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BAGHDAD (Reuters) - Iraqi Deputy Prime Minister for Energy, said on Wednesday that the expansion of the Iraqi oil sector will allow the Government to double spending nearly doubled in the next three years.
Hussain al-Shahristani said that Iraq's current oil policy enabled the government to double the spending in its budget in just three years, adding that the budget will rise another 80 percent between 2012 and 2015.
The Iraq focuses on building its oil sector, which generates about 95 percent of its budget after years of war and sanctions.
Shahristani said earlier on Wednesday that Iraq aimed to produce five to six million barrels of oil per day by 2015 as part of his efforts to reach a nine to ten million barrels by 2020. He added that the current production 3.4 million barrels a day.
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Hussain al-Shahristani said that Iraq's current oil policy enabled the government to double the spending in its budget in just three years, adding that the budget will rise another 80 percent between 2012 and 2015.
The Iraq focuses on building its oil sector, which generates about 95 percent of its budget after years of war and sanctions.
Shahristani said earlier on Wednesday that Iraq aimed to produce five to six million barrels of oil per day by 2015 as part of his efforts to reach a nine to ten million barrels by 2020. He added that the current production 3.4 million barrels a day.
[You must be registered and logged in to see this link.]
