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[size=35][size=35]Finance will suffer.. What does the drop in the price of a barrel of Iraqi oil to $70 mean?[/size]
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2024-09-07 | 03:30
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Alsumaria News - Economy
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Al-Marsoumi said in a tweet followed by Sumaria News that the drop in oil prices to $70, with the decline in Iraqi oil exports to 3.3 million barrels per day, will lead to a decline in monthly oil revenues to 9 trillion dinars, of which 1 trillion dinars will go to cover the expenses of oil licensing companies, leaving 8 trillion dinars, which is only enough to finance salaries in their various forms, which amount to 7.5 trillion dinars per month, while half a trillion dinars will be allocated to finance the ration card items, while the rest of the operational and investment expenses will be financed from scarce non-oil revenues and from internal and external borrowing.
He added that taxes and fees will rise, debts will increase, and the foreign reserves in the Central Bank of Iraq will begin to descend because it is the first and last line of defense in light of the absence of any sovereign fund in Iraq, pointing out that the Ministry of Finance will suffer even in financing salaries during the next two months, and therefore it is expected that salaries will be delayed and may be reduced if the price of a barrel remains in the seventies for 6 months.
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2024-09-07 | 03:30
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Alsumaria News - Economy
Economic expert Nabil Al-Marsoumi revealed, today, Saturday, September 7, 2024, the impact of the decline in the price of a barrel of Iraqi oil to $70.
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Al-Marsoumi said in a tweet followed by Sumaria News that the drop in oil prices to $70, with the decline in Iraqi oil exports to 3.3 million barrels per day, will lead to a decline in monthly oil revenues to 9 trillion dinars, of which 1 trillion dinars will go to cover the expenses of oil licensing companies, leaving 8 trillion dinars, which is only enough to finance salaries in their various forms, which amount to 7.5 trillion dinars per month, while half a trillion dinars will be allocated to finance the ration card items, while the rest of the operational and investment expenses will be financed from scarce non-oil revenues and from internal and external borrowing.
He added that taxes and fees will rise, debts will increase, and the foreign reserves in the Central Bank of Iraq will begin to descend because it is the first and last line of defense in light of the absence of any sovereign fund in Iraq, pointing out that the Ministry of Finance will suffer even in financing salaries during the next two months, and therefore it is expected that salaries will be delayed and may be reduced if the price of a barrel remains in the seventies for 6 months.
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