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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    What Iraq gains from the rise in oil, it loses due to the difference in the prices of imported goods

    Rocky
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    • Post n°1

    What Iraq gains from the rise in oil, it loses due to the difference in the prices of imported goods Empty What Iraq gains from the rise in oil, it loses due to the difference in the prices of imported goods

    Post by Rocky Tue 12 Sep 2023, 4:16 am

    What Iraq gains from the rise in oil, it loses due to the difference in the prices of imported goods

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    Baghdad today - Baghdad
    Iraq is the most affected by any waves of inflation and the rise in global prices for various commodities, natural resources and wealth, except for oil, which makes it not benefit from any rise in prices because it does not export anything. On the other hand, it is a large importer of most types of commodities whose prices can rise.
    Because Iraq is a large importer of various commodity prices, even the rise in oil prices, which Iraq does not export, will not be very profitable, because Iraq will pay the difference in the rise in oil prices on the other commodities it imports, oil derivatives, and other commodities whose prices will also rise, so everything Iraq will get From the rise in oil prices, he will pay back the difference in the rise in the prices of the goods that he will import.
    While Iraq exports between 3.3 to 3.5 million barrels of oil, the average revenues it is expected to receive within a year according to current prices are approximately $100 billion. In contrast, Iraq annually imports goods and commodities worth $60 billion annually, which means that 60% of Iraq’s annual revenues go to imports. Any rise in global commodity prices will raise the percentage of what Iraq spends and deducts from its oil revenues for the purpose of importing.
    Economic affairs expert Alaa Glob Al-Fahd said in a press interview,  “Iraq relies mainly on selling oil in order to enhance its financial revenues, and that is why it does not achieve anything by increasing revenues from resources other than oil with the changes in the global market.”
    The expert in economic affairs stated, “The industrial and agricultural aspect in Iraq is almost non-existent, and Iraq does not export anything abroad to enhance its financial revenues other than oil. This is why we see that the Iraqi economy is very weak and threatened, as it depends only on the sale of oil, and any decline in oil prices causes crises.” "Dangerous financial situation for Iraq."
    Source: Al-Ghad Jordanian
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