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Abadi says Iraq needs $60/barrel oil price to plug budget deficit
February 21, 2017 / 4:41 PM / 9 months ago

Abadi says Iraq needs $60/barrel oil price to plug budget deficit

BAGHDAD, Feb 21 (Reuters) - Iraq needs oil prices to reach $60 per barrel to plug its public deficit gap, Prime Minister Haider al-Abadi told a news conference in Baghdad on Tuesday.

The Iraqi government, which relies almost exclusively on its oil production for income, has struggled to pay its bills since crude prices dropped in 2014, the same year that Islamic State militants seized part of the country’s territory.

Brent crude was trading at about $57 per barrel on Tuesday.

Iraq is OPEC’s second largest producer, after Saudi Arabia. (Reporting by Ahmed Rasheed; Writing by Maher Chmaytelli; Editing by Greg Mahlich)

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