Iraq oil cash 'to top $70bn'
News wires
Photo by Roozbeh Feiz / http://www.flickr.com/photos/rfeiz
A new US government report expects Iraq's oil revenue for the year to top $70
billion, it emerged today.
A story published by the Wall Street Journal said the report will add to a
congressional effort to make the Iraq government take more responsibility in
reconstructing the country.
According to the Journal, the report from Special Inspector General for Iraq
Reconstruction (Sigir) Stuart Bowen, will be unveiled later today.
The report from Sigir underlines what Iraq stands to gain because of rising
oil prices - the cost of a barrel of Iraqi oil has risen by 250% since 2003,
while Iraq made more than $18 billion from oil sales in the first quarter of
this year, the Journal said.
The report also found that Iraq's oil revenue will be twice the figure
expected by Baghdad a few months ago - but only if the country is able to
maintain current levels of production and exports for the whole year, the
Journal said.
Sigir could not be reached immediately for comment.
30 April 2008 09:20 GMT
| last updated:
30 April 2008 09:20 GMT
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