| OPEC producer Iraq expects to base its 2015 budget on an oil price of $80 per barrel, Oil Minister Adel Abdel Mehdi told parliament on Monday. Oil prices have fallen to below $80 on abundant and weak demand from $115 a barrel in June. Skepticism that OPEC will cut supply when it meets on Nov. 27 have also weighed on the prices.
Iraq’s budget breakeven point for 2014 is above $100 a barrel according to the IMF, but Abdel Mehdi suggested production levels might rise next year. He said government forecast southern Iraq output of 2.75 million barrels per day. “If Kurdistan and Kirkuk oil will enter, it is possible we reach numbers that will exceed the number ...in (the) 2014 budget of 3.4 million barrels.”......................................Full Article: Source
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