Mazhar Muhammad Saleh, the Prime Minister’s financial advisor, stated today, Sunday, the possibility of maintaining budget constants for the next two years in light of fluctuations in global oil prices, while confirming that the northern hemisphere faces a high demand for crude oil during the winter season.
In an interview with the Maalouma Agency, Saleh stated, “The budget for the next two years will maintain its constants and preventive and precautionary measures regarding the development of prices in the oil markets and its relationship to the hypothetical deficit, especially for the fiscal year 2024, for several reasons.”
“The first reason is the high demand from Northern Hemisphere countries to build stocks to face the winter,” he continued, adding that “the second reason revolves around indicators of the war in Ukraine, which indicate its continuation.”
“The third reason concerns the OPEC+ group, which is also continuing the policy of limiting the quantities produced to maintain oil prices,” the Sudanese financial expert stated.
According to Saleh, “OPEC’s policy is compatible with the economies of its member countries and leads to the stability of the revenues of its member countries’ financial budgets.”
Iraq relies disproportionately on “black gold,” which washes away the export file, especially since oil earnings have reached very high levels in the last decade, exposing the country’s economy to significant hazards.