Iraqi salaries unaffected by possible oil price dip

Shafaq News / Member of the Parliamentary Finance Committee, Jamal Kochar, affirmed on Thursday that the decline in oil prices below $70 per barrel will not affect the salaries of employees.

Kochar stated that "it is expected that oil prices will drop to $70, meaning that Iraq's oil will decrease by $5 to $7 compared to global markets."

He added that "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 due to other resources estimated at over $90 billion."

Emphasizing that "Iraq sells about 4.25 million barrels per day and needs about 54 trillion dinars for salaries," he called for "building the 2024 budget based on the expected oil price, whether it is high or low. We will benefit from the surplus in the previous budget or need to draw from the bank reserves."