Iraq's oil production has risen to the highest levels since 2003, giving the Iraqi government the ability to rebuild shattered infastructure. Reuters:
Iraq's Finance Ministry wants to raise its 2008 budget by 44 percent to a record $70 billion, cashing in on record oil prices to rebuild shattered infrastructure, the government's spokesman said on Wednesday.
The ministry's submission of a supplementary budget of $21 billion -- on top of February's 2008 budget of $48 billion -- comes as prices for Iraq's main export oil hits record highs.
"This enhanced budget that results from the stability in Iraq's oil exports ... will have tangible positive effects on the provision of basic services in the country," government spokesman Ali al-Dabbagh said in a statement.
The draft supplementary budget would be discussed by the economic committee of Iraq's cabinet then put before parliament, Dabbagh said without giving a timeframe.
Iraq has boosted oil output to more than 2.5 million barrels per day, the highest level since the U.S.-led invasion in 2003. Exports are running at around 2.0 million bpd.
According to The Economist, production is higher than pre-war levels.
Photo credit: BBC
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Report: Iraq wants to double oil production within 2 years
Iraq’s economy booming– oil production up 6% over the previous month
Iraqi oil production rising
Iraq’s economy booming– oil production up 6% over the previous month
Iraqi oil production rising
