Eco
Iraq's Ministers of Oil and Finance met Saturday to discuss including a provision in the 2027 general budget draft. This aims to stabilize contracts for employees and daily wage earners, besides appointing oil institute graduates. The meeting also addressed the mechanism for setting an oil barrel price, crucial for preparing a realistic, well-studied budget aligned with evolving oil markets and economic conditions. Oil Minister Basim Mohammed Khudair Al-Abadi hosted Finance Minister Faleh Sari, accompanied by several senior officials. Attendees included the Director General of SOMO, the Director General of Oil Products Distribution, the Director General of the Economic Department, and the Director General of Studies, Planning and Follow-up. Discussions primarily focused on determining the barrel price for budget preparation. Both ministers emphasized adding a budget clause concerning contract stabilization, daily wage earners, and oil institute graduate appointments. These measures are anticipated to streamline administrative and functional aspects within the oil sector. They also stressed continued coordination and cooperation between their ministries to complete the 2027 general budget according to adopted legal frameworks.
