Iraq reveals expected oil price in 2023 budget
An oil field in Iraq. Photo: AFP
Baghdad (IraqiNews.com) – The Iraqi Ministry of Planning revealed on Saturday the expected price of a barrel of oil in the 2023 budget, according to the Iraqi News Agency (INA).
The Undersecretary of the Ministry of Planning, Maher Hammad Johan, explained that more than one price per barrel of oil has been set in the 2023 budget, in agreement between the ministries of oil, finance, planning and the Central Bank of Iraq (CBI). The price that was set starts from 65 USD up to 75 USD, INA mentioned.
Johan elaborated that it is not right to set a fixed price for oil in the country’s budget, particularly with taking into consideration many variables.
“This price will remain variable until the budget is ratified by the cabinet or the Parliament, which is an important decision because we cannot present the budget with a large deficit,” Johan added.
Iraq announced on Friday that the oil production capacity from oilfields in Maysan governorate reached 300 thousand barrels per day.
The Ministry of Oil mentioned in a statement that this achievement is an important addition, especially as it comes in light of exceptional circumstances, economic and health challenges, and many crises facing oil production in the world.
The ministry also clarified that it is interested in investing in associated gas with an average ranging between 250-300 million standard cubic feet per day.