Economist: The Rise In Global Oil Prices To $ 48 Will Secure Employees’ Salaries In Coming Months

Baghdad -The specialist in economic affairs, Hussein Shaker Tahelo, confirmed that the rise in global oil prices to 48 dollars per barrel will positively affect Iraq in securing the salaries of employees in the coming months.


In a statement to the National Iraqi News Agency (NINA), Tahelo said, “Despite the crises facing Iraq, foremost of which is the economic crisis and the drop in oil prices, the state’s delay in paying the salaries of its employees, due to the decline in the Iraqi economy’s revenues from exporting crude oil in the previous months because of Coronavirus, but oil prices have started to rise due to the positive developments regarding Coronavirus vaccines, as well as due to tensions in the Middle East (the bombing of Saudi Aramco oil facilities), and today it has reached approximately 48 dollars per barrel, and this is a positive indicator in securing the salaries of employees in the coming months.”


He pointed out that the rise in global oil prices would reduce the 2021 budget deficit if prices continued to rise.


Brent crude prices turned, on Friday, to rise during trading to jump by more than 1%, as investors continued to focus on the meeting to be held by the “OPEC +” group over the next Monday and Tuesday.


Brent crude futures for January delivery rose 1.1%, or 52 cents, at $ 48.32 a barrel.


US crude contracts reduced its losses to 0.5%, or 24 cents, to trade at $ 45.47 a barrel, but it is still heading towards recording weekly gains of about 6%.


Source: National Iraqi News Agency