"We rely only on our own resources [of replenishing the budget], which we get from selling oil in a limited way, despite the decrease of oil prices. We are exporting about 500,000 barrels per day," Babakr said.
Iraq and Iraqi Kurdistan, the country's only autonomous region, are selling oil independently after collapse of a bilateral agreement, under which Kurdistan provided Iraq with at least 250,000 barrels of oil per day and received 17 percent of the overall federal budget.
The region is striving for independence from Iraq and is going to hold a referendum on the issue in either October or November of this year.
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