The Parliamentary Finance Committee, which predicted that the price of a barrel of oil will drop to between 65 and 75 dollars, affirmed that oil prices had little impact on employee compensation.
Al-Sabah newspaper, which was watched, cited committee member Jamal Kujar as saying that “oil prices are expected to fall to 70 dollars, and this means that Iraqi oil is 5 to 7 dollars lower than in global markets.”
He stated, “If the price of a barrel of oil reaches $60, it will affect the country’s economy, but the government will be able to secure salaries because there are other resources estimated at more than $90 billion.”
He said, “Iraq sells about four million and 250 thousand barrels of oil per day, and it needs about 54 trillion dinars in salaries, indicating that the decline in oil prices will not affect salaries, but it will affect reconstruction and investment significantly.”
“The 2024 budget should be built on the expected price of oil, whatever it may be,” the Joker said. “We will need to withdraw from the bank reserve or we will benefit from the surplus in the previous budget.”
