Salih: Iraq will defend its vision on oil prices to ensure the stability of the global economy

Baghdad - INA

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that the acceptable average oil price indicated by the Prime Minister, Muhammad Shiaa Al-Sudani, is between 85-95 dollars, which would reduce the financial deficit and achieve sufficient balance and guarantees for spending on development projects and reconstruction, indicating that it is Iraq's vision to bring balance and stability to the global economy. 

Salih told the Iraqi News Agency (INA): “The average price of a barrel of oil referred to by the Prime Minister is about 15 to 20 dollars higher than what is in the state’s general budget for the three fiscal years 2023-2024-2025, and if it continues, it will reduce the planned financial deficit.”.

He added, "This price brings the budget closer to balance and achieves sufficient guarantees for spending on development and reconstruction projects through the financial sustainability it provides for Iraq in particular and stable growth in global energy demand in general. It is clear that this is Iraq's vision that it will defend through its active role in OPEC to bring balance and stability to the global economy.”.

Commenting on the rise in global oil prices and the possibility of a decline in the market, the Prime Minister affirmed in an interview with the American Bloomberg channel, “There is no concern, and we do not have a specific price, but we want to maintain a fixed level and a logical price that guarantees the interests of both producers and consumers, which is the level.” Which is not less than 85 to 95 dollars per barrel,” stressing that “Iraq, Saudi Arabia and Russia are committed to the voluntary reduction to achieve the goal that was agreed upon in OPEC.”