(MENAFN) Iraq's Oil Ministry said that the sharp decline in global oil prices has cost the country 27 percent of its projected revenues for the year, Arab News reported
Iraq, which economy is heavily reliant on oil exports, said that these losses in the revenue are going to affect the country's plan of reconstructing its battered infrastructure.
Meanwhile, the Kurdistan's natural resources ministry said that the region had exported USD2.87 billion in oil since the beginning of the year, which the Iraqi Ministry of oil said it would treat them as part of the 17 percent of the federal budget.
"Since January 2014 to date, 34.5 million barrels of oil have been exported from the Kurdistan Region, of which 21.5 mmbbls were sold through Ceyhan" in southern Turkey. The balance was trucked to Mersin in Turkey. The total value of the exported oil in cash or kind is $2.87 billion," The Kurdistan ministry of natural resources said.
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