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Federal Iraqi exports fell in October to 3.47mn b/d from 3.56mn b/d in September as bad weather obstructed loadings, but revenues nonetheless increased last month to $8.055bn on the back of higher oil prices – the first time revenues have crossed the $8bn threshold since the golden days of mid-2014. Revenues have totaled $71.7bn for the first ten months of the year, up from $46.9bn over the same period a year earlier.
Baghdad can certainly use the cash: with a massive $88bn needed to rebuild the country ( MEES, 16 February ), and a planned 23% spending increase in the 2019 draft budget versus the 2018 budget. Finishing 2018 with strong revenues will prove crucial to the new government’s ambitious plans to revitalize the country. (CONTINUED - 120 WORDS)