Iraqi and global oil prices decline in today's trading

Iraqi oil prices recorded a slight decline during today's trading in the global market, amid fluctuations in international markets. According to available information, the price of average Basra crude fell to $64.42 per barrel, while heavy Basra crude reached $62.32 per barrel, recording a change of -0.66% for both.

Globally, major crude prices declined, with British Brent crude at $70.79 per barrel and US West Texas Intermediate crude at $67.82 per barrel, representing changes of -0.88% and -0.84%, respectively.

No comment has been issued so far by the Iraqi Ministry of Oil or the relevant official authorities regarding the potential impact of this decline on oil revenues or the general budget.

It is noteworthy that Iraqi oil accounts for more than 90% of state revenues and is primarily relied upon to finance the general budget and employees' salaries.

Background of the decline: The global oil market continues to experience ongoing fluctuations due to multiple factors, including geopolitical tensions, changes in supply and demand, and policies of oil-producing countries. These fluctuations raise questions about their impact on the Iraqi economy, given the heavy reliance on oil revenues, and whether the government will take measures to compensate for any potential revenue shortfall.