Iraq achieves additional oil revenues of 16 billion dollars
According to the Iraqi general budget for the year 2021, the deficit exceeds 20 billion dollars, as the price of a barrel of oil reached 45 dollars, and the volume of exports is 3 million barrels per day.
Today, Wednesday, the Iraqi Ministry of Oil announced that it will achieve additional revenues from the sale of oil, amounting to 16 billion dollars this year 2021.
And the ministry’s spokesman, Assem Jihad – told the Iraqi News Agency (INA) – that “the additional revenues achieved by the Ministry of Oil in the federal general budget for the fiscal year 2021 will reduce inflation and the volume of debts,” noting that the ministry was able to export quantities of oil that generate additional revenues. .
Jihad expressed his hope for the stability of oil prices and the achievement of revenues, noting that Baghdad “with realistic prices in the oil market and not exaggerated.”
He pointed out that the fluctuation of the oil market will cause confusion for producers and consumers, but the wise policy of “OPEC” and “OPEC Plus” (OPEC +) will work to reach stable prices without exaggeration.
And earlier this October, Jihad considered that the rise in oil prices in the global market is a good indicator to support Iraq’s federal budget for 2022.
And Iraqi Oil Minister Ihsan Abdul-Jabbar said last week that he expected oil prices to reach $100 a barrel in the first and second quarters of 2022, with global stockpiles dropping to their lowest levels.
In recent days, Brent crude was trading above $86 a barrel, the highest level in 3 years, and US West Texas Intermediate crude futures rose, surpassing $84 a barrel.
It should be noted that Iraq relies on oil to finance more than 95% of its budget, and a price of $45 per barrel has been set for this year’s budget, with an export volume of more than 3 million barrels of oil per day.
Iraq’s budget for the year 2021 was announced last April with an estimated size of more than 89 billion dollars, and an expected deficit of 19.8 billion dollars.