Oil Ministry: We succeeded in achieving more than 75 billion dollars.. We aspire to increase financial revenues for this year

Baghdad The Undersecretary of the Ministry of Oil for Extraction Affairs, Karim Hattab, confirmed the Ministry’s success in achieving an increase in financial revenues for the year 2021, after it witnessed an increase in the total financial revenues derived from oil exports to (75,650) billion dollars, a noticeable increase over the expectations of last year’s budget.

A ministry statement quoted Hattab as saying: “Achieving financial revenues in excess of the expectations of the 2021 budget, despite the economic and health challenges represented by Covid 19 and beyond, has contributed greatly to covering a good percentage of the financial deficit of the government’s budget for the mentioned year.”

Hattab pointed to the importance of the commitment of the producing countries in (OPEC +) in stabilizing oil markets, and overcoming the crises that afflicted the economies of the countries of the world after the spread of the Corona pandemic, expressing his hope that the required balance between supply and demand will continue to be achieved over the coming period, after the increase that will be supplemented to global markets by (OPEC +) with a quantity of (400) thousand barrels per day, starting from next March, and the increase of Iraq’s share to (4,370) million barrels per day.

The matter was considered an important step to achieve additional financial revenues, stressing the importance of stabilizing global markets, and Iraq’s keenness to adhere to the (OPEC +) agreement along with the producing countries for more stability of the oil markets.

Source: National Iraqi News Agency