Oil barrel rate in 2010 budget within “reasonable limits” – ministry

BAGHDAD / IraqiNews.com: The rate of crude oil barrel for the state budget of 2010 is within “reasonable limits,” according to the Iraqi oil ministry spokesman on Saturday. “Crude oil prices are still going up, worth nearly 70 percent per barrel,” Asim Jihad told Iraqi News, adding that Iraq is now “exporting close to 2.38 million barrels.” “The ministry has an urgent plan to add 300,000 to 500,000 barrels in one year or more, which should sustain the budget. The oil prices endorsed by the state for budget purposes are falling within reasonable limits,” Jihad said. He indicated that oil prices can never plunge once again. “The countries have learned their lessons from the economic meltdown.” He noted that the oil ministry has added 1.8 million barrels during the first round of licenses through the investment of the Northern and Southern al-Rumaila oilfields. “The second round will see the addition of more than two million barrels compared to the current level of production,” Jihad said. AmR (P)/SR 1