Iraqi Prime Minister Haidar al-Abadi says falling oil prices have forced Iraq to scrap its draft 2015 budget.
Abadi told lawmakers on November 30 in Baghdad that the budget had been based on a forecast of $70 per barrel of oil but that prices fell to $64 per barrel on November 28, the lowest price since 2010.
He said the low prices, coupled with a disruption in production at oil fields in and around Kirkuk, means the budget has to be reworked.
Abadi said he hoped to present the new 2015 budget to parliament within 10 days.
Meanwhile, Iraqi Oil Minister Adel Abdul-Mehdi told "The Telegraph" in an interview on November 30 that Iraq plans to double oil production from a current 3 million barrels per day (bpd) to some 6 million bpd by 2020.
Based on reporting by Reuters and thetelegraph.co.uk
Editors' Picks
Top Trending
1
In Russia's War Economy, The Warning Lights Are Blinking
2Attack From Afghanistan Kills Chinese National In Tajikistan, Sources Say
3U.S. Reportedly Allows Ukraine To Strike Russia With Long-Range Weapons
4UEFA To Rule After Kosovar Players Walk Off In Romania Amid Claims Of 'Racist' Chants
5RFE/RL Reveals Chilling New Details Of Bucha Massacre As Ukraine Marks 1,000 Days Of War
6No Smooth Sailing For Climate Activist Greta Thunberg In The Caucasus
7Could U.S. Long-Range Missiles Tip The Balance In The Ukraine War?
8Wider Europe Briefing: Georgia's Vanishing EU Dreams
9Putin Says Russia Fired New Intermediate Missile At Ukraine After ICBM Accusations
10Ukraine Live Briefing: Kyiv Says Moscow Used ICBM
RFE/RL has been declared an "undesirable organization" by the Russian government.
If you are in Russia or the Russia-controlled parts of Ukraine and hold a Russian passport or are a stateless person residing permanently in Russia or the Russia-controlled parts of Ukraine, please note that you could face fines or imprisonment for sharing, liking, commenting on, or saving our content, or for contacting us.
To find out more, click here.
