Iraq’s projected 2012 budget based on USD85 oil price

27 May 2011

(MENAFN) Iraq’s Finance Minister, Rafie Al-Esawi, said that the ministry would forecast the 2010 budget to be based on a USD85 world oil price per barrel and expenditure to reach USD102.9 billion, reported Arab News.

Al-Esawi added that this year, the country’s budget deficit would recover as a result of increasing oil prices and production, adding that the budget which would still need the approval of the Iraqi cabinet and parliament would allocate USD34 million for investments.

He also said that the country’s parliament approved a USD82.6 billion budget for 2011 on an average oil price of USD76.50 per barrel and 2.2 million barrels per day in crude exports.

It is worth noting that this year’s deficit was estimated at USD13.4 billion, although Iraqi officials have said the shortfall will be reduced if world oil prices remain at current levels. But for the most of the year, oil prices have rallied above USD100 per barrel.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more