🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

UPDATE 2-Iraq budget panel sees 2010 oil price at $60 per bbl

Published 08/29/2009, 08:05 AM
Updated 08/29/2009, 08:09 AM

(Adds background on supplementary budget)

BAGHDAD, Aug 29 (Reuters) - A committee reviewing Iraq's budget proposals for 2010 has recommended spending plans be based on average oil prices of $60 per barrel and average crude exports of 2.15 million barrels per day, a government spokesman said on Saturday.

Iraq's approved federal budget for 2009 of $58.6 billion was based on income from oil prices averaging $50 per barrel. It was cut three times after oil prices plunged from a high of almost $150 per barrel last year.

In July, the cabinet approved a supplementary budget of at least $3 billion as a result of an improvement in prices. The government derives more than 95 percent of its revenues from oil, which traded at around $72 per barrel this week.

Oil exports in July reached 2.037 million bpd, their highest level since the 2003 U.S.-led invasion to topple Saddam Hussein.

The Middle Eastern country is the holder of the world's third largest proven crude reserves, but decades of war, sanctions and underinvestment have prevented it from significantly boosting output and exports.

Government spokesman Ali al-Dabbagh said the committee led by the finance minister had recommended that government ministries freeze operational expenses, such as on public sector payroll, at the same level as in 2009.

Additional revenues or savings will be allocated to the ministries' investment budgets under the proposals, Dabbagh said in a statement.

In addition, the committee recommended increasing non-oil revenues through customs duties and taxes, and cutting the cost of the federal government's massive food ration programme by limiting the virtually free supplies only to the needy. (Reporting by Khalid al-Ansary; Writing by Michael Christie; Editing by Mike Peacock)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.