Economist: Iraq has the ability to overcome the decline in oil prices

Economic researcher Diaa Abdul Karim confirmed on Tuesday that Iraq can overcome any decline in global oil prices, noting that there are many projects that have the ability to cover the decline in oil prices.

Abdul Karim said in a statement to Al-Maalouma Agency, “Iraq’s move to export oil derivatives represents a major qualitative shift and a new source of revenues entering the state treasury, instead of relying entirely on crude oil exports and the country being affected by any rise or fall in prices.”

He added, “Employees’ salaries are secured in the Central Bank and will not be affected by any sudden drop in oil prices, although this drop will not last long, especially in light of the unstable situation in the region that directly affects oil prices.”

He pointed out that “Iraq is on its way to reducing its dependence on crude oil exports, as the move towards exporting derivatives gives the country the opportunity to achieve revenues much higher than crude exports, which is a matter that pushes towards changing policies towards the process of building the budget, whether investment or operational.”

Almaalomah.me