Shafaq News/ Oil expert Hamza Al-Jawahiri stated that Iraq's 2023 budget should include a barrel price of $50, with the country currently experiencing a loss of $7 per barrel.

Al-Jawahiri told Shafaq News Agency that OPEC+ is currently engaged in a decisive confrontation with the West, led by the US, as the latter seeks to maintain prices in the $60 range to support NATO's actions in Ukraine. At the same time, OPEC+ aims to stabilize prices at $80.

He believes that the West will emerge victorious in this battle with its more potent and influential political and economic tools.

Al-Jawahiri further explained that Iraq sells oil for about $65 per barrel, resulting in a loss of around $7 compared to global oil prices due to the high sulfur content and impurities in its oil. Additionally, Iraq must pay international oil companies operating in its oil fields for development and production costs, ranging from $9.5 to $10 per barrel. As a result, Iraq's profit per barrel does not exceed $55 under the best current conditions, and with oil prices dropping to $60 per barrel, Iraq will earn less than $50 per barrel.