Iraq Oil Report Quick Roundup

Plummeting oil prices may force Iraq's government to slow ambitious reconstruction plans, and the country could face a budget shortfall by next summer, U.S. and Iraqi officials said, Jim Michaels reports for USA Today.

"We're in a situation where Iraq is … potentially going to be in a deficit mode next year," said Paul Brinkley, who leads Pentagon efforts to aid Iraq's economy. Iraq, which sits on the world's third-largest oil reserves, gets at least 90% of its revenue from oil sales. Crude oil prices have dropped about 70% since July when they topped $147 a barrel.