• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 hours Oil prices going Up? NO!
  • 1 day Could Venezuela become a net oil importer?
  • 6 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 15 mins Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 4 hours Could oil demand collapse rapidly? Yup, sure could.
  • 1 day Gazprom Exports to EU Hit Record
  • 38 mins Oil prices going down
  • 1 day EU Leaders Set To Prolong Russia Sanctions Again
  • 1 day Why is permian oil "locked in" when refineries abound?
  • 1 day Oil Buyers Club
  • 2 days Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 50 mins Saudi Arabia turns to solar
  • 1 day EVs Could Help Coal Demand
  • 2 days China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 18 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
Serving The 2 Billion Unbanked: A New Trillion Dollar Market

Serving The 2 Billion Unbanked: A New Trillion Dollar Market

Fintech, alongside blockchain, has been…

Iraq Oil Revenue Not Enough For Sustainable Development

Iraq

Oil revenues still are not high enough to allow the Iraqi government to fund the reconstruction of the country, according to Iraqi Prime Minister Haider Al-Abadi.

“Oil prices are not at the required level to be used for sustainable development,” state TV quoted al-Abadi as saying during a press conference.

Iraq proclaimed itself victorious earlier this year after a three-year, hard-fought war against the terrorist Islamic State. The victory freed up some money—but not enough—for reconstructing the nation after almost 15 years after the demise of dictator Saddam Hussain and the fall of his regime.

The oil price crash of 2014 has made it difficult for fossil-fuel dependent countries to provide key government services to its citizens, and Iraq was not immune. In Iraq, years of financial mismanagement and domestic conflict exacerbated existing civil governance issues.

Just over a month has passed since the Kurdish referendum, which resulted in a near-unanimous vote for the Kurdistan Regional Government to secede from Iraq. Baghdad has not accepted the results of the vote, moving instead to deploy its military to secure control of the Kirkuk oilfields, which, though located in northern Iraq, do not lie in areas legally allotted to the KRG. The political consequences of the referendum have played out in a recent deal with Iran. 

With the Kurdistan autonomous region heavily dependent on oil revenues, chances are the government will seek to come to a mutually beneficial agreement with the central government in Baghdad. Yesterday, the region’s Prime Minister, Nechirvan Barzani acknowledged the adverse effect that the Iraqi offensive has had on the region’s oil income, saying it had fallen to less than 50 percent of what it used to be before October 16, when the offensive was launched.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Tom on November 15 2017 said:
    Socialist governments never have enough to invest in profitable businesses. Saudi Arabia is exhibit number one.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News