Iraq approves 2012 budget

The Iraqi parliament on Thursday approved a 100 billion-dollar (117 trillion-dinar) budget for 2012, a parliamentary official said. "Parliament voted today on the annual budget," the official said, adding that "220 members of parliament attended the session, which lasted for seven hours, and they voted on each individual article, and approved them all." Finance Minister Rafa al-Essawi said on Wednesday that the budget was based on average oil prices of $85 per barrel. Iraq currently produces about 2.9 million barrels per day, and exported an average of 2.1 million bpd in 2011. Crude sales account for the lion's share of government income. Oil Minister Abdelkarim al-Luaybi has said Iraq plans to increase production and exports this year to 3.4 million bpd and 2.6 million bpd, respectively.