Iraq will lose $4 billion a month due to oil prices drop

(IraqiNews.com) On Saturday, MP for the Liberal Bloc and former Minister of Planning, Ali Shukri said that Iraq would lose $4 billion a month due to the drop in oil prices, noting that the financial and economic committees are working to reduce the expenses of ministries to reduce the shortfall from the general budget.

Shukri said in an interview for IraqiNews.com, “The budget bill was sent by the government to the House of Representatives with a deficit of $24 trillion and 500 billion dinars.”

“The budget was built on the basis of the export of 3.3 million barrels per day of crude oil,” adding that. “The number of barrels that are exported at the moment are 2.65 million barrels per day.”

He stressed that, “The low price of a barrel of oil on world markets from $60 to $43 would cause Iraq a loss of $4 billion a month,” pointing out that, “Committees of finance, economy and investment are working to reduce ministries expenses to reduce the shortfall to the general budget.”