With oil prices rapidly declining, a member of the parliamentary finance committee calls for amending the budget schedules, 5 APRIL

 With oil prices rapidly declining, a member of the parliamentary finance committee calls for amending the budget schedules.

Jamal Kocher, a member of the Parliamentary Finance Committee, stressed the need to reconsider the 2025 budget schedule if oil prices continue to fall below $70 per barrel.

Kocher explained to Al Furat News Agency, "This matter depends on the price estimated in the budget, indicating that if the price per barrel is at $70, the current rates can be maintained."
He pointed out that "the final decision will be based on financial estimates of oil prices throughout the year, as the price can be maintained if studies indicate it rises above $70. However, if the price falls below this level, Kocher stressed the need for the government to review the financial schedules."

Kocher pointed out that "there is a real deficit in the budgets of previous years, 2023 and 2024, which requires careful handling of oil price fluctuations and their impact on the national economy."
Oil prices fell for the second day in a row, reaching their lowest levels in more than three years, after markets were shocked by the sudden increase in OPEC+ production, in addition to the tariffs imposed by US President Donald Trump, which could lead to a reduction in global demand.

Brent crude, seen as a global benchmark for the oil market, has lost more than 10% in just two days, while US futures are trading at their lowest levels since May 2023, according to Bloomberg.
Brent has fallen to $65 a barrel.

These declines are the result of the tariff storm announced by Trump on Thursday, which threatens global economic growth and consumption.

Just hours after Trump's tariff announcement, the OPEC+ alliance announced a tripling of planned production for May. link