The Impact of OPEC+ Production Decisions on the Iraqi Federal Budget (2016-2024)

Abstract

OPEC was founded in 1960 in Baghdad with the aim of unifying visions and reaching oil policies that preserve the interests of its member states and the stability of the energy market. However, the organization faced numerous and complex challenges that prevented the achievement of its objectives for which it was established, and these challenges and problems varied. Some of them were economic, such as the slowdown in the global economy, how to control production levels so that supply is equal to demand, the challenges of oil outside OPEC and how to maintain its market share, and the challenges of procedures. And the policies of the International Energy Agency, as well as the political challenge that emerged clearly in the seventies decade after the Arab countries used oil as a weapon in their war against the Zionist entity, and the political differences of some OPEC countries in the eighties that caused a negative oil shock after the collapse of oil prices, as this dispute affected the 2014, which was one of the causes of the negative oil shock in 2014, and now OPEC is going through a major challenge after the emergence of new features. The global system, which seeks to bring about radical political and social changes, to be compatible with the Western liberal approach and its capitalist economy, and the Russian-Ukrainian war and the events that preceded it in the Middle East, are only one of the episodes of this change in which oil plays an active and influential role in these changes. Hence, the importance of this research comes in shedding light on the history of OPEC for the period (1970-2023) and taking advantage of the mistakes to draw a unified policy among the member states. Its members face future scenarios and real economic threats that can be read from the procedures and laws of industrialized countries, especially after 2030.