The Minister of Oil, Bassim Mohammed Khudair Al-Abadi, discussed today, Saturday, with the Minister of Finance, Falih Sari, the mechanism for determining the price of a barrel of oil, as part of the procedures for preparing the general budget project for the year 2027.
The Ministry of Oil stated in a statement received by the News Video Agency that the meeting included discussions on the appropriate mechanism for determining the price of the barrel, contributing to the preparation of the budget based on realistic and studied foundations, and in line with changes in oil markets and economic conditions.
It clarified that the two sides discussed adding a clause related to stabilizing contracts and daily employees, and appointing graduates of oil institutes, as part of the budget preparation procedures, contributing to organizing the administrative and functional files related to the oil sector.
It added that there was a confirmation on the importance of continuing coordination and cooperation between the Ministries of Oil and Finance to reach procedures that contribute to achieving the general budget for the year 2027 according to the adopted legal frameworks and contexts.
It continued that the meeting took place in the presence of the general director of the Oil Marketing Company (SOMO), the general director of the oil products distribution company, the general director of the economic department, and the general director of the studies, planning, and follow-up department.