The Iraqi cabinet passed the 2014 budget on 15 January, continuing the trend of dramatically increasing spending, based on the assumption that oil prices will remain high. For 2014, the draft budget provides for $139,791,717,710 in spending, set against $119,453,061,236 in revenues, based upon projected oil production of 3.4m b/d at $90/bbl, including 400,000 b/d from the Kurdistan region. These topline figures compare to spending of $119.2bn for 2013 (GSN 943/1), $100.5bn for 2012, $83.5bn for 2011 and $72.4bn for 2010.