The natural gas crisis in Europe is heading towards globalization, and because of this crisis, economic growth, and demand for gas, oil prices are rising every day.
Brent crude is currently trading at $76.41 a barrel and gas is trading at $4,785.
Goldman Sachs expects oil prices to reach $90 if the northern hemisphere is too cold and icy next winter.
On the other hand, the Iraqi government announced its willingness to increase its oil exports to world markets with the aim of reducing oil prices.
The position of the Kurdistan Region on this crisis:
The rise in oil prices has a positive impact on the Kurdistan region and increases the financial revenues and assets of the region, and the regional government can perform its duties better and reduce the impact of economic and financial crises, and progress in various fields according to the different economies of the region. Also, support for the private sector in terms of production will grow significantly, and this will enhance the position of the Kurdistan Region, especially against Baghdad, and facilitate agreements.
Rebwar Muhammad Muhammad Amin, Master's degree in Oil and Gas