World News
Iraq Planning for $45 Per Barrel Oil in 2016 Budget
Iraq has passed its 2016 budget having forecasted oil exports of 3.6 million barrels per day (bpd) and an oil price of $45 per barrel, Platts reports.
The Dinar 106 trillion ($94 billion) budget reportedly assumes that 550,000 bpd will be exported from northern Iraq, 250,000 bpd from Kurdistan, and 300,000 bpd from Iraq's North Oil Company.
The exports from Kurdistan, which is semi-autonomous, were reportedly expected to be in exchange for being allocated 17 percent of the Iraqi budget.
The region however, has purportedly expressed its unwillingness to sell through Iraq's State Oil Marketing Organization in favour of building independent sales.
Iraq was also reported to have set a new oil production record this past July at 3.718 million bpd.
Last month Ship & Bunker reported that Iraq's neighbour, Iran, had set its draft budget based on oil priced between $42 and $50 per barrel.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 548.00 | 0.50 | 677.50 | 2.00 |
| Rotterdam | 513.00 | 0.50 | 649.00 | 3.00 |
| Houston | 544.50 | 2.50 | 675.00 | 4.00 |
| Fujairah | 541.50 | 2.50 | 744.00 | 3.50 |
| Global 20 Ports Average | 572.00 | 2.50 | 758.00 | 2.50 |
| Global 4 Ports Average | 536.50 | 1.50 | 686.50 | 3.00 |
| Global Average Bunker Price | 624.00 | 2.50 | 801.00 | 3.50 |
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