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Iraq drafts 2027 budget on $58 oil, despite larger funding gap

The draft projects spending of 217 trillion dinars, but even on its own assumptions would leave a deficit of more than 40 trillion dinars.

Reported · Written up by our desk · Energy

OilPrice reports that Iraq is building its 2027 budget around an assumed oil price of $58 a barrel, which the article says is far below what the country would need to balance its books.

The draft budget assumes crude oil exports of roughly 4 million barrels per day, including volumes from Kurdistan, and sets total spending at 217 trillion dinars, about $166 billion.

According to OilPrice, lawmakers say the budget would still run a deficit of more than 40 trillion dinars even if the export and oil-price assumptions hold.

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