Oil & Gas

IMF sees average oil price of $59 per barrel in 2015

A report from the IMF (International Monetary Fund) has found oil prices have rebounded more than expected, after falling by more than half a year ago. The findings were revealed in the latest World Economic Outlook which said the rise in the price of oil reflected higher demand and expectations that oil production growth in the US would slow faster than previously forecast. It predicted the average price of oil to be $59 per barrel over the year.

Middle East

Iraq cabinet approves lower spending plan on oil’s drop

Iraq’s cabinet approved a smaller 2015 spending plan than the government expected because of the collapse in oil, which provides most government revenue. The budget, based on a $60 a barrel price for oil, stands at 123 trillion dinars ($103 billion), Saad Al-Hadithi, spokesman for the office of the prime minister, said. The budget deficit was set at 23 trillion dinars and total revenue at 99.8 trillion dinars, including oil revenue of 84 trillion dinars, Obaid Mahal, deputy secretary general of the cabinet, said.