Saad warns of serious economic crisis

Baghdad (IraqiNews.com) MP, Suzan al-Saad, of the Parliamentary Oil and Energy Committee warned “The government from an economic crisis that may sweep the country as a result of the continued decrease in the oil prices in the world markets especially that oil sector represents the only supplier of the annual budget in Iraq.” Saad said “The dependence on oil as the basic source to run the State economically is a very critical issue especially that if any fluctuation happens in oil prices will be reflected on the annual budget on which the Iraqis depend in their livelihood.” She demanded “The sides concerned in this issue to put new economic plans and mechanisms in addition to holding intensive meetings so as to avoid any negative impacts that may result from this situation.” It is noteworthy that the selling prices in oil global markets witnessed significant decline where the price of the oil barrel decreased to $ 30 within a period of three months till stabilized on $ 97.