Parliamentary answer: Will the decision to reduce oil production affect dollar prices in Iraq?
Information/private..
Today, Saturday, a member of the House of Representatives, Intisar Al-Jazairi, explained the extent of the impact of Iraq’s reduction in oil production on the dollar exchange rates in local markets, while she considered the government’s policy to have “a great influence” on the exchange rate.
Al-Jazairi said, in an interview with the Maalouma Agency, that “the economic policy followed by the Iraqi government has greatly affected the exchange rates of the dollar in local markets,” expecting “the continued decline of the dollar locally.”
She added, “The effect of the voluntary reduction in oil production depends on whether or not it exists with the exchange rate in Iraqi markets, especially since oil exports depend mainly on the dollar.”
The member of the House of Representatives explained, “The Iraqi government has taken a decision regarding reducing oil production until the first quarter of 2024, but it has not yet been implemented,” pointing out that “the dollar prices during the next year and the events that will take place in the world, alone will determine the position of the government and Parliament.” of the reduction decision.
Earlier, economic affairs specialist Muhammad Al-Saadi confirmed that Iraq faces a valuable opportunity to maximize oil revenues by exploiting the reduction in oil production and achieving an increase in prices.
The OPEC Plus oil organization had decided, earlier, to reduce the oil production of member states, including Iraq, after the significant decline witnessed by the global market, and to once again increase demand for black gold.
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