The Iraqi Minister of Housing and Reconstruction warned two banks, Rikani, that his country may not be able to sell its oil due to the decline in crude prices globally amid the outbreak of the Corona virus, which threatens to deepen the crisis in the second largest oil producing country in OPEC.

Ricani said - today, Thursday, on his Twitter account - that his fear is not from the worrying drop in oil prices, but he is terrified that one day soon Iraq will not find a buyer for its oil.

My fear is not from the worrying oil price drop
Rather, the horror is that there will be a day soon when you will not find a buyer of oil
Oh God, keep the evil from our country and humanity

- Two banks Rikani Bangen Rekani (@BangenRe) April 2, 2020

This warning comes after Iraq’s oil revenues fell to nearly half last March, the Ministry of Oil announced in a statement on Wednesday.

The ministry announced that the total quantities of exported crude oil for the past month amounted to about 105 million barrels, with revenues of $ 2.99 billion, equivalent to about half of what it achieved in February, amounting to $ 5.5 billion.

And Iraq is the second largest producer of crude oil in the Organization of Petroleum Exporting Countries (OPEC), and it usually exports about 3.5 million barrels per day, and depends on more than 90% of the state budget - which amounted to $ 112 billion in 2019 - on oil revenues.

This crisis comes with the collapse in oil prices to the lowest rate in 18 years.

And between the drop in crude prices, political volatility and the shrinking international intentions to save it and the Corona epidemic; Iraq stands on the brink of a financial catastrophe that could push it into austerity measures.

Iraqi fears
Iraqis differed on social networking sites regarding this crisis, as Iraqis expressed their fear that the government will not be able to meet the state's operational needs, which are mostly employees salaries.

# Iraq # oil_ prices

Iraqi Ministry of Oil

Average exports were 3.39 million barrels per day in March. The average price of a barrel of oil decreased by 45% to $ 28.4 from $ 51.4 the previous month.

My expectations this month are more price drops!

- Naser al-tamimi Naser al-Tamimi (@nasertamimi) April 1, 2020

Others expressed optimism about the return of high oil prices, calling for finding economic alternatives other than oil not to fall into another disaster.

With the central government not taking real measures to deal with the coming economic crisis ... it is the duty of local governments to pay attention to strategic storage in their provinces and early preparation to reduce the repercussions of need and poverty in their provinces.

- Atheel Alnujaifi (@AtheelAlnujaifi) April 2, 2020

The diversification of the economy and resources is a methodology for decision-makers in Iraq to go towards, especially with the significant decline in oil prices, which is expected to continue even after the Koruna stage.

- Dr. Vian Sabri Alkadi (@viansabri) April 1, 2020