Iraqi oil prices decline in global markets

Iraqi oil prices declined in global markets during Friday's trading, according to available information.

The average Basra crude fell to $62.07 per barrel, while heavy Basra crude was priced at $60.97 per barrel.

The change in Iraqi crude prices was -2.07% for both grades, according to the same data.

In contrast, global crude prices rose slightly, with British Brent crude at $70.69 per barrel and US West Texas Intermediate crude at $69.21 per barrel.

The change in global crude prices was +0.54% for both grades.

No comment has been issued by the Iraqi Ministry of Oil or official entities up to the preparation of this report.

This decline raises questions about its impact on the state's financial revenues, especially given the heavy reliance of the general budget on oil revenues.

Observers fear repercussions on essential services provided to citizens.

Background: The Iraqi budget depends mainly on oil revenues, which constitute over 90% of public revenues.

The government had based the current year's budget on an oil price of $70 per barrel, meaning any price decline could affect project implementation and financial obligations.

Economic expert Ahmed al-Tamimi said: 'The decline in Iraqi oil prices reflects instability in global markets, requiring the government to diversify income sources and reduce dependence on oil.'

The newspaper was unable to obtain a response from the Ministry of Finance or the Ministry of Oil regarding measures taken to address this decline or its potential effects on the general budget.