Iraq's Cabinet balanced a collapse in oil revenue while maintaining spending commitments needed to placate key constituents and keep up the fight against the so-called Islamic State (IS) militant group in a draft budget for 2015 that it approved Tuesday. The budget calls for spending of around 123 trillion Iraqi dinars (about $102.5 billion), said Abdul Qadir Omar, a member of
Read MoreMy views and conclusion are summarised below: The KRG will receive: 17% (“Ayad Alawi’s” gift, not the Parliament’s, regardless of their true population percentage) + a payment amounting to 17% of the sovereign expenses which is their legal budget obligation + a payment amounting to the net income of the open unspecified or defined oil production for internal consumption (which
Read MoreAs U.S. shale and Canadian oil sands companies continued to pump out crude, Saudi Arabia let its taps flow and the subsequent plunge in the oil price threw a wrench in their rivals production plans In the high-stakes contest between the United States, the biggest shale oil producer, and Saudi Arabia, the biggest oil exporter, America has blinked first. The OPEC refusal to cut
Read MoreERBIL, Iraq — The new oil agreement between Iraq’s federal government and the autonomous Kurdish government in the north appears to have left some room for confusion as to what the Kurds should do with the significant amount of oil that they do not export under Baghdad’s supervision. According to the deal signed on Dec. 2, the Kurdistan Regional Government (KRG) pledges to exp
Read MoreKurdistan Region will annually have more than $5 billion if exports reach 450k oil barrel Former Kurdish Parliament Member in Baghdad believes that the agreement between Erbil and Baghdad will enable Kurdistan Region to secure IQD 20 trillion. According to the agreement, between Kurdistan region and Iraqi central government, KRG will sell 250,000 oil barrels per day for the f
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