BAGHDAD, March 10 (Bernama-QNA) -- Financial Advisor to the Iraqi Prime Minister, Mazhar Mohammed Saleh, affirmed that Iraq remains committed to maintaining the flow of oil exports in order to maximise state revenues and address the budget deficit, Qatar News Agency (QNA) reported.
Saleh said Iraq relies heavily on oil revenues, noting that crude exports account for around 90 per cent of the country's public budget revenues.
He added that if oil prices remain elevated for a prolonged period, Iraq could reduce or eliminate a significant portion of the budget deficit, increase the government's financial surplus, and strengthen the Central Bank of Iraq's foreign currency reserves.
Regarding the impact of current regional developments on oil exports, Saleh said Iraq has alternative export routes, including the pipeline through Turkey to the Mediterranean, which helps reduce reliance on the Strait of Hormuz, in addition to exports through the country's southern ports.
He noted that Iraq is also considering expanding domestic refining capacity by building new refineries to increase exports of refined petroleum products rather than crude oil.
Saleh added that oil could also be transported by road, noting that the availability of around 20,000 tanker trucks could enable the transport of more than three million barrels per day.
-- BERNAMA-QNA
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