Sandy Ingram
This is not good news...Well known Iraqi economist Nabil Jaafar Al-Marsoumi...has warned that US pressure to lower oil prices could...lead to a devaluation of the Iraqi dinar...
[He] explained in a Facebook post that US president Donald Trump has pushed for Saudi Arabia and OPEC to lower oil prices.
This move is intended to make energy more affordable and accelerate the end to the Russia Ukraine war. As a result, OPEC plus is expected to end production cuts of 4.65 million barrels within the next few weeks.
This decision will likely cause oil prices to drop...A drop in oil prices to $60 per barrel would create serious financial challenges...If oil prices fall further to $50 per barrel Iraq may have no choice but to devalue its currency...Stay tuned and stay positive..
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