Current oil prices to redress large part of budget deficit – spokesman

BAGHDAD / IraqiNews.com: The current level of crude oil prices, now registering over $100 per barrel, will bring about an increase in proceeds above what is expected in the federal state budget, according to the official spokesman for the oil ministry on Saturday. “The upward prices of crude oil will offer additional revenues that should help redress large part of the state budget deficit,” Asim Jihad told IraqiNews.com news agency. “The ministry is sustaining the global oil market stability at reasonable prices per barrel and this would achieve lucrative revenues for exporters but in a way not to overburden the global economy, particularly consumers,” he said. He added that the ministry has boosted oil prices stability during the Organization of Petroleum Exporting Countries (OPEC) meetings and other global economic fora. Parliament is now debating the federal budget that estimated the price of oil barrel at $73 at an export rate of 2.300 million barrels per month. AmR (TS)/SR 2089