15 Hrs
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الشرق الأوسط
Iraq awaits US-Iran deal on economy
The events revolve around Iraq's anticipation of the success of the ceasefire negotiations between the United States and Iran. This comes after Iraq was heavily affected by the war that began in February 2024 and its impact on oil exports, which account for more than 90% of the country's revenues. The closure of the Strait of Hormuz and the halt of exports have resulted in daily losses estimated at $300 million. The economic situation has deteriorated, with production dropping to around 210,000 barrels per day from over 3.5 million barrels before the war. The Iraqi government is striving to resume oil exports and is managing the issue of armed factions affiliated with Iran, which are closely monitoring developments. This follows American sanctions on Iran-aligned factions and initiatives aimed at addressing the situation of the Popular Mobilization Forces (Hashd al-Shaabi), with the possibility of borrowing large sums to cover expenses amid the worsening economic crisis.
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