Iraq Sets 2027 Oil Price at $58 per Barrel in Draft Budget
Iraq has set a benchmark oil price of USD 58 per barrel for 2027 in its draft budget, according to reports citing lawmakers. This move comes as part of the country's long-term fiscal planning, with the price point likely reflecting current market expectations and economic projections.
The draft budget figure was revealed in a news update from Newsquawk, which also highlighted other market developments, including a slide in the dollar and gains in stocks amid lower energy prices and yields.
Meanwhile, Ecuador's state oil company announced it had resumed oil shipments via the SOTE pipeline, marking a positive development for the country's energy sector. Additionally, Japan's JOGMEC CEO indicated that Japan is considering further measures to diversify its energy supplies and reduce reliance on Middle Eastern sources.
US Secretary of State Rubio also weighed in, stating that the era of free trade agreements is unlikely to return for the foreseeable future, adding another layer of geopolitical context to the energy and financial markets.