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Iraq to Increase 2011 Budget 20 percent on Higher Oil Income, Sabah Says
26/10/2010

Iraq’s government will today start to discuss a $86.4 billion draft budget for next year, or 20 percent more than in 2010, As Sabah reported, citing Finance Minister Baqir Jabr al-Zubaidi.

The budget for 2011 is based on an oil price of $70 per barrel, Zubaidi told the newspaper.

Iraq’s crude oil exports rose 9 percent in September to 60.6 million barrels, the State Oil Marketing Organization said.

Iraq’s Parliament approved on Jan. 26 an 84.7 trillion- dinar ($72.5-billion) budget for federal spending this year, based on an oil price of $62.5 per barrel.

The country’s oil sales will “almost” finance an expected budget deficit of about $18 billion for 2010, al-Zubaidi said on June 10. Iraq had a deficit of $19 billion in 2009.

Al-Zubaidi said at the time that Iraq is budgeting to increase spending to $100 billion by 2013.

Iraq holds the world’s fourth-largest oil reserves, with its 143.1 billion-barrel reserve behind only Saudi Arabia, Canada and Venezuela.

Iraq is trying to overcome a legacy of war, economic sanctions and under-investment in its oil fields. It has awarded 12 oil service contracts and three natural gas licenses, hoping to boost production of its most prized exports.

Iraq to Increase 2011 Budget 20 percent on Higher Oil Income, Sabah Says -  Source


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