Iraq Among The Biggest Beneficiaries Of Rising Global Oil Prices Despite Lower Export Volumes: Government Adviser
Baghdad / NINA /– Iraq is among the countries benefiting most from the recent surge in global oil prices, which have reached $107 per barrel, despite a decline in its crude oil export volumes, Government Financial Adviser Madhhar Mohammed Saleh said on Monday.
In an exclusive statement to the National Iraqi News Agency (NINA), Saleh explained that Iraq's oil policy is directly affected by the geopolitical crisis and disruptions to energy shipping routes through the Strait of Hormuz. He stressed that any increase in oil exports would bring additional benefits to the national economy.
"Although Iraq's exported oil volumes have declined, higher prices can compensate for the reduction in quantities through a balanced equation that serves the interests of public finances," Saleh said.
He noted that higher oil prices help support government revenues, emphasizing the importance of exporting the largest possible volumes at the best available prices, particularly amid rising shipping and insurance risks affecting oil transportation and logistical operations.
Saleh stressed that Iraq must capitalize on the current price surge to offset the decline in export volumes. Although achieving this balance is challenging, he said it represents an important opportunity to strengthen public revenues and support the federal budget amid what has been described as the "Strait of Hormuz shock."
He pointed out that approximately 90 % of Iraq's oil exports continue to pass through the strategically critical waterway in the southern Gulf region, making the country's oil trade particularly vulnerable to regional developments.
The government adviser emphasized that Iraq's oil policy is focused on safeguarding the country's national interests and maximizing financial revenues through all available logistical and operational means.
"Benefiting from higher oil prices is part of a carefully planned approach to compensate for lower export volumes and provide additional support to the budget whenever possible, particularly under these exceptional circumstances, as the region faces a war or near-war situation," he said.
Saleh added that Iraq is looking ahead to building a new economic model that would advance the country to a higher stage of development by 2035, making it a year of progress, economic diversification and more effective utilization of the country's natural resources./ End
ليصلك المزيد من الأخبار اشترك بقناتنا على التليغرام
In an exclusive statement to the National Iraqi News Agency (NINA), Saleh explained that Iraq's oil policy is directly affected by the geopolitical crisis and disruptions to energy shipping routes through the Strait of Hormuz. He stressed that any increase in oil exports would bring additional benefits to the national economy.
"Although Iraq's exported oil volumes have declined, higher prices can compensate for the reduction in quantities through a balanced equation that serves the interests of public finances," Saleh said.
He noted that higher oil prices help support government revenues, emphasizing the importance of exporting the largest possible volumes at the best available prices, particularly amid rising shipping and insurance risks affecting oil transportation and logistical operations.
Saleh stressed that Iraq must capitalize on the current price surge to offset the decline in export volumes. Although achieving this balance is challenging, he said it represents an important opportunity to strengthen public revenues and support the federal budget amid what has been described as the "Strait of Hormuz shock."
He pointed out that approximately 90 % of Iraq's oil exports continue to pass through the strategically critical waterway in the southern Gulf region, making the country's oil trade particularly vulnerable to regional developments.
The government adviser emphasized that Iraq's oil policy is focused on safeguarding the country's national interests and maximizing financial revenues through all available logistical and operational means.
"Benefiting from higher oil prices is part of a carefully planned approach to compensate for lower export volumes and provide additional support to the budget whenever possible, particularly under these exceptional circumstances, as the region faces a war or near-war situation," he said.
Saleh added that Iraq is looking ahead to building a new economic model that would advance the country to a higher stage of development by 2035, making it a year of progress, economic diversification and more effective utilization of the country's natural resources./ End
ليصلك المزيد من الأخبار اشترك بقناتنا على التليغرام
