ECONOMIST ASSESSES ABOUT OIL DECLINE: IRAQ IS ABLE TO COPE WITH PRICE CHANGES, 21 NOV

ECONOMIST ASSESSES ABOUT OIL DECLINE: IRAQ IS ABLE TO COPE WITH PRICE CHANGES

Economic expert Safwan Qusay confirmed today, Wednesday, that Iraq is able to confront changes in oil prices.

Qusay said in an interview with Al-Maalouma Agency, “There is no decrease in oil prices below $70 because OPEC is the one that determines production quantities and is determined to remain within the $70-100 per barrel range.”

He added, “In the event of a decline in Iraqi oil prices, the surplus that accumulated during the previous period of this year, in which Iraq sold at a rate of no less than 80 per barrel, will enable Iraq to confront price changes.

He pointed out that “Iraq has begun to diversify its economy by investing in oil derivatives and stopping the burning of associated gas, in addition to stopping the import of materials that could be included in the ration card.”

He pointed out that “the Iraqi government has opportunities in the matter of sustainable financing through the reserves of the Central Bank or through the sale of oil shares if revenues fail to reach their targets.”