Warning of dangerous consequences after the decline in Iraqi oil price to $ 45

The committee’s member , Kawa Mohammad told “Shafaq News", that "The low price of $ 15 per barrel from its specified price in the federal budget will lead the Iraqi state to lose about 18 trillion dinars per year."

He added that "the adoption price of $ 60 a barrel in the federal budget was not appropriate and the responsible parties must reconsider the federal budget and a quick reduction in financial expenses in exchange for reducing the price of a barrel in the project."

The Iraqi Council of Ministers has endorsed last month on the budget of 2015 by 123 trillion dinars and calculating the sale price of oil on world markets to $ 60, it is scheduled for the Parliament to begin next Wednesday the second reading of the bill.

Iraq relies on about 94% of the annual fiscal revenue to cover the federal budget on the sale of oil expenses, most recently the Iraqi cabinet held an amendment to the budget that decreased the project expenses.