The Iraqi Oil Minister Jabbar Ali Al-Allaibi has announced that Iraqi oil ministry has succeeded in increasing the financial revenues of Iraqi federal treasury and it is amounted at more than 47 billion 880 million U.S dollars on the crude oil export to global oil markets during the last 10 months. He added that the oil ministry has achieved its commitments to the Iraqi federal treasury for the year 2017. The ministry was able to collect 48,880 U.S dollars financial revenues during the mentioned time period and before the end of the months 2017. He said, it is expected that we will be able to add at least 10 billion U.S dollars for the months of November and December 2017. It would enhance the total expected revenue projected for the current year about 57 billion U.S dollars. The oil ministry also announced that ministry has collected more than 7 billion U.S dollars financial revenues during the past 10 months, despite most challenging economic and financial situation in the country.
The oil ministry of Iraq also said that Iraq has been experiencing most critical crisis and economic & security challenges. But, the Iraqi oil ministry has shown its commitment in reducing the production of Iraqi crude oil according to the decisions of the OPEC (Organization of Petroleum Exporting Countries). It has been considered a great achievement earned by the Iraqi government and Iraqi oil ministry, and also for the workers in the oil sector. The spokesman for the oil ministry Assem Jihad said that the average selling price of Iraqi crude oil for the last 10 months was amounted at more than 47 U.S dollars per barrel. Now, it has been added with an increase of 5 U.S dollars in the price dedicated for the Iraqi federal budget 2017. The spokesman of the ministry stressed that this increase in the financial revenues of the state would significantly decrease the part of deficit in the Iraqi budget 2017.