Iraq seeks a reset

The new Baghdad government asks for much in return for a pivot towards Saudi Arabia and the US

It is no surprise that May’s first official foreign visit by the oil minister in Iraq’s belatedly approved new government was to Riyadh. The country badly needs Saudi leniency in Opec+ cuts as well as financial assistance in solving its gas supply woes. Fortunately, the kingdom is likely to be receptive to the new US-friendly Iraqi prime minister with the aim of keeping the Baghdad regime out of the sphere of its arch-enemy Iran. A Saudi pledge to contribute to the development of the country’s largest non-associated gas field is important in that respect. Weaning Iraq off Iranian gas is a high priority, particularly in Washington. The demand and price collapse in the aftermath of the Covid-1