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Oil: The price increase will be invested to fill the budget deficit and pay off debts

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Oil: The price increase will be invested to fill the budget deficit and pay off debts

Economie | 10:58 - 20/05/2021
Baghdad - Mawazine News

Today, Thursday, the Ministry of Oil outlined the benefits of higher oil prices, while expressing its hope that prices would rise to more than $70 until the end of this year.

The spokesman for the ministry, Asim Jihad, said, "Iraq adopts the monthly pricing for oil, and this is done through a meeting between the oil minister, the ministry's agents, directors of the concerned departments, the director general of the oil marketing company and representatives from oil companies and the concerned authorities, at the beginning of each month, and the market is reviewed." Oil and approval of the oil price for the mentioned month.

Jihad added, "The ministry is working to maximize oil revenues, and Iraq has begun to export 3 types of oil, which are the most revenue from other oil prices, thus raising the financial value of that process."

He explained, "It is not possible to estimate the amounts or increase in the estimates of the federal budget, since we are still in the middle of the year," expressing his hope that prices will stabilize at more than $70 until the end of the current year in order to collect the revenues generated, and collect the monthly revenues and divide On the 12".

He continued: "Thus, the monthly average of revenues generated from oil exports will be for one year, and then the increase will be known, the budget deficit will be filled, the payment of part of Iraq's debts and some service projects, which are among the priorities of the Iraqi government," he added.

He emphasized, "The Ministry of Oil is working to achieve higher revenues within the decisions of OPEC Plus that Iraq is working on, which affected positively, the fact that OPEC Plus was able to deal in solidarity with the recession that the markets faced as a result of the oil surplus and thus its decisions were able to restore supply and demand from the surplus in global markets and achieve stability.
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