Oil revenue 85 percent of '08 Iraq budget

BAGHDAD, Sept. 20 (UPI) -- Iraqā€™s finance minister said oil sales will make up 85 percent of next year's budget -- a decrease from this yearā€™s budget, which is running at a deficit.

Baqr Jabar al-Zubaidi said the remaining 15 percent would come from taxes and other exports, the Ishraqat Al Sadr newspaper reports, as the state attempts to decrease its oil receipt dependence and diversify revenue.

Iraqā€™s oil sales funded 93 percent of the current budget and 97 percent of the year before, Al-Sabaah reports.

Zubaidi, however, said the current budget was based on oil exports of 1.9 million barrel per day, but real exports are about 1.5 million bpd.

"The Oil Ministry will increase the amount of oil exports during the second half of this year,ā€¯ he said.