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

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(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.”



3 Comments

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  1. What difference does it make.It was not an urgency when Iraq was losing millions a day so this should not bother Iraq as much also did not Iraq just said that Iraq was giving the Kurds getting 2 billion dollars for 100 thousand barrels of oil for Maliki third term.This whole process should have been done years but because of corruptions here we are.

  2. The much needed replacement of the Financial Ministers and the much needed replacement of the Economic Ministers with Ministers that wish for the State of Iraq to progress to a better future with a strong currency but now is the time not months or years if your loosing 5 Billion Dollars a month in Oil your being wasted by corrupt Iraqi Ministers who probably would rather work with ISIS

  3. Seems to me that on the face of it at least the figures don’t add up. How can you be receiving x of billions for one thing but at the same time loose y billions? Doesn’t one counteract the other?

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