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Iraqi PM Says Low Oil Prices Ruined 2015 Budget

Iraqi Prime Minister Haidar al-Abadi says falling oil prices have forced Iraq to scrap its draft 2015 budget.

Abadi told lawmakers on November 30 in Baghdad that the budget had been based on a forecast of $70 per barrel of oil but that prices fell to $64 per barrel on November 28, the lowest price since 2010.

He said the low prices, coupled with a disruption in production at oil fields in and around Kirkuk, means the budget has to be reworked.

Abadi said he hoped to present the new 2015 budget to parliament within 10 days.

Meanwhile, Iraqi Oil Minister Adel Abdul-Mehdi told "The Telegraph" in an interview on November 30 that Iraq plans to double oil production from a current 3 million barrels per day (bpd) to some 6 million bpd by 2020.

Based on reporting by Reuters and