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The increase of the crude oil prices in the world add USD 8 billion to the Iraqi budget

March 03/2011

(Arabian Oil and Gas) -- The current rise in global crude oil prices could see Iraq add as much as US$8 billion to its coffers, Aswat Al Iraq reported the Secretarty-General of Iraqs Council of Ministers as saying. "The increase of the crude oil prices in the world shall add more than $8 billion to the Iraqi budget this year, Ali Al-Allaq told Al-Sabah newspaper on Tuesday. He said that the extra cashflow would add to the budget to implement the various projects the country has planned.

"If we suppose that the increase on each barrel of oil shall add $10 to its price, assigned in the current budget, being $76 per barrel, the expected increase for this year shall reach US$7.2 billion dollars," Allaq said. He added that the Iraqi government expects this budget figure to increase.

Iraq's current oil production stands at 2.5 million bpd, with exports on average at 2 million bpd, however production is expected to rise to 3 million bpd by the end of this year. Iraq has not exported 2.2 million bpd oil since the 2003 invasion.

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