Iraqi oil prices record a slight rise in global markets

Iraqi oil prices recorded a slight increase during daily trading in global markets today Tuesday, according to available information.

The data indicated that the average Basra crude price reached $57.69 per barrel, while heavy Basra crude recorded $60.59 per barrel, with a change percentage of +0.67% for both.

On the global price front, British Brent crude stood at $72.38 per barrel, while the US West Texas Intermediate crude price amounted to $69.66 per barrel, with change percentages of +0.71% and +0.87%, respectively.

No comment was issued by the Iraqi Ministry of Oil or official bodies regarding this slight increase or its impact on government revenues.

This change raises questions about the extent to which the general budget benefits from this limited increase, especially amid the economic challenges facing the country.

Background on prices and their impact on the budget: The Iraqi budget heavily relies on oil revenues, which constitute over 90% of public revenues, making any change in global prices directly affect the state's financial situation.

The budget suffers from a recurring deficit, amid parliamentary and civil calls for the necessity to diversify income sources and reduce dependence on oil.