Oil prices above budget quota

Advisor to PM ‘assures’ fiscal stability, budget surplus

BAGHDAD — Mazhar Saleh, financial advisor to the Prime Minister, confirmed on Thursday the stable and positive financial outlook for Iraq. He pointed out that the 2024 federal budget is balanced with an oil revenue surplus, and market indicators consistently outperform the forecast price by more than 10%.

Speaking to the official agency, as monitored by 964media, Saleh explained, “The 2024 federal budget is set with a spending cap of approximately 199 trillion Iraqi dinars, with investment expenditures exceeding 25% of the total budget. Oil exports are steady at an estimated 3.4 million barrels per day, with oil revenues budgeted at $70 per barrel.” He highlighted that “to date, oil market indicators have surpassed the budgeted price by over 10%.”

Saleh also mentioned that “projections for the energy market suggest an increasing demand for crude oil,” signaling a “stable future for Iraq’s financial health.”

He underlined the robust stability as the year progresses into its second month, with the budget not only balanced but also showing surpluses. Saleh concluded by affirming that “the financial situation is stable, favorable, and sound.”

Iraq passed a major budget bill last year that relies on crude prices staying above $70 per barrel.