Iraq: Iraq Says Failing Oil Prices Force Rethink of 2015 Budget

Nov 30, 2014 | Reuters
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Falling oil prices have forced Iraq to scrap the draft 2015 budget it planned to present to parliament on Sunday, Prime Minister Haidar al-Abadi told lawmakers.

The budget had been based on a forecast oil price of $70 a barrel, but prices dropped to a four-year low below that level on Friday after OPEC's decision not to cut production.