⭕️ Iraq’s government has proposed basing its 2027 budget on an oil price of $58 per barrel, with total expenditures estimated at 217 trillion Iraqi dinars ($166 billion), according to lawmakers familiar with the draft budget.

The proposed figures would result in a budget deficit exceeding 40 trillion dinars (~$30.6 billion).

The draft legislation forecasts crude oil exports of around 4 million barrels per day, including shipments from Iraq’s Kurdistan region, four members of parliament’s finance committee said.

The government is also weighing a change to the dinar’s exchange rate, potentially setting it between 1,400 and 1,500 dinars per US dollar, compared with around 1,300 currently, the lawmakers said.

(Reuters)