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14:18, 24 October 2014 Friday
Update: 14:13, 10 October 2012 Wednesday

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Iraq oil expansion will near double govt spending: deputy PM
Iraq oil expansion will near double govt spending: deputy PM

Iraq has focused on building up its oil industry, which funds about 95 percent of its budget, after years of crippling wars and sanctions

World Bulletin / News Desk 

Iraq's expansion of its oil industry will let the government nearly double spending over the next three years, the Deputy Prime Minister for Energy said on Wednesday.

"The current Iraq oil policy has enabled the government to double its budget in just three years and it will be increased by another 80 percent between 2012 and 2015," Hussain al-Shahristani said.

Iraq has focused on building up its oil industry, which funds about 95 percent of its budget, after years of crippling wars and sanctions.

Shahristani said earlier on Wednesday the country aimed to produce 5-6 million barrels of oil per day (bpd) by 2015, with a view to reaching a target of 9-10 million bpd by 2020. Current production was 3.4 million bpd, he added. 



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