Iraq: Revenue from Oil Price Rise Will Fund Reconstruction in Iraq, Oil Officials Say

Jul 22, 2019 | Hiwa Shilani, Kurdistan 24
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As oil prices in Iraq become more stable, the cost of crude has gradually risen to nearly $70 per barrel for the first time in six years. Officials in Iraq’s Parliament say the extra money would be used to fund reconstruction in war-torn areas. Iraq almost entirely relies on oil to generate its revenue; therefore, the rise in oil prices will give the country an economic boost as the annual budget for 2019 was based on the previous $56 per barrel amount.