Iraq will draft its budget based on an average oil price of $42 per barrel for next year, oil minister Ihsan Abdul Jabbar Ismail said this weekend at an event in Baghdad, as quoted by Argus Media. Even so, Baghdad expects oil to actually trade at an average of $50 per barrel, according to a Bloomberg report. This compares with an average oil price of $56 per barrel for the 2019 budget, Argus noted, adding that Baghdad did not approve a budget for this year, when the drop in oil prices and OPEC+ restrictions on production have taken their toll on…
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