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An upcoming role
Iraq 09/25/2023
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Ahmed Abdel Hussein
Winter is approaching, and with it, many specialists expect an increase in oil prices, given Europe's increased feeling of cold after the cessation of Russian oil supplies to it. Prices are growing from now, but the global bank, JP Morgan, expects the price of a barrel to reach $150.
In Iraq, the number mentioned by the World Bank seems much more than we hope for in order to reduce the deficit, achieve balance, and control spending on reconstruction and development resources. Prime Minister Muhammad Shiaa Al-Sudani stated that an amount ranging between 85 and 95 dollars per barrel would achieve this goal. This is a reason for optimism.
The current and expected increase in oil prices will automatically revive the economic process, and will have, first and foremost, an input into reforming the oil sector itself, which is the mainstay of our economy, especially since the talks that the Prime Minister recently held in New York were mostly with representatives of countries of great importance in the oil and gas sectors. Increasing economic abundance now and in the future will expand the investment horizons that Sudanese called for. The most important of all is the promise he made to rely on Iraqi gas within the next three years.
The global political situation helps cultivate such hope. The Russian-Ukrainian war, and its repercussions from the US sanctions imposed on Moscow, open a door for Iraq to be an alternative to Russian oil, provided that the appropriate political climate is available for such an ambitious leap.
In the past years following the Ukraine war, it became clear that Europe suffers during the winter from a large deficit in energy savings, and that Russian oil, which fills 28% of its energy, will remain unavailable this winter as well, and it is very possible to see Iraqi oil as the most suitable alternative.
Iraqi oil, at its hoped-for prices, can have a very positive impact not only in the field of economics, but also in shaping the regional and international political role that Iraq deserves.
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