- Today 09:26
The Parliamentary Oil and Gas Committee suggested that oil prices would continue to rise globally, attributing the reason to a decline in supplies of “black gold.”
Committee member MP Zainab Juma al-Moussawi said in an interview followed by the Al-Ma’louma Agency, “Iraq is one of the rentier countries that depends more than 95% on the financial revenues generated from the sale of crude oil in global markets.”
Al-Moussawi added, "There are expectations of achieving large financial surpluses as a result of these increases, which will lead to reducing the estimated budget deficit by up to 50%."
She stressed the need to "exploit 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 world."
The deficit percentage in the current draft budget reached 63.275 trillion dinars, with the adoption of a price of $70 per barrel of oil, according to what was sent by the Council of Ministers, given that more than 95 percent of the budget revenues depend on oil sales. Ended/25
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