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Iraq’s cabinet is struggling to finalize a 2014 budget, a task complicated by an ever widening gap between revenue and expenditure.
Spending has overshot draft estimates because of the current crisis, while oil exports and revenues have fallen short of the original forecast.
The prospects for a significant boost in oil exports and revenues do not appear too promising, with the IMF slashing its forecast for Iraq’s likely 2019 oil output by 1.2mn b/d, to 4.4mn b/d, just over 1mn b/d above current output and a pale shadow of Iraq’s official target of 8.4mn b/d by 2020.
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