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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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    Will Iraq face an economic crisis if oil exports through the Gulf and the Strait of Hormuz stop?

    Rocky
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    • Post n°1

    Will Iraq face an economic crisis if oil exports through the Gulf and the Strait of Hormuz stop? Empty Will Iraq face an economic crisis if oil exports through the Gulf and the Strait of Hormuz stop?

    Post by Rocky Mon Aug 12, 2024 7:50 am

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    [size=52]Will Iraq face an economic crisis if oil exports through the Gulf and the Strait of Hormuz stop?[/size]

    [size=45]Iraq relies heavily on oil revenues to finance its general budget, as oil revenues constitute a large percentage of total government revenues. Any interruption in oil exports will lead to a significant shortage in the funds available to the government, negatively affecting its ability to finance public projects and services.[/size]
    [size=45]Economic expert Ahmed Khairi explains that “if oil exports from the Gulf waters and the Strait of Hormuz stop, Iraq will face several serious economic damages.”[/size]
    [size=45]He added, "Iraq may be exposed to great economic pressure, due to the decline in the economic value of oil as a commodity, which affects foreign investments and increases the deterioration of the national economy."[/size]
    [size=45]“The halt in exports could lead to a decline in economic activity in general, causing an increase in unemployment and a decline in living standards,” he explained, noting that “the disruption in exports could contribute to increased political and social tensions within Iraq, as the government seeks to secure alternative sources of revenue and achieve economic stability.”[/size]
    [size=45]For his part, economic affairs expert Safwan Qusay ruled out stopping oil exports through the Gulf waters and the Strait of Hormuz, noting that “oil prices will not exceed $100 per barrel.”[/size]
    [size=45]Qusay said, "If the current conflict in the region develops, oil exports cannot be stopped through the Strait of Hormuz, except for a direct confrontation between Iran and the Zionist entity that could ignite the region and lead to the closure of this strait."[/size]
    [size=45]He added, "Saudi Arabia has export outlets in the Red Sea, as well as the UAE, which has worked on extending an oil pipeline towards Saudi Arabia and the Red Sea, in addition to the fact that China and America have reserves sufficient for two years, so oil prices will not rise to more than $100 per barrel."[/size]
    [size=45]He added, "The rise in oil prices may push towards a shift towards exporting through tankers if the cost is appropriate, while Iraq has pipelines towards the Turkish port of Ceyhan and they can be invested in the right way to ensure the continuation of oil exports."[/size]
    [size=45]Iraq currently produces more than four million barrels per day, of which it exports between three and 3.4 million barrels per day.[/size]
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