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Oil prices' slash negatively affects Iraq's development plans: MP

iraq oil
Oil field
Lower prices of oil puts Iraq in danger, according to MP Mohamed Iqbal al-Saydali, affirming that such slash in oil world prices negatively affects the development projects in Iraq.

“It is obvious now that the world is heading to big slash in oil prices, which affects Iraq’s needs in reconstruction, paying its debts, not to mention carrying on the armement deals,” al-Saydali said on Saturday, adding that Iraq is fully depending on oil revenues in its budget.

Al-Saydali stressed that the government should create new ways for the national income, instead of depending on oil.