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Economist for NINA: "Iraq is on the brink of a major economic catastrophe as a result of the drop in global oil prices DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Economist for NINA: "Iraq is on the brink of a major economic catastrophe as a result of the drop in global oil prices

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Economist for NINA: "Iraq is on the brink of a major economic catastrophe as a result of the drop in global oil prices Empty Economist for NINA: "Iraq is on the brink of a major economic catastrophe as a result of the drop in global oil prices

Post by RamblerNash on Tue Mar 10, 2020 12:25 am

Economist for NINA: "Iraq is on the brink of a major economic catastrophe as a result of the drop in global oil prices 816449-c7000ff1-4b6a-4bba-a33e-099aad697e93

Monday 09, 2020 2020 10:12
 
Baghdad / Nina / The expert in the economic affairs, Salam Semsem, warned of an upcoming economic catastrophe as a result of the drop in oil prices to $ 32 a barrel.

In a statement to the Iraqi National News Agency ( NINA ) , Sumaisem said that "the budget was not approved" intentionally "and was prepared by non-economists on the basis of the price of 56 dollars per barrel, which is now falling to 32 dollars, and the approximate deficit exceeds 51 billion dollars," asking: " How will Iraq face this decline and what measures will save the Iraqi economy? "

She added: "We are heading towards an economic catastrophe, the extent of which is not known to God."

These developments in the oil market are attributed to the failure of the OPEC + coalition last week to reach an agreement to reduce oil production, after the decline in demand due to the outbreak of the Corona virus.

Brent crude futures fell world record by 28.69% to $ 32.28 a barrel, the lowest level since February 2016. The US West Texas Intermediate crude also fell by 31.35% to $ 28.33 a barrel, the lowest level since February 2016 as well. / End 8

https://ninanews.com/Website/News/Details?key=816449
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