Iraq puts the features of the financial budget for next year

by katt Sun Jul 10, 2011 6:20 pm

raq puts the features of the financial budget for next year
Date: Mon 11/07/2011 1:12

Agreed that the export rate is 2.5 million barrels of oil per day at $ 85
BAGHDAD - Haider Ibrahim
Revealed the parliamentary Finance Committee, Sunday, for they developed with relevant ministries, committees and other representative features of the country's budget for next year, indicating that the budget will depend on the rate of export 2.5 million barrels of oil per day at $ 85 per barrel.
A member of the Committee Najiba Najib told AKnews, that "the Finance Committee in the House of Representatives discussed with relevant ministries and the rest of the parliamentary committees a budget next year," noting that "it was agreed that the export rate is 2.5 million barrels of oil per day at $ 85" .

She stressed that "all parties took the issue of fluctuating oil prices in global markets in mind."

Iraq has the fourth-largest oil reserves in the world, and its budget depends on oil imports by 95%.

The Oil Ministry said the other day that Iraq exported an average of 2.274 million barrels per day in June, compared to 2.225 million barrels per day in May / May

The giant international companies in the field of energy has won contracts through three rounds of licenses to develop oil fields discovered untapped.

Although the government predicted the arrival of its crude oil production to about 12 million barrels per day over the next five years, but experts have questioned the production and access to that goal, and said that seven million barrels a day was a reasonable figure.
Najib pointed out that "there is agreement on the need to be approved next year's budget on time and that is not the delay in the discussions and thus influence the work of retreat ministries."

The House passed in the second half of the month of February last, a budget of 82.6 billion dollars in 2011, after the delayed recognition of more than once because of the inertia experienced by Iraq during the crisis the government, which lasted more than nine months, as well as differences between the political blocs on some budget items discussed during the Council of Ministers and the House of Representatives.

The government had said the budget deficit of 15.7 trillion dinars (13.3 billion dollars) that will be covered from the surplus and the amounts retained from the 2010 budget, and internal and external borrowing and savings derived from increased oil prices.

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