Expected economic collapse of Iraq's economy: oil prices will drop to $ 20

Since 07.09.2015 at 12:52 (GMT Baghdad)

Special - scales News

Expected economic expert Abdul Hassan al-Shammari, Monday, that Iraq be from candidate countries for economic collapse because of its dependence on non-oil resources, demanding that the reliance on the private, agriculture and industry to create new economic environment sector in Iraq.

Al-Shammari said L / scales News / "The oil prices will fall to $ 20 a barrel, the greater OPEC production," stressing that "the lack of control over oil production globally lead to a decline in prices because supply is more than purchases and therefore this will reflect negatively on the oil-producing state This will be a huge and significant losses as a result of lack of budget oil price for what it really is. "

He said economic expert, said "oil extraction would be costly measure to sell in addition to the global growth began to decline and there will be less demand for oil," stressing that "this will be a disaster for the global economy and the Gulf exclusively and within Iraq attributing the cause that Iraq depends on oil." .

And student-Shammari "oil-producing countries rely on other products to check their balance sheets for the continuity of economic resources", stressing that "the existence of large oil collapses starts from the Gulf countries in addition to Iraq from candidate countries economically to collapse because of its dependence on non-oil resources and thus on Iraq to create an environment new economic dependent on agriculture, industry and tourism private sector. "

The "Prime Minister Haider al-Abadi agreed to launch the mechanics of granting industrial, agricultural and housing loan" .


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