Iraq: Oil Price Drop Causes $43 bln. Cut in Iraq's Budget

Dec 24, 2014 | Middle East Monitor
View Original

On Tuesday, Iraq's cabinet approved the country's 2015 budget, which included a $43 billion reduction from last year.

Ahmed Haji Rashid said: "The drop in oil prices directly affects Iraq's budget – which is dependent on oil revenues," identifying a decrease in the country's daily production level as the main driver behind the cut.

He stated that there had been a decrease of 100,000 barrels from 3.4 million in 2014's daily oil production. With additional drivers, this has caused a 30 percent restriction in Iraq's annual budget, Rashid added.