BAGHDAD: Iraqi Finance Minister Hoshiyar Zebari said he will soon present to Cabinet a proposed 2015 budget of $100 billion based on an oil price of $70 per barrel.

“We are proposing a budget of $100 billion. This is projected,” he said.

“We have based our projections on about $70 a barrel. This could fluctuate. You have no assurances or guarantees.”

The government was not able to present a 2014 budget to parliament but has pledged to detail spending at a later date.

Iraqi Oil Minister Adel Abdel Mehdi had told parliament earlier this month that the OPEC producer expected to base its 2015 budget on an oil price of $80 per barrel.

Oil prices have fallen to below $80 on abundant and weak demand from $115 a barrel in June.