Iraq’s bounty risks bitter taste
After US-led mission helped to largely banish Islamic State from Iraq in 2018, the country has fast become a battleground for power in the region
Growing oil production should be a major win for oil-weary Iraq. But the country's increasingly lucrative share of global crude output has served to sharpen the appetites of Iran, the US, and other Middle Eastern neighbours to keep or extend a foothold in Iraq, seeing potential both for further oil production increments and strategic importance in a territory that has long borders with Iran, Saudi Arabia, Syria and Turkey. Iraq has long been in an uncomfortable position straddling the diplomatic divide between the US and Iran. With tensions at their highest in years, how Iraq’s position stuck between the two opposing powers plays out in the coming months could have an impact even beyond its
Also in this section
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them