Economist: Iraq will reap $180 billion as a result of high oil prices this year
Thursday, June 23, 2022 10:48 PM
National News Center/ Baghdad
The economic expert, Safwan Qusay, explained that Iraq will get 180 billion dollars in the event that oil prices continue to rise until the end of the current year, pointing out that the Russian-Ukrainian crisis is one of the reasons for this rise.
Qusay said in a statement, followed by the National News Center, that "OPEC allowed Iraq to increase its exports by 72 thousand barrels, that is, by 150 percent of the previously agreed increase, meaning that the monthly increase rate will be by 47 thousand barrels."
He added, "The Russian-Ukrainian wars and the current conditions have brought oil prices to an average of $120 per barrel, meaning that Iraq will get $1 billion annually if oil prices increase by one dollar per day for a whole year."
Qusay explained, "The average price since the beginning of the year has exceeded 90 dollars per barrel, meaning that Iraq's revenues will be at a rate of 90 billion dollars for the current year, and if the rise continues, Iraq will earn 180 billion dollars by the end of the year."