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Oil is cheaper than Coca-Cola
Economical 09/20/2023
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Walid Khaled Al-Zaidi
, when the news comes of a rise in oil prices in global markets, it indicates a state of recovery in global demand for black gold, which in turn shows the extent of economic and industrial activity in the countries that import it, as the data tells us that prices have risen to exceed the threshold of ninety dollars per barrel after oil prices continued to rise in trading. The daily newspaper is supported by increasing expectations of a recovery in global demand for crude oil. If this state of escalation continues, we may not be surprised if we find the price of a barrel exceeding the current price and approaching one hundred dollars before the end of the current year, and this matter is not unseen, but there are indicators that confirm the reality of the price escalation because The demand for it will increase to a greater extent as the end of the hot summer and the beginning of the winter approaches.
When a state of complete optimism prevails, rather than cautious optimism, it makes the global oil markets take two steps forward versus taking one step back from time to time. Here the importance of mentioning is highlighted that many of the major oil-consuming industrial countries are more often than not the cause of the rise in global commodity prices. Especially the food products that it produces and exports to other countries, this increase is not objective, as in most cases it is not based on the cost of those products, but rather on a slight movement in the demand for them by the countries from which they import food.Even Western experts believe that the current price of a barrel of oil is appropriate for consumers if it is measured by the prices of some manufactured foodstuffs, so that oil, which is a difficult number in the global economic equation, and at its current or high prices, remains much cheaper than some unnecessary drinks, such as Coca-Cola, the price of which is as high as a barrel. To (150) dollars, even though it is considered a luxury product and its consumption does not constitute a matter of life or death for a person, and it is an unnecessary material, like the need for oil, which is used in the production of many goods, products, and important needs of human society.It is important to say that the economic reality in Iraq emphasizes the necessity of exploiting the rise in global oil prices and working to reduce the planned deficit gap in the budget, which is estimated at approximately (64) trillion dinars for the current year and the next two years, in addition to its positive repercussions in terms of increasing the country’s financial revenues, especially in If its prices stabilize or rise, which is much higher than the price of oil presented in the federal budget of Iraq, which is estimated at about $70 per barrel, which enhances the benefit from the difference in those prices in various economic matters, as well as facing the fluctuations in oil prices and surprises in demand for it in the energy markets, as well as the development of the stages of Prices will make the budgets for the next two years maintain their constants and procedures, especially since there are great expectations for an increase in demand for oil from many Western countries, especially in the European continent, to face the cold winter.
In general, when the global economy restarts in recovery, oil prices in global markets rise more than expected and may exceed the ceiling of expectations, and their general trends are in favor of oil-exporting countries, which reduces the risks of its fluctuations in the foreseeable future.
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