Iraq.. Oil Will Continue To Rise Until 2025, 25 JUNE

 Iraq.. Oil Will Continue To Rise Until 2025

Economy | 06/24/2024   Baghdad - Mawazine News  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, today, Monday, identified the most important economic gains achieved due to the rise in oil prices, pointing out that global energy market sources indicate that the current rise in oil prices will continue until the end of the year 2025.

Saleh said, “There are There is a clear link between the rise in revenues from Iraqi sourced oil due to the rise in energy prices in global markets on the one hand, and the sustainability of financing investment projects whose allocations are estimated in Federal General Budget Law No. 13 of 2023 (the tripartite budget), which exceeds 55 trillion dinars annually.”

He explained, “The rise in oil prices above their estimated rates leads to reducing the hypothetical deficit gap in the annual general budget, which is estimated at approximately 64 trillion dinars, and provides sustainability of spending on development projects,” stressing that “the hypothetical deficit is no longer a reason for faltering or delaying reconstruction projects and expenditures.” Related investment.

Saleh added, "The government program has prioritized, in its philosophy and general directions, the policy of diversifying sources of income in the national economy."

He stated, “For the first time, sovereign guarantees are granted to market activities and the private sector as a partner in development, with priority to major economic diversification activities, by providing appropriate financing to the private sector from global financial sources in order to finance the transfer of modern technology, especially the manufacturing and petrochemical industries, as well as industries related to the provision of high-quality products.” “A link to reconstruction, to ensure stable and high growth rates and provide the requirements for sustainable development and operation.”

He pointed out, “Global energy market sources indicate that the current oil prices will continue to rise until the end of the year 2025, with an average price of one barrel of crude oil at no less than $82, which is an average that exceeds the conservative price mentioned in the general budget law above, which was estimated at about $70 per barrel.”   https://www.mawazin.net/Details.aspx?jimare=250173