Iraq has to up oil output because of 'budget hole': FM

[WorldNews]

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Iraq has to up its crude output because dwindling oil prices and the fight against Islamic State have left "a huge hole" in the economy, Foreign Minister Ibrahim al-Jaafari said Tuesday, as the OPEC cartel scrambles to agree a production cut deal. "As oil makes up for more than 90 percent of Iraq's budget, a huge hole was knocked in the budget by the fall in prices right at the same time as we have had to increase spending on the army due to the fight against IS," al-Jaafari told reporters during an official visit in Budapest. Iraq may be a rich country but it has huge problems.

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