• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Iraq wants oil at $80

4 years ago
in Energy, highlights, Home, home-news, latest News
1 min read
0 0
0
Crude Oil - norvanreports

Crude Oil - norvanreports

68
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Iraq needs crude oil to trade at $80 a barrel to be able to plug its budget holes, according to oil minister Ihsan Abdul Jabbar Ismail.

In an interview with Shafaq news agency, the top official said, “Iraq will export in 2021 about one billion and 100 million barrels of crude oil according to market data. The budget needs 140 trillion dinars ($96 billion). The price of $ 80 a barrel is the right price to make Iraq can pay the budget dues.”

However, there is no chance of oil rising that high this year, Abdul Jabbar Ismail also said. Last December, the minister said Baghdad had budgeted for an average oil price of $42 a barrel for 2021, compared with $56 for 2019.

The official told Shafaq news agency that he expected Brent to hit $60 a barrel this quarter, however, rising to $62-63 by the third quarter if Covid-19 vaccines become widely available. Brent is currently trading close to $60 on signs of tightening supply.

Iraq is OPEC’s second-largest producer and one of the countries most dependent on oil revenues to prop up its war-battered economy: as much as 90 percent of government spending comes from oil revenues. Because of this dependency, Iraq has been finding it hard to stay within its OPEC+ production quota, which led to clashes with the de facto leader of OPEC, Saudi Arabia.

Following pressure from the bigger producer, Iraq pledged to deepen its production cuts and, according to the latest data, has been having some success. In a bid to secure more oil revenues, the country also tried a new kind of contract, essentially borrowing money, to be repaid in crude oil.

A Chinese company, Zhenhua Oil Co, signed up for the deal that will bring in some $2 billion annually for Baghdad, according to Bloomberg.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Source: oilprice
Via: norvanreports
Tags: $80 a barrelCovid-19 vaccinescrude oilIraqOil Minister Ihsan Abdul Jabbar IsmailOPECOPEC+
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.