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
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
