Parliamentary Finance Committee: The price of a barrel of oil in the upcoming budget will be between $53 and $56.
Parliamentary Finance Committee: The price of a barrel of oil in the upcoming budget will be between $53 and $56.
9-17-2026
The Finance Committee revealed on Wednesday (September 16, 2026) the mechanism for calculating the price of a barrel of oil in Iraq’s 2027 budget, in light of the tensions and events taking place in the Strait of Hormuz.
Committee member Jamal Kojer said that the current disruptions are temporary, and the budget is prepared for a full year. Therefore, the price per barrel is not determined based on an emergency situation, but rather through concerned parties who study the global oil market situation and release their estimates of expected prices.
Kujer explained that Kuwait based its 2027 budget on $57 per barrel, even though it was also subjected to the crisis and blows, while Iraq is expected to estimate the price between $53 and $56, and the government may consider calculating it between $60 and $70 based on SOMO’s reading, international needs, and sales routes, indicating that “prices may jump to more than $100 or fall to $60, and both options are possible.”
The member of the parliamentary finance committee added that “the budget remains a planning budget with its expenditures and resources and has not yet become actual, even with regard to non-oil resources, which will be estimated provisionally according to current and future data.”
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