Iraq Builds 2027 Budget on $58 Oil—and a Very Large Deficit

Iraq is building its 2027 budget around $58 oil, a far cry below what the country actually needs to balance its books. The draft budget assumes crude exports of roughly 4 million barrels per day, including Kurdistan, with total spending of 217 trillion dinars, or about $166 billion. Even at those assumptions, lawmakers say the budget would run a deficit of more than 40 trillion dinars. At 4 million bpd and $58 per barrel, Iraq would generate roughly $85 billion in annual gross crude export reven

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