Iraq's big rebuilding project
Damage to the country has been severe. The recovery needs lots of money and willing investors
It has been a brutal 15 years for Iraq since the US-led invasion. Now, as the country heads towards parliamentary elections in May, its politicians believe Opec's second-biggest oil producer is entering a new phase of growth and rehabilitation. Green shoots are cropping up. The IMF, which in 2016 began a string of loans to Iraq amounting to $18bn, says the country's GDP will rise by 3% this year, following a contraction in 2017. Higher oil prices and exports are helping. Iraq's budget this year envisages a $20bn deficit. But its oil-price assumption is a modest $44 a barrel. If international prices hold around the $70/b level reached in early April-and Iraq keeps exporting at about 3.4m barr
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
