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Expectations of a rise in oil prices and calls for exploiting the abundance
Economical 2023/07/10
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: Haider Fleeh Al-Rubaie
The Parliamentary Oil and Gas Committee suggested that the recovery of oil prices will continue until the end of this year, after the prices of “black gold” touched the $75 limits, stressing the need to exploit the financial abundance achieved in establishing productive projects capable of reducing total dependence on oil imports, and investing them to develop Industry, agriculture and supporting the infrastructure of the real private sector.
Oil exports during last June, according to the Ministry of Oil, amounted to (100) million and (59) thousand and (52) barrels, with revenues exceeding seven billion dollars, and a daily export rate of (3) million and (335) thousand barrels, at a price of (71.11). ) dollars per barrel.
According to the Minister of Oil, Hayan Abdul Ghani, the sixth licensing round that Iraq is looking forward to holding, aims to achieve self-sufficiency in gas within 5 years, and to reach oil production to the limits of six million barrels per day, stressing that the decisive decisions approved by OPEC and OPEC Plus will maintain market stability. globally.
Member of the Parliamentary Oil, Gas and Natural Resources Committee, Representative Zainab Juma Al-Moussawi, confirmed that “according to global indicators, crude oil prices continue to rise until the end of this year, especially after they recently touched the limits of $75 per barrel, and that this increase would help Iraq.” To bridge the fiscal deficit in the federal budget 2023 and develop the national economy.
Al-Moussawi believes that “the rise in crude oil prices will reflect positively on the economy because it maximizes its revenues and enables it to overcome the negative financial impact resulting from the suspension of exports from the fields of Kurdistan and Kirkuk,” stressing the need to “optimize the financial abundance achieved in the development of industry and agriculture and support the infrastructure of the private sector.” real, to operate factories and factories and produce locally made goods and services ».
In line with the recommendations of the Parliamentary Oil Committee, the oil expert, Dr. Bilal Al-Khalifa, expected during his interview with Al-Sabah that oil prices would continue to rise in the coming periods, citing the growing global demand for black gold and the continuation of international conflicts, especially the war between Russia and Ukraine.
Al-Khalifa explained that oil price estimates are currently linked between “America and Europe on the one hand, and OPEC Plus on the other hand,” as the Organization of Petroleum Exporting Countries strives to ensure that the price of a barrel remains close to $80, especially since some OPEC member states have built their budgets on Comparable prices, stressing at the same time that this price constituted a great burden on Europe, and it is trying by all means to reduce it to less than
70 dollars.
The expert, al-Khalifa, suggested that the price of oil would remain confined between 70
and 80 dollars, stressing the need to exploit the financial abundance achieved as a result of this increase in the establishment of projects that would leave the “rentier economy” and reduce dependence on oil revenues to support the country's financial budgets.
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