Iraq Approves Smaller Budget Plan, Assuming Oil at $45 a Barrel
An oil refinery in the southern Iraqi town of Nasiriyah on March 8.
Photographer: Assaad Al-Niyazi/AFP/Getty Images
This article is for subscribers only.
Iraq’s lawmakers approved a revised budget for this year that’s smaller than initially envisaged to help narrow the deficit and reduce borrowing.
OPEC’s second-largest producer assumed oil prices would average 65,250 Iraqi dinar ($45) per barrel in the budget statement. The country’s total exports, including from the autonomous region of Kurdistan, would be 3.25 million barrels a day, the parliament’s press department said via WhatsApp messages.