The Institute of International Finance: Iraq needs a price of 64 dollars per barrel of oil to achieve financial balance

Saturday 16 October 2021 10:25
 
Baghdad / NINA / - The Institute of International Finance expected that Iraq needs a price of 64 dollars per barrel of oil during the next year to achieve financial balance.

The institute stated in a report that "all oil-producing countries will witness a decrease in the oil price to achieve parity or financial balance in the budgets of the oil-exporting countries, and without a significant deficit," noting that this is due to "the rise in oil and gas production in these countries in exchange for limited government spending cuts." .

According to the report, the break-even price of oil in Iraq - the second largest oil producer in OPEC - will be at $62 a barrel in 2022, down from $63 a barrel this year.

In other oil and gas producing countries, Qatar’s budget will witness a financial break-even point at $44 a barrel next year, down from $52 a barrel in 2021.

Bahrain, which is described as the smallest oil producer in the Gulf - will also witness

a financial break-even , at $76 a barrel during 2022, compared to $82 a barrel in 2021. In contrast, the financial breakeven point in the budget of Saudi Arabia - the largest oil exporter in the world - will drop to $67 per barrel in 2022, compared to $75 per barrel in 2021./ End 8

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