Iraq News Now

Iraq's Parliament passed a 2021 budget Wednesday that preserves a recent currency devaluation, projects a record-setting deficit, and outlines a vague but hopeful compromise for oil and revenue cooperation between Baghdad and Erbil.

The budget anticipates $47.49 billion in federal oil revenues this year, based on a projection that the government will sell an average of 3.5 million bpd of oil at $45 per barrel — including 250,000 bpd from the semi-autonomous Kurdistan Regional Government (KRG), according to multiple MPs and a senior negotiator, and a copy of the law, which was obtained by Iraq Oil Report.

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