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Oil yields are not sufficient to cover Iraq's state expenditures, MP says

Category: Economy

Date: 2021-09-28T17:20:04+0000
Oil yields are not sufficient to cover Iraq's state expenditures, MP says

Shafaq News/ Rising oil yields are not sufficient to cover the government expenditures, a member of the Parliamentary Committee for Finance said on Tuesday.

Committee Member, Muhammad al-Shabaki, told Shafaq News Agency, "Iraq used to export 3.5 million barrels per day (bpd). However, after the OPEC agreement to cut production, Iraq's oil exports settled at 2.5 million bpd."

"OPEC agreement downsized the income into Iraq's treasury. Therefore, the rise of oil prices does not cover the government expenditures."

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