Iraq's cabinet backs $9.35 billion supplementary budget
![Iraq's cabinet backs $9.35 billion supplementary budget](https://gulanmedia.com/public/old_images/articles/dolar4er3.jpg )
The Opec member state, which is trying to rebuild its battered economy after years of war and sanctions, depends mainly on oil revenue which funds about 95 percent of its budget. Its vast reserves are the world's fourth largest. Brent crude has traded well above Iraq's budgeted price and advanced by more than $3 to over $100 on Tuesday after Iranian lawmakers drafted a bill calling for the country to shut off the Strait of Hormuz through which much of the world's oil is transported.
Source: Reuters