Iraq - 03

Iraq: The 2016 Budget: Early Pointers for IOCs

On 16 August Oil Minister Adel Abd’al-Mahdi issued a statement outlining ideas for a radically stripped-down 2016 federal budget. In one of the opening shots in the campaign to build a new austerity budget, Abd’al-Mahdi envisaged basing the budget on a very low assumed oil price of “$40-50/barrel” and “3mn bpd of exports from the southern ports only.” Taking $45/barrel as the price, this would mean budgeted oil revenue as low as…

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