Economist: Iraq needs to sell a barrel of oil at $69 to cover the budget deficit

Saturday 02 October 2021 12:13
 
Baghdad / NINA / - The economic expert, Safwan Qusay, confirmed that Iraq needs to sell a barrel of oil at 69 dollars to cover the budget deficit.

Qusay said in a statement to the National Iraqi News Agency / NINA / that "the rise in Iraqi oil prices above $ 69 dollars on average during the year 2021 will support the occurrence of financial savings that can be directed towards the payment of external and internal debts and support the nation-building process."

He added: “With the continued increase in global demand for oil after the gradual demise of the impact of Corona and the continuation of support for extensive financing operations globally by global central banks, the fair equilibrium price of a barrel of oil is between 70-80 dollars, and the more prices rise above 80 dollars, the more they support the increase in production quantities. from OPEC and its partners.

He added, "At the local level, the rise in Iraqi oil prices above $69, on average, during the year 2021, will support the occurrence of financial savings that can be directed towards repaying external and internal debts and supporting the state-building process by expanding spending within the requirements of economic reform, according to what was stated in the white paper."

The economic expert stressed that "the current government and the next government should allow the recycle of the surplus and unspent funds during 2021 for the benefit of the same units that the money reached late, and treat government accounting procedures as secretariats related to the year 2021 in order not to lose from those parties." / End 8

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