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8

How to Use Iraq's Extra Oil Revenue?

Iraq could get an extra $15bn from its oil production in 2008

Iraq could get an extra $15bn from its oil production in 2008, which makes up about 84% of Iraq's national revenue, special inspector general Stuart W Bowen Jnr said.

Iraq's oil production averaged 2.38 million barrels a day in the last three months of 2007, the report said, the highest level since the US-led invasion in 2003, but below pre-war levels.

"The possible rise in Iraq's revenue emphasises the need for the government of Iraq to pursue its fight against corruption with renewed vigour," the report added.