Basra medium crude prices also rose 60 cents, with a change of 80%, to reach 75.46 dollars.
The rise in oil prices came with Saudi Arabia's announcement to extend its cut to one million barrels per day for the month of August, which also caused fears of a scarcity of supply in global markets.