Iraq: Budget seals oil deals

Iraq’s parliament approved a 2015 budget worth ID119trn ($105bn) on 29 January, predicting an ID25trn deficit, after revising down the expected price of oil to $56/bbl from $70/bbl in a previous draft. The passing of the budget represents a significant success for Prime Minister Haider Al-Abadi, not least because it seals an agreement between the Kurdish Regional Government (KRG) and Baghdad over how to export oil and share revenues, at least in the immediate future.