Iraq News - Local News - Baghdadpost

Oil barrel set at 56US$ in state budget: MP

The price of oil barrel has been set at $56 in the incoming state budget, despite calls for reducing the price due to the decline in oil market prices, Siham al-Okeili, member of the Parliament’s Finance and Expenditure Committee, revealed on Saturday.


“Fixing the oil price within the state budget came after studies and indications that showed the importance of raising the oil price during the current year to more than $56 per parrel. Thus, no fears exist regarding the budget deficit,” she added.

The committee, according to Okeili, “discusses, along with other authorities in question, the increase of the non-oil products and reducing the high expenditures of some ministries.”

Last month, Iraq's parliament reportedly finished the first reading of the draft of the budget for the fiscal year 2019. The revenues of the 2019 budget is estimated at about 150.6 trillion Iraqi dinars according to the estimated revenues from the export of crude oil on the basis of the rate of $56 per barrel, and an export rate of 3,880,000 barrels per day.

Last Modified: Saturday، 12 January 2019 12:31 PM