Baghdad Representative of the Parliamentary Finance Committee, Jamal Kougar affirmed that: “Determining the price of a barrel of oil is not optional, and it is done according to specific criteria.”
He said in a statement to the National Iraqi News Agency (NINA): “There are several oil prices in the global market, and Iraq depends on the Brent price, and price expectations are studied within a year. The reality of oil sale during 2021 will be studied and an agreement will be reached on a price that is close to reality.”
Kougar added that: “The higher the prices, the more resources, because we are a rentier state dependent, 90% on oil, and the higher its price, the lower the deficit and the greater the opportunities for allocating the investment budget.
He explained: “The solution to get rid of almost complete dependence on oil is to activate non-oil sectors to increase resources and avoid crises of price fluctuation.”
Oil prices witnessed a rise during the recent period after a decline and a recession that lasted for many months, and clearly affected the country’s economy and financial position.
Source: National Iraqi News Agency