SULAIMANI (ESTA) — Iraq added up to $16 billion of additional oil revenue to this year’s budget for the current financial year, the state news agency reported on Wednesday, citing the oil ministry.
“The additional revenues achieved by the ministry of oil in the federal general budget for the fiscal year 2021 will reduce inflation and the volume of debt,” ministry spokesman Assem Jihad was quoted as saying.
For Iraq, OPEC’s second-largest producer, oil revenue represents at least 95% of its income. It has been hit by the collapse in demand and oil prices last year, caused by the COVID-19 pandemic.
Iraqi oil minister Ihsan Abdul Jabbar said earlier this month that government’s budget for 2022 should be based on an oil price of $55 to $60.
Abdul Jabbar added that he expected exports to average 3.4 million barrels per day in October including from the Kurdistan Region.
