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Former Iraqi MP: the government must benefit from the high oil prices

Category: Economy

Date: 2021-03-11T12:59:29+0000
Former Iraqi MP: the government must benefit from the high oil prices
Shafaq News / Former MP Sabah Al-Tamimi called on the Iraqi government to benefit from high oil prices and establish a sovereign emergency fund.

Al-Tamimi, a specialist in economic affairs, said in a statement, "the current prices of crude oil are heading towards an increase due to the recent data from the World Health Organization about the end of COVID-19 in June 2021, in addition to Saudi Arabia's reduction of its daily production by one million barrels in the next two months, as well as the improvement in the profit margin of refiners", noting," the Iraqi government must take advantage of the US value's decline against other major currencies."

She stressed, "The need for the Iraqi government to take advantage of the high oil prices now to establish a sovereign emergency fund."

Iraq relies by up to 95%, according to government estimates, on oil revenues.

Iraq's oil exports in February reached more than 82 million barrels, at a daily production rate of 2 million and 960 thousand barrels per day, with initial financial incomes amounting to 5 billion dollars at a price rate of 60 dollars per barrel, according to the SOMO.

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