Iraqi oil drops to less than $ 30

Shafaq News / Mathehar Mohamed Saleh, the financial advisor to the Prime Minister, stated that the price of a barrel of Iraqi crude oil has fallen to less than 30 US dollars, which means that half of the country's revenue is lost.

The semi-official newspaper, "Al-Sabah", quoted in its issue on Saturday, that Saleh said that "Iraq's oil exports constitute 98% of foreign currency flows to Iraq, while oil constitutes 45% of the domestic product and 93% of the revenues of the public budget, making it the main resource of the Iraqi economy. "

He added, "The government has taken a number of measures to address the crisis in relation to public expenditures and the main obligations to face the shortage of resources," explaining that "the instructions and opinions stated in the statement of the Parliamentary Economic and Investment Committee represent important solutions aimed at developing exceptional policies to face the crisis."

Saleh added, "The price of a barrel of Iraqi oil fell to less than $ 30 after it was close to $ 60, which reveals a loss of half of our oil revenues compared to their previous rates, which constitutes a major shock in revenue and resources and needs a serious stand and wisdom in managing resources, as well great supervision, " stressing that" the Iraqi government has an early warning system to redress resources in a manner that reduces the impact of this crisis. "

He pointed out that "the Cabinet is studying the situation of solutions and many precautionary alternatives to face the crisis, mitigate its effects, protect public resources and revitalize the economy’s movement in light of great challenges facing the global economy in the contraction of oil prices and the health aspect in facing the spread of Corona virus, especially since the government is striving to absorb the oil repercussions and health crisis. "