By Matein Khalid, for Arabian Gulf Business Insight (AGBI). Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News.
As the War Flares, Iraq's Economic Dire Straits Deepen
The revival of the US-Israel-Iran war is set to intensify the concatenation of economic, energy and geopolitical shocks facing neighbouring Iraq.
Before the February 28 onset of the conflict, Iraq was Opec's second-largest oil producer, with estimated output of 4.3-4.5 million barrels per day.
By June, national production had fallen to a paltry 817,000 bpd, comparable to that of minor producers such as Azerbaijan or Oman. This is an economic disaster. It also represents a draconian devaluation of Iraq's influence.
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