The oil and finance ministries agreed to set the price of oil barrel at $73, to be endorsed in the 2011 state budget, oil ministry spokesman Assem Jihad told Aswat al-Iraq news agency at the weekend.
“The agreement comes in light of an export rate of 2.3 million barrels per day (bpd), including the oil exports from northern Iraq’s Kurdistan Region, estimated at 100,000 bpd,” Jihad told the agency.
Jihad pointed out that his ministry had talks with the World Bank in Amman recently in the presence of Iraq’s oil and finance ministers as well as experts from the Central Bank of Iraq.
“The World Bank expressed satisfaction over Iraq’s achievements in the field of developing oil and gas fields, which should help improve economic conditions to cope with the global economy and overcome the current state budget deficit by 2013,” he added.
Iraq had set $62 for a barrel of oil in the 2010 budget.
The initial budget for Iraq in 2011 is approximated at $86.4 billion, an increase of $14 billion from the current year's budget.
(Sources: Aswat al-Iraq, AKnews)