Fluctuations of Crude Oil Price and Repercussions on the Development of the Iraqi Economy

The dependence of most of the oil-producing countries for their financing on oil revenue, which led to transforming the economy of the producing countries into a rentier economy, which calls for the necessity of economic diversification and finding additional sources such as activating the tax and customs duties system and benefiting from oil surpluses by establishing sovereign funds, to achieve an advanced level of development that guarantees Achieving well-being as well as obtaining other sources of financing such as increasing agricultural production, developing the industrial sector, developing the tourism sector, working to support national products by reducing foreign imports and imposing high taxes on products imported from abroad, as well as benefiting from oil surpluses by establishing sovereign funds so that the oil revenue is A factor in achieving sustainable economic development, and Iraq is one of the countries that depends on oil revenues for the most significant proportion of the rest of the other resources, meaning that the Iraqi economy is a rentier economy and the lack of interest in the development of other economic sectors, and the conditions that Iraq went through had a significant impact on oil investment, as it led to the decline of the industry The oil industry and after 2003 and the political and economic developments that followed The government has searched for organizational means to increase oil production and develop ways to invest it in a way that suits the Iraqi reserves, because the increase in the gross domestic product in Iraq, which depends on the production and export of oil, the rise in oil production is limited by the size of oil wells, the size of the proven reserves, and the policy followed by organizations from On the one hand, as well as international oil prices on the other.