After setting the price of a barrel of Iraqi oil to be within the range of $65, the Oil, Gas and Natural Resources Committee in the Iraqi Parliament expected the country to achieve a surplus of more than $24 billion during the current year (2023).
And the Oil and Gas Committee in the Iraqi Parliament announced today, Tuesday, February 14, that Baghdad will achieve a large financial surplus, with more than 24 billion dollars during the current year, after determining the price of a barrel of oil in the budget, according to what was published by the Iraqi News Agency, “INA.” .
Committee member Zainab Juma al-Moussawi said that the price of a barrel of Iraqi oil, set at $65, guarantees a financial surplus, and expectations indicate that global oil prices will continue to rise to between $85 and $100, according to statements seen by the specialized energy platform.
fiscal surplus in Iraq
A member of the Oil and Gas Committee in the Iraqi parliament, Zainab al-Moussawi, explained that the demand for oil is increasing during the current year 2023 on the part of the European Union and other countries, due to the continuation of the Russian-Ukrainian war, which is pushing for an increase in its prices globally.
The following infographic, prepared by the specialized energy platform, shows the volume of Iraqi oil export revenues during the years 2021 and 2022:
Zainab Al-Moussawi added: “The size of the financial surplus from Iraqi oil during the current year is about 68 million dollars per day, or 2 billion and 40 million dollars per month, and then the annual total of this surplus will be about 24 billion and 480 million dollars.”
The Iraqi parliamentarian pointed out that there is a need to invest the financial surplus in developing industry and agriculture and supporting the infrastructure of the real private sector, through operating factories and laboratories, producing locally manufactured goods and services, as well as gradually re-imposing taxes on locally produced goods.
She explained that there is also importance to activating the role of oversight and preventing an increase in the prices of locally produced commodities, and keeping them within a range equal to – or less than – the prices of competing foreign commodities, according to the statements seen by the specialized energy platform.
Iraqi oil export revenues
In early February, the Iraqi Ministry of Oil announced an increase in revenues from Iraqi oil exports by about $84 million during January, compared to revenues for December 2022.
The following graph, prepared by the specialized energy platform, indicates Iraqi oil export revenues until the end of December 2022:
The preliminary statistics of the exported quantities of crude oil and its revenues, announced by the ministry, revealed that the rate of exports amounted to 3.266 million barrels per day, a decrease of 65 thousand barrels per day, compared to exports of last December, which recorded 3.331 million barrels per day.
The statement indicated that the revenues from Iraqi oil exports amounted to $7.690 billion, compared to the revenues of last December 2022, which recorded $7.606 billion, especially in light of the increase in the price of a barrel of oil from $73.644 to $75.96 during January 2023.
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