Oil prices increase to add US$8 billions (b) to Iraq’s budget, official

BAGHDAD / IraqiNews.com – The current increase in world crude oil prices this year shall add 8 billion (b) US dollars to the Iraqi budget, the Secretary-General of Iraq’s Council of Ministers said.   “The increase of the crude oil prices in the world shall add more than 8 billion (b) US dollars to the Iraqi budget this year, thing that will contribute as an additional allocation to implement projects and supply additional amounts to the budget,” Ali al-Allaq told al-Sabah Newspaper, issued in Baghdad on Tuesday.   “if we suppose that the increase on each barrel of oil shall add 10 dollars to its price, assigned in the current budget, being 76 dollars per barrel (bpd), the expected increase for this year shall reach US$7.2 billion dollars,” Allaq said.   He added that the Iraqi government “expects the increase to be more than the above figure, thing that would share to implement additional service projects in the whole country.”   The Iraqi Council of Ministers had passed in its session on 6/2/2011 the final draft-law for the General Budget for the year 2011, based on counting the average price of each barrel of oil to be 76 dollars, with an average export capacity of 2,250,000 bpd, including 150,000 bpd from Iraqi Kurdistan.   IT / SKH   808