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The International Monetary Fund (IMF) believes that Iraq needs to sell oil at a price of $75.8 per barrel to achieve budget equilibrium and avoid deficit.
A table presented by the Fund indicated that the balance in Iraq’s budget for 2023 will be achieved if the oil is sold at $75.8 per barrel, a significant increase from $66.5 in 2022, and $53.3 in 2021, and $56.6 in 2020.
The IMF also predicted a further balance increase, with the price Iraq needs reaching $76.4 per barrel in 2024.
The Fund pointed out that the country most in need of a higher oil sale price to balance its budget is Bahrain, requiring a whopping $126.2 per barrel for 2023. On the other end of the spectrum is Qatar, which only needs to sell oil at $44.8 per barrel to balance its budget in 2023.
