Oil expert Hamza al-Jawahri said on Thursday that the rise in oil prices above the $70 a barrel will provide Iraq with a financial surplus of more than 25 billion dollars added to its federal budget.
Al-Jawahiri said the “high oil will provide a surplus on the federal budget estimated at more than 25 billion dollars after rising to 73 dollars a barrel.”
He added that “the federal government will work to save the money that will be obtained from the rise of oil to the end of the year will not be disposed of at the present time,” adding that “savings will get the government’s fear of falling oil prices in the coming months and exposed to a financial crisis.”
Russia joined the Organization of the Petroleum Exporting Countries (OPEC) last year to cut oil output by 1.8 million barrels per day (bpd) in an agreement aimed at restoring equilibrium to the market and helping raise crude prices to near a 4-year high.
Brent crude rose for the sixth session in a row, the first on Tuesday, to hit its highest level since November 2014, exceeding $ 75 a barrel.