Translated Reports |Today, 15:12 |
Baghdad Today - Translator
Goldman Sachs International Bank, one of the most influential banks on the international economy, predicted that oil prices would range during the remainder of this year between 86 and 91 dollars per barrel.
And the American CNBC network stated, according to a report it published today, Monday, and its translation (Baghdad Today), that “
an internal report issued late yesterday evening, Sunday, showed that the International Bank expects oil prices to range during the remainder of this year to between 86 to 91 US dollars per barrel. It stated that
"the International Bank predicted last Thursday that oil prices would rise by more than ninety dollars a barrel during the coming period." The network pointed out that
"the change in the bank's expectations comes as a result of news of a recovery in Russian oil exports by about 10% from current levels, despite the US sanctions imposed on Moscow."
It is noteworthy that Sachs' expectations about Russian oil faced criticism from specialists, according to the network, as a result of Russia's temporary entry into the OPEC Plus alliance and
its announcement last week, through its Deputy Foreign Minister Alexander Novak, of his country's "welcome and commitment" to OPEC's oil decisions and the outputs of the Vienna meeting, according to what was reported by the Russian News Agency.
Iraq relies entirely on oil revenues that finance government expenditures and form annual budgets without there being any other sources of income followed according to a realistic, integrated economic system.
As for the impact on the balance of the budget,
the automatic effect of the drop in oil prices is the rise in the budget deficit to high and dangerous levels (as a result of dependence on oil to finance the budget) and
the inability of the state to fulfill its financial obligations (especially consumer spending represented by salaries and wages), which is what actually happened during In the year 2020, and
one of the possible ways to clarify the impact achieved from the rise in oil prices is what is called the price achieved for the balance of the general budget (meaning the oil prices in which the general budget is balanced), and
in this context and in light of the current conditions and the rise in the wages and salaries bill (consumer spending), prices
The parity that achieves balance in Iraq may exceed the barrier of 70 dollars on average, and until October of 2021 the average price was about 65 dollars, and there is a difference of 5 dollars per barrel, and
it is possible to achieve balance in the budget at the end of the year in light of the prices remaining at their current levels.
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