Iraq is squandering an opportunity to lay the groundwork for long-term growth
Baghdad risks wasting its moment
Political paralysis is preventing Iraq from capitalising on renewed international enthusiasm for upstream investment
Iraq’s oil sector is, by short-term metrics, enjoying the rude health to be expected of a major producer during an extended market bull run. Monthly export revenues hit a five-decade high in March, followed in April by a substantial rise in output—taking the country to within a whisker of filling its Opec quota for the first time this year. A series of recent announcements from the Ministry of Oil (MoO) indicated that the windfall was being duly deployed to renew development spending at state-managed oilfields. However, opportunities to lay the foundations for long-term output growth are being squandered because of political paralysis. The country remains without a permanent government nine
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