Baghdad An economic expert in the field of energy, Bilal Al-Khalifa, confirmed: “The decision to reduce the production of (OPEC +) … will lead to an increase in prices … and a new financial abundance for Iraq.”
In a statement to the National Iraqi News Agency (NINA), he said: “The political factors, especially those related to the Russian-Ukrainian war, raised the price of oil from 73 to nearly $100 per barrel, in addition to the natural factors .”
Al-Khalifa added: “The decision of (OPEC +) to reduce production is not the first, it started since the Corona pandemic, and today it has reached two million barrels. This means that the price of a barrel has risen to 120 dollars after it witnessed a decrease to 83 dollars during the last period.”
He explained: “Any increase in the price of oil as a result of a reduction or something else is important for Iraq by increasing the financial abundance, since the price of a barrel of oil for the next budget will be 75 dollars, which will lead to reducing the deficit and ending it in the future whenever the price is high.”
The “OPEC +” alliance decided in its meeting in Vienna today to reduce production by two million barrels of oil per day, starting next month.
Source: National Iraqi News Agency