Iraq's parliament has approved a $100 billion 2012 budget, AFP reported.
The new finance plan, which passed late Thursday, was based on an average oil price of $85 per barrel, Reuters reported, and assumed the country will export some 2.6 million barrels of crude per day.
An unnamed Iraqi official told AFP that the parliamentary session on the budget lasted seven hours. Its passage had been delayed numerous times due to political problems between parliament's Shi'ite, Sunni, and Kurdish political factions, said Reuters.
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Crude oil sales account for the majority of Iraq's income. The country produces some 2.9 million barrels per day, with exports averaging 2.1 million barrels per day 2011.