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With its global decline.. Warnings of the danger of falling oil prices on Iraq's budget
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Baghdad Today - Baghdad
Economic expert Mustafa Hantoush warned today, Wednesday, September 4, 2024, of the danger of the decline in oil prices in the global market on Iraq's budget.
Hantoush told Baghdad Today, "Iraq depends entirely on oil sales revenues to finance its budget, and certainly a decrease in those prices will have a major and dangerous impact on securing budget funds, especially in light of the significant increase in the size of the operating budget, which constitutes more than (75)% of the budget."
He explained that "according to information, Iraqi oil is sold at less than global prices, and for this reason the budget relies on numbers lower than the price of oil sold, in anticipation of any emergency event that might lower those prices, especially since the world is facing incidents that might lead to new declines, and this certainly has a major impact on the budget situation."
Hantoush urged "the relevant government agencies to move quickly to find solutions to confront such an emergency, as this matter may affect the possibility of providing sufficient funds to support and finance the budget."
Oil prices fell on Wednesday, continuing losses after falling more than 4% yesterday to hover around their lowest levels since December amid expectations that the political conflict that halted exports from Libya's main ports may be resolved and concerns about slowing global demand growth.
Brent crude futures fell to $73.32 a barrel on Wednesday morning.
Informed sources say that "the price of a barrel of Iraqi oil fell today in the global markets to reach $69 per barrel, noting that its estimated price in the three-year budget was fixed at $70 per barrel," noting that "Iraqi oil is sold at its monthly price, not daily."
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