PM’s Adviser expects oil prices to rise to $ 65

Economy

22-12-2020, 13:49

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Baghdad -INA

The financial advisor to the Prime Minister, Mudhar Muhammad Salih, expected, today, Tuesday, that oil prices would follow to $ 65, while indicating that this rise would transform the 2021 budget deficit from an actual one into a hypothetical deficit.

Salih said in a statement to the Iraqi News Agency (INA): "The strategic analysis centers in the world expected oil to reach levels similar to average crude prices in 2019, at $ 65 or more per barrel," explaining that "these possibilities came as a result of the return of global economic activity," Economic growth rates improved, especially the strong economic machine activity of a group of emerging market countries that harvest about 40% of the world's growth, including China, India, Korea and others.

He added that "the development of the degree of openness in the global economy increases the sustainable demand for crude oil in the energy market, especially for transport purposes, which constitutes 70% of the global demand for oil products."