US EditionIraq's Economy Reels as Hormuz Blockade Chokes Oil Revenues
3 Articles
3 Articles
Iraq's Economy Reels as Hormuz Blockade Chokes Oil Revenues
Iraq is seeing the worst of the Middle East crisis as its heavily oil-dependent economy is now collapsing with the trickling oil revenues amid the blockage of the Strait of Hormuz. Iraq, OPEC’s second-biggest oil producer behind Saudi Arabia, has done very little in recent decades to diversify its heavy dependence on oil. Petroleum sales still account for 90% of revenues for state budget. While other producers in the Middle East also depend on …
Iraq is facing a serious economic crisis after the collapse of the oil sector caused by the war with Iran, which has aggravated pressure on a weak interim government struggling with the fallout of an expanding conflict. This is written by the British newspaper “Financial Times”, according to which the country's crude oil exports have fallen from 3.4 million barrels per day to about 250,000 since the start of the war, with storage tanks close to …
Coverage Details
Bias Distribution
- 100% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
