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An economist for Nina: Optimism about oil prices is misplaced

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An economist for Nina: Optimism about oil prices is misplaced

Saturday 09 October 2021 12:02 | Economic  Number of readings: 748

Baghdad / NINA / -
The specialist in economic affairs, Durgham Muhammad Ali, confirmed: "The optimism of some analysts about the continuation of the rise in oil prices, towards a price exceeding 150 dollars, is misplaced."

He said in a statement to the National Iraqi News Agency / NINA / that "the policy of balancing between supply and demand will tilt in favor of supply after the increase in production, which will enter after a period of time under pressure from oil-consuming countries."

Muhammad Ali explained: "The current oil prices are low compared to the prices before 2014, when they exceeded 140 dollars per barrel," noting:

"The portrayal of current oil prices from oil-consuming countries as high, is an attempt to push the OPEC + countries to increase production and reduce prices.".

And he pointed out: “The producing countries have not, so far, compensated for the losses of the Corona pandemic, which plunged prices to record levels, and that they are shackled by loans and a decline in cash reserves that need to be repaid and treated by taking advantage of the relative growth of these prices.”

And the economist continued: "The global economic growth rates will decline if the price of a barrel exceeds 100 dollars, which will reduce the demand for oil again, meaning that the chances of permanent growth in oil prices are a difficult hypothesis to achieve."

He called on the preparers of the 2022 budget to take into account the adoption of balanced oil prices in the next budget.
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