OPEC’s second-largest producer, Iraq, approved on Monday its 2023 budget of $153 billion (198.9 trillion dinars), envisaging record spending and basing the budget on an oil price of $70 a barrel. Oil revenues are the most important income for Iraq as they account for more than 90% of its total revenues.
The new budget for 2023, belatedly approved by Parliament today after months of disputes, also has new provisions regarding the sharing of oil revenue between the federal government in Baghdad and the semi-autonomous region of Kurdistan…Iraq Adopts Record $153-Billion Budget Based On $70 Oil Price
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