| Submit your comments on this article |
| Iraq |
| Iraq's oil revenues drop by 17.6 percent in June |
| 2012-07-03 |
| Iraq's oil revenues dropped by 17.6 percent from May to June due to plummeting prices in the international market and the diversion of some production to meet domestic needs, the government said Monday. Â The decline in revenues challenges oil-reliant Iraq, since the violence-plagued country needs hundreds of billions of dollars for reconstruction after the withdrawal of the last US troops late last year. Oil revenues make up about 95 percent of the fragile democratic government's budget. |
| Posted by:trailing wife |
| #2 While the country certainly needs the exchange, meeting its domestic needs without having to import refined products (as Iran has to do) would be a good thing. Also a good thing if the folks in Iraq learn that the oil teat is dangerous, and that they should diversify not only their economy, but their culture. |
| Posted by: Steve White 2012-07-03 15:01 |
| #1 Increased production, coming up. Diverting more to domestic consumption would imply more refinery capacity online. |
| Posted by: crosspatch 2012-07-03 01:54 |