How much was the price of oil in Iraq’s budget?

According to the report of the International Economy reporter of Fars News Agency, quoted by Argus Media, the Iraqi parliament approved the annual budget of 198.9 trillion dinars, equal to more than 153 billion dollars, for the country’s expenditures this year and the next two years.

In fact, this is the biggest budget that Iraq has seen in modern history, and the basis of currency parity between the dollar and the dinar is 1300 dinars per dollar.

Iraq’s budget for this year and the next two years has increased by more than 70% compared to 2021, which was 89 billion dollars.

According to the agreement between Erbil and Baghdad, 12.6 percent of this budget will be allocated to the Kurdistan Regional Government.

The important point is that Iraq’s oil budget is set at $70 per barrel for the current year until 2025, and the country has predicted that it will export 3.5 million barrels of oil per day during this period, and 400,000 barrels of it will be taken from the fields of the Kurdistan Region. will be

Another issue that should be noted in this year’s Iraqi budget is that Baghdad is expected to face a budget deficit of 49 billion dollars this year, which has doubled compared to 2021.

The International Monetary Fund has announced that Iraq must sell its oil at $96 per barrel in order to go through 2023 without a deficit.

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