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
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
