Iraq is looking to steady the ship with its 2018 draft budget, capitalizing on higher oil prices to establish a degree of fiscal normality after the near-defeat of Islamic State in recent months.

Whilst the 2018 budget, approved by the cabinet but yet to be presented to parliament, still contains a whopping $19.28bn deficit, this is based on a highly conservative $43.4/B oil price assumption. Plug in a more realistic $55/B (the equivalent of around $60/B for Brent given typical discounts...