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Iraq to slash its oil price forecast to $32/bbl in 2016 budget

by ChemOrbis Editorial Team -
  • 08/04/2016 (14:05)
According to the International Monetary Fund (IMF) and a senior government official, OPEC member Iraq is planning to lower its oil price forecast to around $32/barrel from $45/barrel in its 2016 budget, according to media reports. The Iraqi official stated that the move is expected to widen the country’s budget deficit by $6 billion unless a number of measures to offset the impact are taken.

Iraq’s current 2016 budget reportedly estimates oil exports of 3.6 million barrels per day (bpd) and a fiscal deficit of 24 trillion dinars ($20.56 billion).

Meanwhile, media reports showed that Iraq’s monthly average oil exports from the country’s southern ports was 3.286 million bpd in March and that exports have increased to an average of 3.494 million bpd so far in April.
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