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.

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