Final Price of Oil Announced for Iraqi Budget 2017: Finance Ministry

Final Price of Oil Announced for Iraqi Budget 2017: Finance MinistryA number of economists have predicted that the suggested oil price of crude oil for the Iraqi budget 2017 from 35 to 45 U.S dollars per barrel would be more realistic and according to the situation. A famous economic expert Bassem Jamil Antoine said in a press interview that Iraqi government had suggested the oil price at 35 U.S dollars per barrel for the Iraqi federal budget 2017, but this distrustful suggestion would create a large amount of deficit in the Iraqi budget 2017. The International Monetary Fund had examined the global events and oil prices, and presented a price seems to close to the reality. The IMF had suggested oil price for Iraqi budget at 45 U.S dollars per barrel in order to reduce the budget deficit problem.

Antoine further added that the total amount of Iraqi export of oil in the Iraqi federal budget is estimated at 3.088 million barrels per day, but the International Monetary Fund has set to 3.6 million barrels per day. It would support to cut production in exchange for increasing the oil price per barrel and it has been considered more realistic. The Iraqi Finance Ministry has announced that they are following random consultations with the IMF in Amman, Jordan. Last Saturday, a discussion took place to review the budget draft for 2017 and they agreed to set the oil price at 43 U.S dollars per barrel instead of supposed price of 35 U.S dollars per barrel. They also agreed to export of oil at 3.6 million barrels per day.

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