nydinardj Posted February 20, 2011 Report Share Posted February 20, 2011 UPDATE 2-Iraq lawmakers approve 2011 budget of $82.6 bln By Suadad al-Salhy | Reuters – Sun, Feb 20, 2011 10:27 PM IST* Iraq budget projects $13.4 billion deficit * OPEC producer looks to oil revenue to repair war damage (Adds details, background) BAGHDAD, Feb 20 (Reuters) - Iraq's parliament gave final approval on Sunday to an $82.6 billion budget for 2011 based on an average oil price of $76.50 per barrel and 2.2 million barrels per day in crude exports. The deficit was projected at $13.4 billion, although Iraqi officials have said the shortfall would be eliminated if world oil prices remain at current levels. About 95 percent of Iraq's government budget comes from oil revenue. Budget shortfalls challenge Iraq's ability to rebuild after years of conflict following the 2003 U.S.-led invasion that ousted dictator Saddam Hussein. The budget allocates $25.7 billion for investments. Iraqi officials have announced massive projects to build hundreds of thousands of new homes and to boost electricity generation. Current power production is just 7,000 megawatts compared to demand of 12,000 megawatts. Iraq's master plan for electricity says the sector needs $77 billion of investment by 2030. The 2011 budget also allocates $2.05 billion to pay oil firms' investment costs. The OPEC producer has signed deals with global oil firms that could boost its output capacity to 8-12 million bpd, rivalling top producer Saudi Arabia, in about six years. Current production is 2.7 million bpd. The budget foresees crude production of 100,000 bpd from Iraq's semi-autonomous northern Kurdish region. Iraqi Kurdistan began pumping oil again earlier this month after a halt of more than a year due to a dispute with the central government in Baghdad over contracts the region signed with foreign oil companies. The Kurdish region had ramped up production to about 80,000 bpd by Friday, sources at Iraq's North Oil Company told Reuters, but only about 50,000 bpd were being exported, with the rest feeding domestic refineries. [iD: nLDE71H1OS] Passage of the budget was held up for months by political haggling. Iraq has been hit by a series of protests in recent weeks, many aimed at pressuring the government to improve power and other basic services, and to alleviate food shortages. Politicians have taken a number of steps to ease public anger. They diverted $900 million from the purchase of F-16 combat jets to the national food ration programme, made big purchases of sugar and wheat to bolster rations, and proposed cutting lawmakers' salaries by 50 percent. http://in.news.yahoo.com/iraq-approves-82-6-bln-budget-2011-20110220-070358-428.html 13 Link to comment Share on other sites More sharing options...
paj1985 Posted February 20, 2011 Report Share Posted February 20, 2011 Thanks mate. Link to comment Share on other sites More sharing options...
jg1 Posted February 20, 2011 Report Share Posted February 20, 2011 Looks like your the first to post that the budget did pass, good job. BAGHDAD, Feb 20 (Reuters) - Iraq's parliament approved an $82.6 billion budget for 2011 on Sunday, based on an average world oil price of $76.50 per barrel and 2.2 million barrels per day in crude exports. The deficit was projected at $13.4 billion. (Reporting by Suadad al-Salhy; Editing by Serena Chaudhry) Link to comment Share on other sites More sharing options...
CAP1 Posted February 20, 2011 Report Share Posted February 20, 2011 http://in.news.yahoo.com/iraq-approves-82-6-bln-budget-2011-20110220-070358-428.html LOOKS LEGITIMATE TO ME. REUTERS POSTED!! Link to comment Share on other sites More sharing options...
tim5400 Posted February 20, 2011 Report Share Posted February 20, 2011 how did Rueters get that info before one of our peeps lol Link to comment Share on other sites More sharing options...
diligent1 Posted February 20, 2011 Report Share Posted February 20, 2011 Excellent find, and thanks for the link also ! Very professionally played. Now we are talking...... Link to comment Share on other sites More sharing options...
k98nights Posted February 20, 2011 Report Share Posted February 20, 2011 Approval and ratification are two different things aren't they? I hope this means it's ratified! 2 Link to comment Share on other sites More sharing options...
Upgradable Posted February 20, 2011 Report Share Posted February 20, 2011 Holy crap!!! Who would have thought the first confirmed news was from Yahoo.com???? 1 Link to comment Share on other sites More sharing options...
nydinardj Posted February 20, 2011 Author Report Share Posted February 20, 2011 No problem. So far so good. Now we wait on the rate Link to comment Share on other sites More sharing options...
wingsofhope Posted February 20, 2011 Report Share Posted February 20, 2011 Thanks!!!!! Link to comment Share on other sites More sharing options...
Upgradable Posted February 20, 2011 Report Share Posted February 20, 2011 http://www.reuters.com/article/2011/02/20/iraq-budget-idUSLDE71J01G20110220 Here's the Reuter's link!!!!!!!!!!!!!!!!!!!!!!!!!!!1 Link to comment Share on other sites More sharing options...
nydinardj Posted February 20, 2011 Author Report Share Posted February 20, 2011 http://af.reuters.com/article/energyOilNews/idAFLDE71J01K20110220 Haha beat me Link to comment Share on other sites More sharing options...
quadraph0nic Posted February 20, 2011 Report Share Posted February 20, 2011 Approval and ratification are two different things aren't they? I hope this means it's ratified! I second what woody said. We need to read that they have ratified this thing. Link to comment Share on other sites More sharing options...
dflake Posted February 20, 2011 Report Share Posted February 20, 2011 I have been looking everywhere else, have not found a release of ratification "yet". Link to comment Share on other sites More sharing options...
diligent1 Posted February 20, 2011 Report Share Posted February 20, 2011 Approval and ratification are two different things aren't they? I hope this means it's ratified! I wondered as well....However it does read "final approval" Lets hope" ratification" is interpreted as such! Link to comment Share on other sites More sharing options...
crazy joe Posted February 20, 2011 Report Share Posted February 20, 2011 Has anyone else noticed that all the article state that iraqs approved budget is in billions not trillions...? 1 Link to comment Share on other sites More sharing options...
Silence Dogood Posted February 20, 2011 Report Share Posted February 20, 2011 I noticed at the bottom of the Yahoo article it still said 1$ = 1170 dinar but it was all by itself. Reason? Link to comment Share on other sites More sharing options...
Cash187 Posted February 20, 2011 Report Share Posted February 20, 2011 It is my understanding that they had to vote for the third time then they will post in the gazette. They couldn't post in the gazette until the third reading. We should be seeing in posted later today or tomorrow, which will mean its ratified! Somebody correct me if I am wrong, thanks! 2 Link to comment Share on other sites More sharing options...
dflake Posted February 20, 2011 Report Share Posted February 20, 2011 It is my understanding that they had to vote for the third time then they will post in the gazette. They couldn't post in the gazette until the third reading. We should be seeing in posted later today or tomorrow, which will mean its ratified! Somebody correct me if I am wrong, thanks! I believe you have made a very valid point here. Will propably see some news about it, but does have to be in Gazette for 3 publications. 1 Link to comment Share on other sites More sharing options...
nydinardj Posted February 20, 2011 Author Report Share Posted February 20, 2011 Its on forex too! 1 Link to comment Share on other sites More sharing options...
Carrello Posted February 20, 2011 Report Share Posted February 20, 2011 I have been looking everywhere else, have not found a release of ratification "yet". Ditto.... Link to comment Share on other sites More sharing options...
Cash187 Posted February 20, 2011 Report Share Posted February 20, 2011 Its not live on the Forex though! Link to comment Share on other sites More sharing options...
Mongo Posted February 20, 2011 Report Share Posted February 20, 2011 HOLY CRAP .......Batman what does it all mean?(Batman: The JOKER is up to his old tricks again........To the batmobile ROBIN we must save Gothem city Link to comment Share on other sites More sharing options...
par72 Posted February 20, 2011 Report Share Posted February 20, 2011 if the oil price stays at 85.00 dollars a barrel as it is now their budget is set for 76.00 a barrel leaving a 13billion deficet 85 a barrel will make up the deficit and leave them a 7 billion overage at 2.2 mill barrels a day. Link to comment Share on other sites More sharing options...
tbush Posted February 20, 2011 Report Share Posted February 20, 2011 Also on CNBC http://www.cnbc.com/id/41691215 2 Link to comment Share on other sites More sharing options...
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