Baghdad to Lower Oil Price to $32

Baghdad to Lower Oil Price to $32

Iraq plans to lower the oil price forecast in its 2016 budget to about $32 a barrel from $45, widening its fiscal deficit by several billion dollars. "The new price estimate is based on the continued low level of global oil prices in recent month"s, said Marwa al-Nasaa, Amman-based IMF resident representative for Iraq.  "We're setting it closer to $30 based on the climate of international futures prices since November," she told Reuters on Thursday. Nasaa noted that the revised budget, which has not been finalized, is part of Iraq's negotiations for a standby agreement with the IMF. The standby agreement financing could be approved as early as June, unlocking $15 billion in international assistance over the next three years.  The adjustment is expected to add about $6 billion to the OPEC producer's budget deficit unless offsetting measures are taken.  Iraq's current budget, which projects oil exports of 3.6 million barrels per day, predicts a deficit of $20.56 billion.


Short URL : http://goo.gl/ZvOfZz
  1. http://goo.gl/66tn3l
  • http://goo.gl/gdeOOS
  • http://goo.gl/rYUOZ1
  • http://goo.gl/2rpIwe
  • http://goo.gl/J3UemQ

You can also read ...

Iran has become an exporter of oil byproducts after years of import.
With the aim of producing Euro-5 diesel in Shiraz refinery,...
ExxonMobil Partners With Pakistan for LNG Terminal
ExxonMobil is working with a group of Pakistan’s large...
BP: Technology to Lower Oil Extraction Costs
Better technology could reduce the average production costs of...
Italy's Eni Promises Richer Returns After Higher Growth
Italian oil major Eni hiked its dividend on Friday and held...
Total is ADNOC’s largest and one of its longest international partners, active in Abu Dhabi’s oil and gas sector since 1939.
Abu Dhabi National Oil Company said on Sunday it has signed 40...
Ardakanian Attends World Water Forum
Energy Minister Reza Ardakanian left Tehran for Brasilia,...
South Zagros Company has exceeded its daily production target by 2.5 million cubic meters.
South Zagros Oil and Gas Production Company, a subsidiary of...