Iraq stares into revenue abyss
Plummeting oil prices and stagnant production have thrown government finances into chaos
The steep drop in global oil prices has plunged Iraq into a budgetary crisis. Iraqi oil minister Thamir Ghadhban appealed to Opec secretary general Mohammed Barkindo in mid-March for an emergency meeting to address the situation, with oil having slid to lows not seen since before the US invasion of Iraq nearly 17 years ago. Saudi Arabia’s decision earlier in the month to launch a price war—just as the coronavirus pandemic was causing demand to collapse—is wreaking financial havoc on producers worldwide. The Saudis abandoned the Opec+ output cuts, in place for some three years, as a result of Russian refusal to sign up to deeper curbs. The depressive effect of Covid-19 was already throwing B
Also in this section
10 June 2025
US gasoline consumption is at its high level since before COVID, but while stocks remain healthy, the hurricane season threatens
10 June 2025
There has been a flourishing of non-governmental initiatives aimed at incentivising voluntary action on emissions over the past five years, and momentum is not slowing down.
9 June 2025
Weaning poorer regions off coal means gas needs to be abundant and competitive longer term
9 June 2025
LNG has opportunities to expand in established markets and access new ones, but the sector’s outlook is also fraught with uncertainties, from political and regulatory difficulties to chokepoints, project delays and cost overruns, says the IGU
