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Tag: Iraq faces financial calamity after crude crash

Iraq faces financial calamity after crude crash

Iraq faces financial calamity after crude crash

NEWS
Between plummeting oil prices, political deadlock and reduced global appetite for a bail-out, Iraq is on the cusp of financial calamity that could force austerity measures and renew anti-government protests. But officials appear remarkably optimistic, a view experts described as being “in denial” given forecast oil crashes would cost Iraq two-thirds of its net income this year. Brent oil prices tanked this week to $26 per barrel, the lowest since 2003, following a hit to global oil demand from the novel coronavirus outbreak and a price war between major producers Saudi Arabia and Russia. Iraq, which relies on oil revenues for more than 90 percent of its revenues, was set to face “vast economic pressures,” said Fatih Birol, head of the International Energy Agency (IEA). Iraq is the secon