Oil is “flying high” and a parliamentary committee expects its continued rise
The first 09/12/2023
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Baghdad: Haider Falih Al-Rubaie
The Parliamentary Oil and Gas Committee suggested that global oil prices would continue to rise, attributing the reason to a decline in supplies of “black gold” as a result of the positions of Saudi Arabia and Russia, which decided to reduce their oil production, likely to reduce the country’s financial deficit by 50%.
Committee member MP Zainab Juma al-Moussawi told “Al-Sabah”: “Iraq is one of the rentier countries that depends up to more than 95% on the financial revenues generated from the sale of crude oil in global markets,” expecting “to achieve large financial surpluses as a result of these increases.” “In a way that leads to reducing the estimated budget deficit by up to 50%,” stressing the necessity of “exploiting these increases to support strategic, urban, and service projects,” suggesting at the same time that oil prices will continue to rise until the end of the current world
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