Flames emerge from flare stacks at the oil fields in Kirkuk, Iraq October 18, 2017. REUTERS/Alaa Al-Marjani
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Iraq's Parliament Saturday adopted an $88.5 billion budget for 2018, with Kurdish lawmakers boycotting the vote to protest against a cut in the amount allocated to their autonomous region.The budget is based on projected oil exports of 3.9 million barrels per day, including 250,000 bpd produced in the Kurdistan autonomous region of northern Iraq, at a price of $46 per barrel.Kurdish lawmakers boycotted the vote because it reduced Kurdistan's part of the national budget from 17 percent to 12.6 percent.Iraq will sell at auction all the other cars that made up official convoys and put the money earned back into the budget.Iraq has said its 10-year reconstruction plan would cost $88.2 billion, of which $22 billion was required immediately.
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