The impact of fluctuations of world oil prices in oil revenues on the Iraq economy for the period (2003 – 2016)

Abstract

Abstract The fluctuations of global oil prices have led to various crises and risks on the economies of oil-producing countries, including Iraq, which depend on the production and export of crude oil in the financing of the general budget and therefore affected by fluctuations in world oil prices, and this requires strengthening the budget with a supplementary budget to meet the deficit, Large sums making the process of activation of sources of non-oil income a strategic necessity. The results of the research have been reached many of which were the most important that the fluctuation of oil prices during the period (2003 – 2016 ) ignificantly affected the budgets of public in Iraq, and produced serious repercussions that posed real challenges to the budget was a surplus or deficit in the budget.Keywords: : Oil revenues Global oil prices, The international oil