Wednesday, November 5, 2014

Oil prices' decline will affect Iraqi economy, oil ministry

Baghdad/ Iraq TradeLink: Iraqi oil ministry regarded that $100 per oil barrel is suitable for Iraq, stressing that the decrease in oil prices below $85 will affect its economy.

Spokesman Asim Jihad stated that OPEC countries, including Iraq, believe that the 100 dollars per barrel is an adequate price, otherwise this decrease will affect their economies.

He added that the decrease in oil prices will oblige the Iraqi government to put a new price for its national budget.

Jihad pointed out that "despite other effects, including the stoppage of northern oil exports was able to keep its limits in oil exports.

The decline in oil prices to $85 affected the Iraqi budget which was calculated on $90 per barrel.