, announcing the loss of 27% of the expected crude oil revenue in the current year.

The ministry said in a statement reported for "Shafaq News", that “ it has adopted a new price "for a barrel of oil within 2014 budget according to objective study of the precise economic perspective, taking into account the changes and developments in the global oil markets, and the decline in oil prices and future prospects."

On the other hand ,the ministry denied "what has been attributed to some of its officials of not affecting the budget or oil revenues, despite the decline in oil prices in the global oil markets," asserting that "the Iraqi economy and the federal budget has been a lot due to lower projected revenues, and lost more than 27% of its revenue projected for this year. "

It also denied in the statement  "What was promoted recently from officials of revealing the results of oil smuggling investigations."

The ministry explained that "the legal authorities in the ministry is coordinating with the authorities and concerned departments in pursuing this matter, take legal action, and the prosecution of those involved in it."