Baghdad: Economic expert Raad Tuwaij confirmed that the deterioration of international relations and the decline in international competitiveness will inflict significant losses on the oil market.

According to National Iraqi News Agency, Tuwaij stated that international relations are at their worst, with conflict replacing competition. This shift has led to a decline in competitiveness in the global economy, which will negatively impact global economic growth and slow it down, resulting in a drop in oil prices and significant losses for the oil market.

Tuwaij stressed the necessity for Iraq to exercise precision and caution in its spending levels across all sectors, particularly regarding the spending levels of the previous parliament. He emphasized that this must be reflected in all areas by avoiding waste and achieving efficiency in the use of public funds.