( AP ) - Increased oil revenue will allow Iraq to add $5 billion to its 2008 budget, money earmarked for investment in infrastructure and services, a government spokesman said Monday.
Like all oil-producing nations, Iraq has seen windfalls as oil prices have climbed above $100 a barrel. The country's oil exports have increased lately since declining after the U.S.-led invasion in 2003.
Iraq's average production for February was 2.4 million barrels per day, with exports averaging 1.93 million barrels daily. An average of 1.54 million barrels were sent each day in February through the main oil hub of Basra, according to the Oil Ministry. A week of fighting between government troops and militants in Basra has hardly affected the oil industry, officials said.
The additional $5 billion brings the budget to about $53.4 billion.
The new funds will be included in a complementary budget to be issued by the end of June, government spokesman Ali al-Dabbagh said in a statement. These funds will be added to $15 billion that were already planned for economic and infrastructure development, he said.