Iraq, OPEC’s second-largest producer, plans to cut its oil-price assumption in the federal budget after the market plunged.
The 2025 assumption will be lower than last year’s $80 a barrel, Mudher Saleh, a financial adviser to the prime minister, said Tuesday by phone, without being more specific. The decision was delayed earlier this year by negotiations over payments to oil companies.
Oil has tumbled this year, dropping sharply the past two weeks as US President Donald Trump’s sweeping tariffs upended global markets. Benchmark Brent has lost 13% in April as the trade war stokes fears of a recession that would ...