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FINANCIAL NEWS
Iraq sees oil price between $70 and $80
02 Jun 2010
(MENAFN) Iraq’s Deputy Oil Minister Abdul Kareem Luaibi said that the government expects world oil prices to fluctuate between $70 and $80 per barrel, calling the price unfair but acceptable for the moment, Reuters reported.
Iraq, which has the world’s third-largest reserves, is dependent on income from oil for more than 95 percent of its federal budget.
Desperate for cash to rebuild an economy damaged by years of war and international sanctions, it has signed a series of multibillion-dollar deals with oil majors in recent months to revive a stagnant industry and refurbish its decrepit oil infrastructure.
Iraq had to cut its 2009 federal budget three times after world oil prices plunged from the record highs of 2008.
More News
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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