Iraq’s government will today start to discuss a $86.4 billion draft budget for next year, a 20% increase on 2010.
The budget for 2011 is based on an oil price of $70 per barrel, Finance Minister Baqir Jabr al-Zubaidi [Zubeidi] told the newspaper As Sabah.
Iraq’s crude oil exports rose 9 percent in September to 60.6 million barrels, the State Oil Marketing Organization said.
Iraq’s Parliament approved on Jan. 26 an 84.7 trillion- dinar ($72.5-billion) budget for federal spending this year, based on an oil price of $62.5 per barrel.
The country’s oil sales will “almost” finance an expected budget deficit of about $18 billion for 2010, al-Zubaidi said on June 10. Iraq had a deficit of $19 billion in 2009.
Al-Zubaidi said at the time that Iraq is budgeting to increase spending to $100 billion by 2013.