Iraq Adds $9B to 2012 Budget On Higher Oil Revenues
Increased oil revenues have allowed Iraq to add around $9 billion to its 2012 budget bringing the total budget for the year to above $110 billion, a government spokesman said Tuesday.
Ali Al Dabbagh said in a statement the cabinet approved a budget increase of 10.875 trillion Iraqi dinars during a meeting held Tuesday in Baghdad.
Of the newly added money, some IQD2 trillion would go to badly needed power projects, IQD1.4 trillion would be allocated for foodstuffs that come within the food ration basket distributed by the government to Iraqis, IQD1 trillion for the ministry of defense and IQD830 billion as compensation to Kuwait for the Iraq war in 1990, Mr. Dabbagh said.
The new added amount of budget still needs the approval of the country's parliament, he added.
In February this year, the parliament approved a national budget of $100.5 billion for 2012.
During the first five months of this year, Iraq earned from oil sales some $45.3 billion. Oil prices have started to slide over the last few months, after they reached a peak of around $123 a barrel earlier this year.
Iraq's 2012 oil revenues are expected to exceed last year's which were $82.9 billion, officials said.
Iraq's oil revenues have been growing over the last few months as the country's crude oil exports have been picking up since the start of operations of two Single Point Mooring buoys in the Gulf.
Iraq is currently exporting around 2.4 million barrels a day up from around 2.1 million barrels a day last year. Iraq is targeting to raise exports to 2.6 million barrels a day by the end of this year.
Finance ministry officials have said that Iraq's 2013 budget is expected to rise to around IQD130 trillion ($109 billion) based on an oil price of $85 a barrel and crude exports of 2.9 million barrels a day.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea